H.I.G. Capital, LLC
H.I.G. Capital, a Miami based private equity firm with over $1 billion of equity capital under management, announced that it has acquired 100% of Oasis Outsourcing, Inc. ('Oasis')
MIAMI - April 1, 2003 - H.I.G. Capital, a Miami based private equity firm with over $1 billion of equity capital under management, announced that it has acquired 100% of Oasis Outsourcing, Inc. ("Oasis")(f.k.a. Wackenhut Resources, Inc.), from Group 4 Falck ("Group 4"). Oasis, based in Palm Beach, FL, has operated as a subsidiary of the Wackenhut Corporation ("Wackenhut") since 1996. In early 2002, Group 4, based in Copenhagen, Denmark, acquired Wackenhut and announced its intention to divest Oasis and focus on its core security guard business. Terms of the transaction were not disclosed.
With more than 1,500 clients, 45,000 worksite employees, and gross revenues in excess of $1 billion, Oasis is one of the nation's leading professional employer organizations (PEO). Oasis provides a full line of human resource and back-office outsourcing services to small to medium size businesses. Its service offerings include payroll administration, benefit plan management, workers' compensation and risk management, human resources management, temporary staffing and permanent employee placement.
H.I.G. has partnered with the current management team of Oasis to aggressively grow the business through acquisition and internal growth initiatives. Rick Rosen of H.I.G. commented, "We are very excited about working with the Oasis management team to realize the growth potential of the company. The company has a compelling business proposition and is highly regarded as an industry leader."
H.I.G. Capital is a leading private equity and venture capital investment firm with more than $1.5 billion of equity capital under management. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, H.I.G. specializes in providing capital to small and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of well-established, profitable, and well-managed manufacturing or service businesses, and in promising early-stage technology companies. Since its founding, H.I.G. has made more than fifty highly successful investments, acquiring companies with combined revenues in excess of $5 billion.