Azalea Capital Purchases Milliken's Automotive Body Cloth Division

September 9, 2009: Azalea Capital is pleased to announce the successful acquisition of Milliken & Co.'s global Automotive Body Cloth Division, which will now be known as SAGE Automotive Interiors, Inc. This is Azalea's first investment from its recently formed third investment fund, Azalea Fund III, LP.

SAGE, which will be headquartered in Greenville, SC, is a leading designer and manufacturer of automotive body cloth - seating fabric, door panel surfaces, and headliners. The Company serves major Original Equipment Manufacturers, such as GM, Toyota, Ford, Honda, Chrysler, Nissan, and Hyundai/Kia. Global offices and manufacturing locations include the U.S., Japan, China, Brazil and the U.K.

Partnering with Azalea in this transaction was the Management team of the business, led by Mr. Dirk Pieper, who will be CEO of SAGE, Mr. Brian McSharry, who will serve as COO, and Mr. Dave Gable, the firm's new CFO. Messrs. Pieper and McSharry are 30 year and 22 year veterans, respectively, of Milliken's former Division, while Mr. Gable was most recently the CFO of Kemet Corporation. Mr. Pieper remarked "We are extremely excited about the opportunity to embark on this new journey as a stand-alone business that will be fully dedicated to the automotive industry. The Management team and all Sage associates are enthusiastic about our partnership with Azalea, which has a proven track record of growing businesses like SAGE. We look forward to working together with Jim Micali and the entire Azalea team to make this investment successful."

Joining SAGE's Board as Chairman will be Mr. Jim Micali, a principal of Azalea who recently retired as Chairman and President of Michelin North America, Inc. According to Mr. Micali “This transaction could simply not have been completed without Milliken’s dedication to their employees and their commitment to the proper outcome, as well as Mr. Joe Taylor and Mr. Daniel Young of the South Carolina Department of Commerce, who provided invaluable assistance in consummating the deal. We give them all our sincerest thanks and appreciation.”

For more information on this investment, please contact Pat Duncan.