Azalea Capital Completes Three New Acquisitions

March 6, 2008: Azalea Capital is pleased to announce the recent completion of three new investments for The Azalea Fund II, L.P.

Sunbelt Chemicals Corp., an existing portfolio company of The Azalea Fund II, L.P., headquartered in Palm Coast, FL, recently acquired the assets and operations of Trans-Chem, Inc. located in Port Allen, LA. Sunbelt is a custom packager and distributor of both branded and private label chemicals for the consumer market with operations in Florida and Texas. The acquisition of Trans-Chem's 75,000 square foot facility in Louisiana provides Sunbelt with enhanced bottling capacity, as well as a logistical complement to existing operations in Florida and Texas. The combined companies provide products on a just-in-time basis to major retailers, home improvement stores, swimming pool supply distributors, auto parts stores, and hardware supply distributors throughout the U.S.

The Azalea Fund II, L.P. also recently completed a control equity investment in ETAK Systems, Inc., based in Charlotte, NC. ETAK provides DC power installations, battery maintenance/testing, and engineering services to the wireless communications industry. ETAK's broad capabilities include consulting to properly size new installations, Engineering/Furnishing and Installing (EF&I) new equipment, providing emergency repairs when necessary, battery maintenance and testing, and audits to ensure that the equipment is working as designed over its lifetime of operation. Over the past ten years, ETAK has built a solid reputation serving the needs of the nation's largest wireless carriers from three distribution points located in Charlotte, NC, Columbus, OH, and Chicago, IL.

Finally, Spartan Foods of America, Inc., headquartered in Spartanburg, SC, which is also an existing portfolio company of The Azalea Fund II, L.P. recently completed the acquisition of Mystic Pizza Food Company, Inc. of Mystic, CT. Spartan is a manufacturer of ready-to-serve pizza crusts and frozen topped pizzas, along with ready-to-eat and frozen pancake products, all marketed under the Mama Mary'sŪ brand through some 20,000 retail locations across the U.S. Mystic Pizza markets a line of all-natural, frozen pizza products fashioned after the pizza sold in the original Mystic Pizza Restaurant in Mystic, CT, which was made famous by the 1989 film Mystic Pizza, starring actress Julia Roberts. Mystic Pizza products are available in retail chains throughout the Northeast, along with certain club stores on the East Coast. Mystic Pizza Food Company now plans to expand its retail distribution throughout the U.S., though it will continue to be based in Mystic, CT.

Azalea Capital is a Greenville, SC based private equity firm providing strategic capital to privately owned, lower middle-market firms in the Southeast to facilitate management buyouts, business recapitalizations, and growth plans. Partnering with management teams in scalable, operating companies with established revenues and cash flows, we provide financial and human capital to enhance the long-term equity value of the underlying business. Typical investment candidates will have annual revenues ranging from $10 million to $50 million in the focus industries of manufacturing, distribution, business services, consumer products, and healthcare. Other portfolio investments for Azalea, including those listed above, are positions in ISO Poly Films, Inc., Master Packaging, and CNC Holdings Corp.