Triangle Capital Corporation Recognizes Gain From Investment in AirServ Corporation and Closes $11 Million Investment in Dyson Corporation

RALEIGH, N.C., Jan. 3, 2008 (PRIME NEWSWIRE) -- Triangle Capital Corporation (Nasdaq:TCAP) ("Triangle" or "the Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced that on December 19, 2007, it realized a long term capital gain of approximately $663,000, or approximately $0.10 per share, in connection with the full repayment of its $4.2 million subordinated debt investment and sale of its warrant position in AirServ Corporation ("AirServ"), an aviation services company providing a wide range of services for airlines, airports and other transportation companies throughout the United States. The transaction represented an internal rate of return of approximately 19.4%.

Triangle also announced today that on December 19, 2007, it closed an $11 million investment in Dyson Corporation ("Dyson"). Dyson, located in Painesville, Ohio, has operated for 120 years as a supplier of custom fasteners and forgings to industrial markets, providing products to some of the country's most recognizable projects including the Golden Gate and Brooklyn bridges and the Trans Alaska Pipeline. Since 2003, Dyson has also established itself as a supplier to the high-growth wind energy industry.

"We are pleased to recognize the repayment of our debt investment in AirServ and also recognize a meaningful equity gain which, together, result in a very attractive internal rate of return of approximately 20%," said Garland S. Tucker, III, President and CEO of Triangle. "In addition, our investment in Dyson is a well-timed opportunity to reinvest the proceeds of the AirServ transaction as well as an opportunity to put a significant amount of new capital to work in a profitable manner. Both of these transactions are representative of the strength of Triangle's existing portfolio and our ability to deploy new capital."

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 - $15.0 million per transaction in companies with annual revenues between $20.0 and $75.0 million and EBITDA between $2.0 and $10.0 million.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. Triangle intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its shareholders.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

CONTACT:  Triangle Capital Corporation
          Sheri B. Colquitt, Vice President, Investor Relations
            919-719-4784
            scolquitt@tcap.com
          Steven C. Lilly, Chief Financial Officer
            919-719-4789
            slilly@tcap.com

Released January 3, 2008