Azalea Capital

Azalea Capital is a private equity firm located in Greenville, South Carolina, founded in 1995. The firm focuses on investing equity capital in lower middle-market companies within the Southeastern United States, specifically targeting businesses with annual revenues ranging from $10 million to $100 million. Azalea Capital specializes in facilitating management buyouts, business recapitalizations, acquisitions, and growth capital investments. Its investment portfolio spans various sectors, including manufacturing, aerospace, energy, industrial services, distribution, business services, consumer products, and healthcare.

Marshall H. Cole

Managing Partner and CFO

Patrick A. Duncan

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 baked goods, specializing in a range of products including crème cakes, muffins, pound cakes, brownies, and angel food cakes. Founded in 1990 and headquartered in Simpsonville, South Carolina, the company serves various clients in the foodservice industry and retail sector, including grocery stores, club stores, airlines, convenience stores, and cafeterias. Muffin Mam is known for its homemade recipe formulas and also offers customized packaging solutions to meet the specific needs of its customers. The company's focus on delivering quality baked goods ensures that its products cater to a diverse array of taste profiles, appealing to both individual and corporate clients.

Ark Naturals

Acquisition in 2017
Ark Naturals is an online retailer specializing in natural products for pets and companion animals. The company provides a range of healthcare, lifestyle, and remedy products specifically designed for dogs and cats. Their offerings include dental care, skin care, joint care, and overall wellness items. These products are developed in collaboration with leading holistic pet veterinarians, which distinguishes them in the marketplace by ensuring quality and efficacy.

Jones Natural Chews

Private Equity Round in 2016
Jones Natural Chews Company, based in Rockford, Illinois, specializes in producing and selling a diverse range of dog treats and chews throughout the United States. Established in 1970, the company has its roots in a family tradition of meat cutting that dates back to the 1800s. Its product offerings include various types of bones, such as center bones, knuckle bones, and mammoth bones, along with bully and steer pizzle products like sticks and twisters. Additionally, Jones Natural Chews provides an assortment of pork products, beef products, and unique items such as jerky and sausages. The company emphasizes the quality and safety of its products, catering to independent, regional, and national retailers.

ACL Airshop

Private Equity Round in 2016
ACL Airshop specializes in the leasing and sales of unit load devices (ULDs) for air cargo transportation and aviation customers worldwide. The company provides a range of services including ULD rental, sales, repair, and management. Additionally, ACL Airshop manufactures essential cargo equipment such as nets, pallets, and straps, ensuring that airlines and air cargo carriers can efficiently meet their cargo handling requirements. By offering these comprehensive solutions, ACL Airshop aims to enhance convenience and affordability for its clients in the aviation sector.

InTech Aerospace

Private Equity Round in 2015
InTech Aerospace LLC, based in Houston, Texas, specializes in aviation technical and concierge services for airlines and government clients. The company provides a wide range of maintenance, repair, and operational services, focusing on on-site interior removals and installations. InTech Aerospace is adept at handling various components, including lavatory systems, coffee makers, composite and interior panels, galleys, bulkheads, and seating arrangements. Its expertise extends to the repair of essential aircraft parts such as toilets, sinks, floorboards, and seat covers, ensuring that both commercial and military aircraft meet operational standards.

Power Services Group

Private Equity Round in 2012
Power Services Group, Inc. is a holding company based in Garden City, Georgia, established in 2012. It operates through its subsidiaries to provide a range of services related to power plants, including the maintenance, repair, and overhaul of steam, gas, and wind turbines, as well as balance of plant equipment. The company serves the power, industrial, and petrochemical markets, focusing on delivering efficient solutions tailored to meet the specific needs of its clients.

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 provides client advisory services tailored to the healthcare sector, focusing on internal team evaluations, process enhancements, project delivery standards, and budget and schedule validation. KLMK Group aims to ensure the successful execution of healthcare capital projects across various regions, including the Northeastern, Mid-Atlantic, Southeastern, and Southwestern United States. Through its expertise, the company supports clients in navigating the complexities of healthcare construction, striving to deliver high-quality outcomes.

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, specializes in the production of gourmet pizza crusts and related products. Founded in 1986 and based in Spartanburg, South Carolina, the company offers a variety of pizza crusts, including flatbread, stone-fired, and gluten-free options, as well as pizza sauces and gourmet pepperoni. Its products are distributed through supermarkets across the United States, the Caribbean, Mexico, and Canada. As of mid-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), founded in 1996 by Keith W. Ravan in Anderson, South Carolina, specializes in maintenance and modification services for the power generation industry, including nuclear, fossil, hydro, and wind sectors. The company has grown into a comprehensive service provider, delivering a range of solutions aimed at enhancing customer satisfaction. PEM's offerings encompass turbine and generator inspection and repair, contract maintenance, and staff augmentation. Additionally, the company provides equipment repair and refurbishment, process piping, and electrical support services. Its core capabilities include outage execution services, balance of plant services, and equipment installations, ensuring a thorough approach to power generation maintenance. By focusing on quality and safety, PEM continues to meet the evolving needs of its clients in the power generation landscape.

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 specializes in the design and manufacture of flexible packaging and specialty plastic films. The company offers a range of services including laminating, printing, coating, and converting, catering to various sectors such as food and beverage, medical, industrial, and agricultural markets. Their diverse product lineup includes bags, can liners, perforated sheets, pallet covers, vacuum bags, lidding stocks, protective masking films, and sealant layer films. ISOFlex Packaging is committed to providing custom-engineered solutions that address complex flexible packaging challenges, ensuring quality and innovation in their offerings.
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