Azalea Capital

Azalea Capital, established in 1995, is a Greenville, South Carolina-based private equity firm. It focuses on investing equity capital in lower middle-market companies across the Southeastern U.S., with annual revenues ranging from $10 million to $100 million. The firm specializes in facilitating management buyouts, business recapitalizations, and growth plans, targeting investments in sectors such as business services, industrial, consumer goods, and healthcare.

Marshall H. Cole

Managing Partner and CFO

Patrick A. Duncan

Co-Founder and Managing Partner

William Lucas

Principal

Ben Wallace

Partner

19 past transactions

Muffin Mam

Private Equity Round in 2018
Muffin Mam, Inc. is a manufacturer and distributor of a variety of baked goods, primarily targeting retailers and food service outlets. Established in 1990 and based in Simpsonville, South Carolina, the company specializes in crème cakes, muffins, pound cakes, brownies, and angel food cakes, developed from homemade recipe formulas. Muffin Mam caters to a diverse clientele that includes grocery stores, club stores, airlines, convenience stores, and cafeterias, offering customized packaging solutions to meet specific client needs. The company is recognized for its range of traditional, decorated, and uniced cakes, appealing to a wide array of taste preferences in the food industry.

Ark Naturals

Acquisition in 2017
Ark Naturals is a company that specializes in providing natural products for pets and companion animals. It offers a diverse range of healthcare and lifestyle products, including dental care, skin care, joint care, and overall wellness solutions for dogs and cats. These products are developed in collaboration with leading holistic veterinarians, which distinguishes them in the competitive pet care market. Ark Naturals focuses on addressing the health and remedy needs of pets, ensuring that their offerings promote the well-being of animals while emphasizing natural ingredients.

Jones Natural Chews

Private Equity Round in 2016
Jones Natural Chews Company, founded in 1970 and located in Rockford, Illinois, specializes in producing and selling high-quality treats and chews for dogs across the United States. With a rich lineage in meat cutting that dates back to the 19th century, the company offers a diverse range of products, including various types of bones, bully sticks, pizzle products, and an array of beef, pork, buffalo, lamb, and ostrich items. These products are crafted to meet stringent quality and safety standards and are distributed through independent, regional, and national retailers. By maintaining a commitment to natural ingredients and traditional craftsmanship, Jones Natural Chews continues to uphold its family-owned legacy in the pet food industry.

ACL Airshop

Private Equity Round in 2016
ACL Airshop specializes in providing unit load device (ULD) leasing and sales services for the air cargo transportation and aviation sectors. The company serves a diverse clientele, including leading passenger and air cargo carriers, by offering a range of products and services that encompass ULD rental, sales, repair, and management. Additionally, ACL Airshop manufactures essential cargo handling equipment such as cargo nets, pallets, and straps, enabling its clients to efficiently meet their aviation cargo requirements with convenience and cost-effectiveness.

InTech Aerospace

Private Equity Round in 2015
InTech Aerospace LLC is a Houston-based company that provides comprehensive aviation technical and concierge services primarily to airlines and government clients. The company specializes in maintenance, repair, and operational services, which encompass a wide range of aviation interior components. Its offerings include on-site interior removals and installations, repairs of lavatory components such as toilets and sinks, and the refurbishment of passenger and crew seats. Additionally, InTech Aerospace addresses various aspects of cabin interiors, including composite panels, galleys, floorboards, and overhead panels. The firm also provides services for owner-produced parts and develops capabilities tailored to specific client needs, ensuring a versatile approach to aviation maintenance and repair.

Power Services Group

Private Equity Round in 2012
Power Services Group, Inc. is a holding company based in Garden City, Georgia, that specializes in power plant services through its subsidiaries. Established in 2012, the company provides maintenance, repair, and overhaul services for a range of power generation equipment, including steam, gas, and wind turbines, as well as balance of plant equipment. Its services cater to the power, industrial, and petrochemical sectors, helping clients achieve operational efficiency and meet their specific business requirements.

Modus

Acquisition in 2012
Modus LLC specializes in providing technology services tailored for corporate law departments and law firms. The company offers both onsite and remote data collection services, which encompass evidence identification, harvesting, forensic imaging, and targeted data acquisitions, alongside preservation, analysis, reporting, and expert witness services. Additionally, Modus provides processing services that include complex data manipulation, analytics, metadata extraction, and quality control. Its hosting services ensure immediate data availability and encompass early case assessment, advanced text analysis, custom reporting, and user security. Headquartered in Washington, D.C., Modus LLC operates as a subsidiary of IVIZE Services, Inc.

5 Star Packaging

Private Equity Round in 2011
5 Star Packaging is a provider of flexographic printing, converting, and laminating for both the industrial and consumer packaging markets. Chipboard boxes are the most widely used style of box for retail products. They implement digital printing technology for all types of products.

