Firm: Azalea Capital LLC
Fund: Azalea Fund III LP
Target: $75 million
Amount Raised: $83 million
The Greenville, S.C.-based shop invests in management buyouts, recapitalizations and growth investments in such industries as manufacturing, business services, consumer products, distribution and health care. It looks for businesses generating annual revenues of $10 million to $75 million and EBITDA of $2 million to $10 million. Patrick Duncan founded Azalea Capital in 1995.
Limited partners in
Azalea Capital has already made its first investment using Fund III with its purchase of Sage Automotive Interiors Inc., previously the Automotive Body Cloth Division of Milliken & Co. In December, the shop sold Spartan Foods of America, Inc., a portfolio company in Fund II, to
The firm also runs the $10 million