Azalea Capital

Azalea Capital is a private equity firm based in Greenville, South Carolina, established in 1995. The firm specializes in investments in lower middle-market companies throughout the Southeastern United States, focusing on sectors such as manufacturing, aerospace, energy services, business services, consumer products, and healthcare. Azalea Capital engages in management buyouts, recapitalizations, divestitures, and growth capital investments, targeting companies with annual revenues between $10 million and $100 million and EBITDA ranging from $1 million to $10 million. The firm prefers to acquire both majority and minority stakes, often seeking board positions in its portfolio companies. It invests through common and preferred equity and also makes add-on investments without a minimum size requirement. Azalea Capital does not invest in startups and emphasizes structuring the balance sheets of its portfolio companies.

Marshall H. Cole

CFO

Patrick Duncan

Co-Founder and Managing Partner

Todd Littleton

Operating Partner

William Lucas

Principal

Ben Wallace

Partner

Past deals in South Carolina

Muffin Mam

Private Equity Round in 2018
The Muffin Mam, Inc. manufactures and distributes baked goods to retailers and food service outlets. The company’s products include crème cakes, muffins, pound cakes, brownies, and angel food cakes. It also provides customize packaging solutions. The Muffin Mam, Inc. was founded in 1990 and is headquartered in Simpsonville, South Carolina.

ACL Airshop

Private Equity Round in 2016
ACL AirShop Inc. is a company that leases, sells, repairs, and manages unit load devices (ULD) for air carriers globally, including regions such as Europe, North America, South America, Africa, and Australia. The company offers a variety of products, including pallets, containers, air cargo pallets, fire containment covers, and pallet stacker products, while also manufacturing cargo nets and straps. Headquartered in Greenville, South Carolina, ACL AirShop operates manufacturing facilities in the United States and Europe, and has a significant presence in North America, Latin America, and Europe. The company's services cater to the needs of numerous leading passenger and air cargo carriers, ensuring they can effectively manage their aviation cargo requirements.

SAGE Automotive Interiors

Private Equity Round in 2009
SAGE Automotive Interiors, Inc. specializes in designing, developing, and manufacturing automotive interior solutions for various vehicle types, including cars, trucks, and SUVs. The company offers a range of interior fabrics used in seats, headliners, door panels, and consoles, catering to the needs of automotive manufacturers globally. Founded in 2009 and headquartered in Greenville, South Carolina, SAGE operates additional facilities in North America, Brazil, China, Europe, India, Japan, Korea, and Thailand. Formerly known as Milliken Automotive Division, it is now a subsidiary of Asahi Kasei Corporation. SAGE Automotive Interiors is recognized for its innovative designs and engineering capabilities, providing high-quality products and services to enhance the automotive interior experience.

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.

Power Equipment Maintenance

Private Equity Round in 2003
Power Equipment Maintenance providers of maintenance and modification services to the power generation industry. President and CEO Keith W. Ravan founded Power Equipment Maintenance in Anderson, South Carolina in 1996 with a vision of being a quality, performance driven provider of solutions with an end result of customer satisfaction. PEM has experienced exceptional growth and success in providing high quality services, safely to the power generation industry. PEM has developed into a full service provider to the power generation industry in four core business areas: Nuclear Fossil Hydro Wind Specialized services offered to their customers include turbine / generator inspection and repair, turnkey projects, contract maintenance, staff augmentation, equipment repair & refurbishment and installations. Their core capabilities include outage execution services, turbine / generator services, staff and technical augmentation, balance of plant services, equipment repairs and refurbishing, process piping, equipment installations, total scope and supplemental maintenance.
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