KLMK Group

Private Equity Round in 2011
KLMK Group specializes in healthcare construction services, offering a comprehensive range of planning, analysis, implementation, management, and consulting solutions for healthcare facility projects. The company assists clients throughout the United States, with a particular focus on the Northeastern, Mid-Atlantic, Southeastern, and Southwestern regions. KLMK Group provides client advisory services that include evaluations of internal teams, enhancements of team processes, development of project delivery standards, as well as budget and schedule validation. Their expertise ensures effective project team reviews and guarantees maximum price evaluations, supporting the successful execution of healthcare capital projects.

SAGE Automotive Interiors

Private Equity Round in 2009
SAGE Automotive Interiors, Inc. specializes in designing, developing, and manufacturing innovative automotive interior solutions for various vehicle types, including cars, trucks, and SUVs. The company produces interior fabrics utilized in seating, headliners, door panels, and consoles, catering to the needs of automotive manufacturers globally. Established in 2009 and headquartered in Greenville, South Carolina, SAGE operates additional facilities in North America, Brazil, China, Europe, India, Japan, Korea, and Thailand. Known for its cutting-edge design and engineering capabilities, the company maintains a strong commitment to quality and service. As a subsidiary of Asahi Kasei Corporation, SAGE Automotive Interiors continues to enhance its reputation by providing advanced-performance specialty fabric materials at competitive prices, ensuring it meets the evolving demands of the automotive industry.

Etak

Private Equity Round in 2007
ETAK Systems Inc. specializes in providing a range of services for wireless carriers and tower owners in the United States. Founded in 1997 and headquartered in Charlotte, North Carolina, the company offers battery services that include visual inspections, conductance measurements, and power alarm testing. Additionally, ETAK provides installation and testing services for DC power systems, LTE deployments, and small cell installations. Its drone flight services cater to the wireless and energy sectors, offering inventory audits, pre- and post-installation assessments, and real estate surveys. The company operates across several major cities, including Atlanta, Chicago, and Los Angeles, and is committed to supporting the infrastructure needs of the telecommunications industry through comprehensive site audit and maintenance services.

Sunbelt Chemicals

Private Equity Round in 2007
Sunbelt Chemicals is a distributor of branded and private label chemicals for the consumer and professional market. It offers products and chemicals for all commercial and residential pools as well as a broad range of detergents, cleaners, surface treatment, and preparation products for the home improvement, grocery, and automotive markets. The company was founded in 1982 and is based in Palm Coast, Florida.

5 Star Packaging

Private Equity Round in 2006
5 Star Packaging is a provider of flexographic printing, converting, and laminating for both the industrial and consumer packaging markets. Chipboard boxes are the most widely used style of box for retail products. They implement digital printing technology for all types of products.

Spartan Foods of America

Private Equity Round in 2005
Spartan Foods of America, Inc., operating under the brand Mama Mary's, is a producer of gourmet pizza crusts and related food products. Founded in 1986 and based in Spartanburg, South Carolina, the company specializes in a variety of pizza crusts, including flatbread, stone-fired, and gluten-free options. Additionally, Spartan Foods offers pizza sauces and packaged pepperoni slices, catering to the food retail market. Its products are available in supermarkets across the United States, as well as in the Caribbean, Mexico, and Canada. As of 2015, Spartan Foods operates as a subsidiary of B&G Foods Inc.

Canterbury Engineering

Private Equity Round in 2003
Canterbury Engineering is a supplier of engineered parts used by manufacturers of plastic and rubber products. The company's products consist of replacement parts and include feed screws, barrels, crossheads, and tools for wire and cable, medical tubing, and plastic pipe and hose extrusion, as well as feed screws and barrels for injection molding.

Power Equipment Maintenance

Private Equity Round in 2003
Power Equipment Maintenance (PEM) is a provider of maintenance and modification services tailored to the power generation industry, including nuclear, fossil, and hydro sectors. Founded in 1996 by Keith W. Ravan in Anderson, South Carolina, the company has built a reputation for delivering high-quality, performance-driven solutions that prioritize customer satisfaction. PEM offers a range of specialized services, such as turbine and generator inspection and repair, contract maintenance, and technical augmentation. The company's core capabilities encompass outage execution, equipment repair and refurbishment, process piping, and equipment installation. Additionally, PEM provides comprehensive support services, including balance of plant maintenance and reactor coolant pump services, ensuring a holistic approach to power generation maintenance. Over the years, PEM has experienced significant growth and success, establishing itself as a full-service provider in the industry.

Tekgraf

Private Equity Round in 2001
Tekgraf is a master distributor for products from Epson, HP, Canon and others and serving a base of some 150 resellers.

Industrial Specialty Fabrics

Private Equity Round in 2001
Industrial Specialty Fabrics is a manufacturer of engineered, wide woven substrates to the mechanical rubber goods market.

ISOFlex Packaging

Private Equity Round in 2001
ISOFlex Packaging is a company that specializes in designing and manufacturing flexible packaging solutions, specialty plastic films, and value-added plastic films. They cater to various markets including food and beverage, medical, and industrial sectors. Their product line encompasses a wide range of items such as bags, can liners, perforated sheets, pallet covers, vacuum bags, lidding stocks, protective masking films, and sealant layer films. The company offers services in laminating, printing, coating, and converting to provide custom-engineered solutions for complex flexible packaging challenges.
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