Azalea Capital Announces Strategic Investment in Interkraft SC, LLC to Support Continued Growth and Expansion

Azalea Capital is pleased to announce its recent investment in Interkraft SC, LLC (“Interkraft” or the “Company”), a specialty paper converting and extrusion coating business headquartered in Simpsonville, SC, with a second facility in Spartanburg, SC. Interkraft processes natural and bleached kraft, chipboard, and linerboard into value-added products through slitting, rewinding, precision sheeting, extrusion coating, and printing, serving integrated producers and packaging converters across North America.

Founded in 2011, Interkraft recently expanded its coating and printing capacity in Spartanburg, SC. The Company is led by CEO Mark Chapman and a management team with deep paper-industry experience. Azalea’s investment will support continued capacity expansion, operational improvements, and potential add-on acquisitions.

“We’re excited to welcome Azalea Capital as a strategic growth partner. Their alignment with our team’s culture and values was a key factor in this decision, and their investment will help us expand our capabilities and deepen the value we deliver to our customers,” said Mr. Chapman.

The transaction was supported by Salem Investment Partners, which provided subordinated debt and co-invested alongside Azalea Capital, and Southern First Bank, which provided senior debt.

For more information, please contact Ed Stein, Director of Business Development at Azalea Capital (estein@azaleacapital.com).

About Azalea Capital

Azalea Capital is a private investment firm headquartered in Greenville, SC. Azalea partners with entrepreneurs, management teams, and family-owned companies by providing investment capital and operating expertise to enhance the long-term value and growth prospects for each investment. Azalea’s primary focus is to invest in companies located in the Southern and Midwest regions of the U.S., which operate in the Food, Consumer, Ag, Pet, and Industrial markets.

About Salem Investment Partners

With offices in Charlotte and Greensboro, NC, Salem Investment Partners is an investment firm with over $500 million under management. Specializing in debt and equity investments in privately held, lower middle market businesses, Salem’s principals have completed over 150 investment transactions in companies across a variety of sectors and business cycles.

About Southern First Bank

Headquartered in Greenville, SC, Southern First is a leading community bank with approximately $4.6 billion in assets. Southern First has been providing financial services since 1999 and operates in 13 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia.