Azalea Capital Adds Three New Principals

August 19, 2008: Azalea Capital is pleased to announce the addition of three new Principals, in conjunction with the formation of its third investment partnership The Azalea Fund III.

While Patrick A. Duncan and R. Patrick Weston will continue to lead the day-to-day activities of the firm, and Porter B. Rose will remain as a Senior Advisor, we are pleased to announce the addition of the following individuals to the Azalea team:

Marshall H. Cole, III Mr. Cole joins Azalea as a Partner and our Chief Financial Officer. Mr. Cole has a long history with Azalea and has been actively involved with a number of our portfolio companies as both an advisor and a board member. Mr. Cole's experience as a CEO and a CFO with both large and small firms gives us a wealth of experience in management, finance, systems, and operations that will significantly enhance our capabilities in many key functional business areas.

Benny M. LaRussa, Jr. Mr. LaRussa joins Azalea as a Partner and will enable us to expand our deal flow and geographic footprint. Mr. LaRussa lives in and will maintain his office in Birmingham, Alabama. Mr. LaRussa brings vast experience on many fronts as both an investor and a successful builder of businesses. Mr. LaRussa has organized and operated numerous businesses during his career, including companies in the financial services industry, industrial distribution, and consumer packaged goods. Mr. LaRussa has co-invested with Azalea in past acquisitions, and brings experience in mergers and acquisitions, general management, operations, finance, and strategic planning.

James M. Micali
Mr. Micali retired as Chairman and President from Michelin North America on August 15, 2008. Going forward, Mr. Micali will continue his service on the board of several publicly traded corporations, and will consult for Michelin and the Ogletree Law Firm. In addition, he will spend much of his time as a Senior Advisor with Azalea Capital, where he will maintain his primary office. Mr. Micali will focus his efforts at Azalea on leadership development and strategic planning for all Azalea portfolio investments. Mr. Micali has been actively involved with Azalea for several years as a member of our Advisory Board. Mr. Micali is a proven leader with a broad base of business and leadership experience that brings a unique skill set to our team.

With these recent additions Azalea Capital increases its reach and capacity for investing, but continues its historic focus of making strategic equity investments in privately owned, lower middle-market operating firms in the Southeast. Typical investment candidates have annual revenues of $10 million to $50 million, and investments are made to facilitate management buyouts, to execute growth plans, and to fund business recapitalizations. Targeted industries will continue to be niche manufacturing, business services, consumer products, value-added distribution, and healthcare.