Capricorn Records Capricorn Records is an independent record label which was launched by Phil Walden and Frank Fenter in 1969 in [ [ Macon , Georgia ] . Capricorn became famous for its role in spearheading Southern rock , with The Allman Brothers Band at the forefront , but also including the Marshall Tucker Band , Wet Willie , Elvin Bishop , and Jonathan Edwards . At first the records were distributed by Atlantic Records , later changing to Warner Brothers Records , and later to PolyGram Records . Capricorn went out of business in 1979 . The label was later relaunched out of Nashville , Tennessee as a joint-venture with Warner Bros. in the early 1990s . Distribution later jumped to Sony Music 's independent RED Distribution network , then Mercury Records . 311 and Cake were the most popular artists to come out of Capricorn during this period . Zomba Records subsidiary Volcano Entertainment purchased the second incarnation of Capricorn ( which by then , was headquartered once again in Atlanta ) in 2001 . Other artists ranged from Rabbitt to Big Sister . By 2002 , new releases on Capricorn were not to be , as remaining artists were dropped , transferred to Volcano ( 311 ) , or moved to other labels ( Cake ) . Capricorn co-founder Phil Walden died on April 23 , 2006 at the age of 66 . See also Albums released on Capricorn Records List of record labels External links Phil Walden label history Listen Capricorn Records Sampler Playlist Categories : American record labels | 1969 establishments 