Lower middle market private equity firm

Azalea Capital

At a glance

EBITDA range$1M to $10M S1
Revenue range$10M+ S2
Deal typesPlatform, Add-on, Growth S2
GeographyUnited States S1
SectorsConsumer & Food, Industrial & Manufacturing, Construction Services, Distribution

What Azalea Capital buys

Azalea Capital is a Greenville, South Carolina firm, founded in 1995, that invests in entrepreneur and family-owned companies, with a preference for the Southeast. It looks for businesses with $1 million to $10 million of EBITDA and at least $10 million of revenue, in consumer markets (food and beverage, agriculture, pet products) and industrial markets (engineered products, industrial services and niche manufacturing). It does management buyouts, recapitalizations, growth capital deals, corporate carve-outs and turnarounds, using common and preferred equity. Azalea takes board seats and leaves daily operations to management.

Azalea often starts with one owner-led business and then adds similar ones. Its Rainbow Restoration franchise group in Greenville took on ASAP Response in 2025 and Old Dominion Disaster Restoration in Virginia later that year. On recent deals it has paired its equity with subordinated debt and co-investment from Salem Investment Partners and senior loans from Southern First Bank. It pays referral fees to intermediaries.

Recent deals

Announced in the 24 months before October 26, 2026.

DateCompanyTypeSectorSource
Jul 2026InterkraftSimpsonville, SC specialty paper converting and extrusion coating company; Salem Investment Partners co-investedPlatformIndustrial & ManufacturingSource
May 2026InTech AerospaceHouston aircraft interiors repair and overhaul company from Fund IV sold to CCE GroupExitIndustrial & ManufacturingSource
Dec 2025Old Dominion Disaster RestorationVirginia Rainbow Restoration franchisee added to Southeastern Restoration Holdings; its CEO keeps an ownership stakeAdd-onConstruction ServicesSource
Jun 2025Pickle JuiceMesquite, Texas functional beverage brand that makes its own productsPlatformConsumer & FoodSource
May 2025ASAP ResponseRainbow Restoration franchisee combined with Azalea's Greenville franchise to form Southeastern Restoration HoldingsAdd-onConstruction ServicesSource
Nov 2024The Virginia Food GroupWakefield, Virginia maker of premium peanuts and snack mixes, backed with several co-investorsPlatformConsumer & FoodSource

Portfolio by sector

From the firm's portfolio page S4.

Consumer

  • Pickle Juice
  • The Virginia Food Group
  • Low Falls
  • Brittle Brittle
  • Landscapers Supply
  • Jones Naturals

Industrial

  • Interkraft
  • Rainbow Restoration (Southeastern Restoration Holdings)

Past investments: InTech Aerospace, Industrial Specialty Fabrics, Tekgraf Corporation, ISO Poly Films, Canterbury Engineering, PEM, Spartan Foods of America, Sunbelt Chemicals, SAGE Automotive, Star Packaging, KLMK Group, ETAK Systems, Power Services Group

Greymont’s take

How Azalea Capital fits a seller

Azalea fits owners of Southeast consumer, food, light industrial or service businesses in the $1 million to $10 million EBITDA range who want patient capital and plan to stay involved. Its recent deals keep founders in place: John Wheeler stayed as CEO and a shareholder of Rainbow Restoration, Reed Mattingly did the same at ASAP Response, and Aaron Fischer kept an ownership interest after Old Dominion joined the group. Azalea says some of its best investments followed years of knowing an owner, so an early talk carries little risk.

Azalea sometimes adds leaders or directors from its network, such as the new CEO at Brittle Brittle and the outside board members at Low Falls, so an owner should ask who will run the company after closing. Because its deals use bank loans and subordinated debt, it is also fair to ask how much debt the company will carry.

Questions owners ask

What size companies does Azalea invest in?

Azalea targets entrepreneur and family-owned businesses with $1 million to $10 million of EBITDA, and its approach page sets a minimum of $10 million in annual revenue. It prefers the Southeast, and its press releases also mention the Midwest.

Does the owner stay involved after Azalea invests?

Usually. Azalea says it acts as a board-level advisor and leaves day-to-day operations to management. In its restoration deals, the founders of Rainbow Restoration and ASAP Response stayed on as CEOs and shareholders, and Old Dominion's CEO kept an ownership interest.

Does Azalea work with business brokers and bankers?

Yes. Azalea says it pays market-based referral fees to intermediaries and may hire a buy-side intermediary for targeted searches. It tells deal professionals to expect prompt answers and candid feedback.

How does Azalea finance its deals?

Its 2024 to 2026 releases show a repeated structure: senior debt from Southern First Bank, plus subordinated debt and equity co-investment from Salem Investment Partners alongside Azalea's own equity. The Virginia Food Group deal also brought in NewSpring Capital and Farragut Capital Partners.

Sources

  1. S1Azalea Capital home page Accessed October 26, 2026
  2. S2Azalea Capital: Approach Accessed October 26, 2026
  3. S3Azalea Capital: Companies Accessed October 26, 2026
  4. S4Azalea Capital: Active portfolio Accessed October 26, 2026
  5. S5Azalea Capital: Realized portfolio Accessed October 26, 2026
  6. S6Azalea Capital: Team Accessed October 26, 2026
  7. S7Azalea Capital: News Accessed October 26, 2026
  8. S8Azalea Capital Announces Strategic Investment in Interkraft (July 13, 2026) Accessed October 26, 2026
  9. S9Azalea Capital Invests in Old Dominion Disaster Restoration (December 19, 2025) Accessed October 26, 2026
  10. S10Azalea Capital Invests in ASAP Response (May 13, 2025) Accessed October 26, 2026
  11. S11Azalea Capital Invests in Rainbow Restoration (August 7, 2024) Accessed October 26, 2026
  12. S12Azalea Capital Invests in The Virginia Food Group (November 8, 2024) Accessed October 26, 2026
  13. S13Azalea Capital Invests in Low Falls Nursery (March 26, 2024) Accessed October 26, 2026
  14. S14Azalea Capital Invests in Brittle Brittle (July 12, 2023) Accessed October 26, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Azalea Capital. Figures are as reported on the dates shown and may have changed. Request a correction

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