WEST PALM BEACH, Fla., Nov. 20, 2014 /PRNewswire/ -- Oasis Outsourcing (Oasis) today announced that it has agreed to be acquired by Stone Point Capital and management. Stone Point is a leading private equity firm focused on investing in the global financial services industry. Oasis, a portfolio company of Nautic Partners and Altaris Capital Partners, is the largest private professional employer organization (PEO) in the United States, and is a leading provider of comprehensive and cost-effective human resources (HR) services to small- and medium-sized businesses (SMBs). The transaction, subject to customary closing conditions, is expected to be completed by the end of 2014. Terms of the acquisition were not disclosed.
Oasis provides HR services, such as HR administration and development, employee benefit plan management, full-service payroll administration, risk management, and staffing and recruitment to more than 4,700 SMBs and more than 160,000 worksite employees (WSEs) in all 50 states and Puerto Rico. Through its nationwide platform, Oasis provides its solutions to clients across a broad spectrum of industries, including business services, hospitality and retail, manufacturing, technology, and wholesale trade, among others.
"We are thrilled to partner with Stone Point, one of the nation's leading private equity firms," said Mark C. Perlberg, President and Chief Executive Officer of Oasis. "With its strong financial support, Oasis will have the opportunity to dramatically escalate our growth, both organically and through strategic acquisitions."
Chuck Davis, CEO of Stone Point Capital, said; "We are delighted to be partnering with Oasis and its management team. The company's ability to provide cost-effective outsourced solutions while also providing access to affordable benefit plans is very compelling for small- and medium-sized businesses, especially in light of the increasing complexity and regulations related to HR."
Perlberg added, "Stone Point's investment in Oasis marks an important milestone in our history and we are confident that it will help drive our continued success in an exciting growth industry."
Kramer Levin Naftalis & Frankel LLP is serving as a legal advisor to Stone Point. Edwards Wildman Palmer LLP and Jefferies LLC are serving as the legal advisor and exclusive financial advisor to Oasis, respectively.
About Oasis Outsourcing
Oasis Outsourcing was founded in 1996 as a subsidiary of The Wackenhut Corporation. Today, Oasis Outsourcing is the largest private PEO in the United States and is a leading provider of comprehensive and cost-effective HR services to SMBs. The Company provides HR services, such as HR administration and development, employee benefit plan management, full-service payroll administration, risk management, and staffing and recruitment to over 4,700 SMBs and more than 160,000 WSEs in all 50 states and Puerto Rico. Through its nationwide platform, Oasis provides its solutions to clients across a broad spectrum of industries, including business services, hospitality and retail, manufacturing, technology, and wholesale trade, among others. For further information about Oasis Outsourcing, see www.oasisadvantage.com.
About Stone Point Capital
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised six private equity funds—the Trident Funds—with aggregate committed capital of approximately $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point Capital, see www.stonepoint.com.
Media Contact: Jeniffer Clarin, 954-370-8999
SOURCE Oasis Outsourcing