M&A Deal Summary

Nautic Partners and Altaris Acquire Oasis Outsourcing

On February 21, 2006, private equity firms Nautic Partners and Altaris acquired business services company Oasis Outsourcing from H.I.G. Private Equity

Acquisition Highlights
  • This is Nautic Partners’ 8th and Altaris’ 1st transaction in the Business Services sector.
  • This is Nautic Partners’ 26th and Altaris’ 5th transaction in the United States.
  • This is Nautic Partners’ 1st and Altaris’ 1st transaction in Florida.
Investment Fate
  • Oasis Outsourcing was sold to a consortium of financial buyers in 2014.
  • Oasis Outsourcing was sold to a publicly-traded strategic buyer in 2018 for 1.2B USD.

M&A Deal Summary

Date 2006-02-21
Target Oasis Outsourcing
Sector Business Services
Buyer(s) Nautic Partners
Altaris
Sellers(s) H.I.G. Private Equity
Deal Type Secondary Buyout

Target

Oasis Outsourcing

West Palm Beach, Florida, United States
Oasis Outsourcing is a Florida-based Professional Employer Organization (PEO) serving almost 230,000 employees and 7,500 clients nationwide. Founded in 1996, it specializes in providing human resources services, employee benefits administration, payroll and tax administration, risk management services and staffing solutions to small- and medium-sized businesses throughout the United States. Oasis is accredited by the Employer Services Assurance Corporation (ESAC), ensuring the highest level of ethical, financial and operational standards in the PEO industry and has received SOC 1 Type II (formerly SAS 70) certification for its high level of accuracy and performance. Oasis, through its subsidiaries, is qualified to offer IRS-certified professional employer organization (CPEO) services.

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Buyer(S) 2

Buyer

Nautic Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 9.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Nautic Partners is a private equity firm focused on middle-market company investments based in the US. Nautic looks to invest $50 to $400 million of equity in businesses valued between $100 million and $1 billion. Nautic's industry focus is business services, manufacturing, healthcare, and communications. Prospective investment structures include buyouts, recapitalizations, consolidations, and growth financings. Nautic prefers majority investment positions. Nautic Partners was formed in 1986 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 26 of 83
Sector: Business Services M&A 8 of 11
Type: Secondary Buyout M&A Deals 5 of 25
State: Florida M&A 1 of 4
Country: United States M&A 26 of 82
Year: 2006 M&A 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-01-09 CDRY Holdings

Logan, Utah, United States

CDRY Holdings, Corp. (ChemDry®) was the largest franchisor of carpet cleaning services in the world with 1,400 operators in the U.S. and over 400 additional operators in 45 countries around the world operating over 2,500 franchises in the US and 1,475 franchises overseas. ChemDry® was sold to The Home Depot.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-03 Curtis

West Boylston, Massachusetts, United States

Curtis is a manufacturer of cabs and enclosures for the utility vehicle (“UTV”), compact tractor, and golf cart industries, as well as a manufacturer of snowplows, spreaders, and related equipment for the snow and ice control market. Curtis was founded in 1968 and is based in West Boylston, Massachusetts.

Buy -
Buyer

Altaris

New York City, New York, United States

Investor Investor Investor


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Altaris is a specialist private equity firm that targets investments in the healthcare industry. Altaris focuses its investment activity across the healthcare sector, including pharmaceuticals, medical devices, healthcare services and healthcare IT. Altaris will consider both control and non-control investment situations requiring $15 to $50 million of equity capital. Prospective investment situations include corporate carve-outs, leveraged buyouts, and growth equity/recapitalization investments. Altaris was formed in 2004 and is based in New York, New York.


DEAL STATS #
Overall 5 of 39
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 6
State: Florida M&A 1 of 1
Country: United States M&A 5 of 36
Year: 2006 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-10-19 JDS Pharmaceuticals

Morrisville, Pennsylvania, United States

JDS Pharmaceuticals is a pharmaceutical company focused on the central nervous system. The company sold Pexeva and Lithobid® through its specialty sales force, and has a pipeline of products in clinical development. JDS Pharmaceuticals is based in Morrisville, Pennsylvania.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-04-11 Sparta Systems

Hamilton, New Jersey, United States

Sparta Systems is a provider of quality management software to the pharmaceutical, medical device, and consumer products industries. Sparta’s software solutions help improve quality outcomes and incident response, with improved regulatory compliance and lower administrative costs. Its flagship platform, TrackWise, is used by 35 of the top 40 pharma companies and 13 of the top 15 medical device manufacturers. Sparta has over 825,000 individual users overall across more than 30 countries. Sparta Systems was formed in 1994 and is based in Hamilton, New Jersey.

Buy -

Seller(S) 1

SELLER

H.I.G. Private Equity

Miami, Florida, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1993
PE ASSETS 65.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

HIG Private Equity is the private equity arm of HIG Capital. The Firm focuses on management buyouts, growth equity investments, and recapitalizations of mid-sized to large companies valued between $50 million and $1 billion. HIG will also consider industry consolidations, going-privates, and corporate divestitures. Sectors of interest include aerospace, building materials, business services, consumer products, distribution, healthcare, infrastructure, contracting, manufacturing, media, oil & gas services, IT, and transportation. HIG was formed in 1993 is based in Miami, Florida.


DEAL STATS #
Overall 8 of 181
Sector: Business Services M&A 2 of 22
Type: Secondary Buyout M&A Deals 4 of 75
State: Florida M&A 3 of 20
Country: United States M&A 8 of 124
Year: 2006 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Pinkerton Computer Consultants

Fairfax, Virginia, United States

Pinkerton, is a leading, high-end information technology professional services company with Particular strengths in the financial services, telecommunication, and e-Business markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-06-02 Align Networks

Jacksonville, Florida, United States

Align Networks is a provider of physical therapy services for the worker's compensation industry. Align's clients benefit from consistent case management support, improved efficiency, and reduced costs. Align Networks was formed in 2005 and is based in Jacksonville, Florida.

Buy -