Local VC firms back new funding for IT disposal company

Former First American EVP at helm of Miss.-based computer recycler

Email | Print By E. Thomas Wood

Nashville's Richland Ventures has led a $6.5 million supplemental round of investment into a former First American banker's computer recycling company, with Clayton Associates of Nashville also among the VC firms taking part.

The equity infusion funded Jackson, Miss.-based Intechra Holding Corp.'s purchase of another IT disposal firm last week. Chip Slack, a one-time executive vice president at Nashville's First American Corp. and previously a physician practice management consultant locally, led a buyout and turnaround effort at Intechra that began in 2004. Richland and Clayton both took part in a prior $12 million financing last January.

After last week's acquisition, Intechra expects annualized revenues of $55 million.

Louisville's Chrysalis Ventures, which has invested in such local firms as Cybera, FWI/Verusmed and HCCA Holdings, is also in on the deal announced today, as is SJF Ventures of Durham, N.C.