Azalea Capital Announces Final Close for The Azalea Fund III, L.P.

April 30, 2010: Azalea Capital is pleased to announce the final closing of The Azalea Fund III, L.P. with approximately $83 million in capital commitments, which exceeded Azalea’s initial goal of $75 million. With this new Fund, Azalea will continue its historic investment focus on lower middle-market firms in the Southeast to facilitate management buyouts, business recapitalizations, and growth plans. Targeted industries for investment continue to be manufacturing, business services, consumer products, value-added distribution, and healthcare. Typical investment candidates will have annual revenues ranging from $10 million to $75 million, and EBITDA of $2 million to $10 million.

Azalea’s first investment with this new Fund was its purchase of Sage Automotive Interiors, Inc., formerly the Automotive Body Cloth Division of Milliken & Company. Sage supplies fabric for various automotive applications for the leading automotive OEMs around the world.

The Azalea Fund III, L.P. is managed by Marshall H. Cole, Patrick A. Duncan, Benny M. LaRussa, Jr., and R. Patrick Weston, while James M. Micali and Porter B. Rose are Senior Advisors of the Fund. For additional information on Azalea Capital and The Azalea Fund III, L.P., please call Pat Duncan or visit our website at