M&A Deal Summary

Paychex Acquires Oasis Outsourcing

On November 26, 2018, Paychex acquired business services company Oasis Outsourcing from Stone Point Capital and Kelso for 1.2B USD

Acquisition Highlights
  • This is Paychex’s 8th transaction in the Business Services sector.
  • This is Paychex’s largest (disclosed) transaction.
  • This is Paychex’s 18th transaction in the United States.
  • This is Paychex’s 3rd transaction in Florida.

M&A Deal Summary

Date 2018-11-26
Target Oasis Outsourcing
Sector Business Services
Buyer(s) Paychex
Sellers(s) Stone Point Capital
Kelso
Deal Type Add-on Acquisition
Deal Value 1.2B USD

Target

Oasis Outsourcing

West Palm Beach, Florida, United States
website
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) 1

Buyer

Paychex

Rochester, New York, United States

website


Category Company
Founded 1979
Sector Business Services
Employees15,600
Revenue 4.6B USD (2022)
DESCRIPTION
Paychex office in North Reading, Massachusetts.
Paychex office in North Reading, Massachusetts.

Paychex is a provider of comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the US. Paychex was formed in 1971 and is based in Rochester, New York. Paychex was founded in 1979 and is based in Rochester, New York.


DEAL STATS #
Overall 19 of 21
Sector (Business Services) 8 of 8
Type (Add-on Acquisition) 16 of 18
State (Florida) 3 of 4
Country (United States) 18 of 20
Year (2018) 2 of 2
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-01 Lessor A/S

Lillerod, Denmark

Lessor A/S is a provider of efficient and flexible IT solutions for handling payroll, time registration, rosters and HR solutions. Lessor A/S was established in 1972 and is based in Lillerod, Denmark.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-06 Flock

San Francisco, California, United States

Flock is a benefits enrollment and administration, onboarding, and human resources information system (HRIS) provider. Flock was founded in 2015 and is based in San Francisco, California.

Buy -

Seller(S) 2

SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 37 of 48
Sector (Business Services) 5 of 8
Type (Add-on Acquisition) 18 of 26
State (Florida) 3 of 3
Country (United States) 32 of 43
Year (2018) 4 of 4
Size (of disclosed) 6 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-05 Eliassen

Reading, Massachusetts, United States

Eliassen is a provider of strategic talent solutions to drive our clients' innovation and business results. Eliassen serves over 400 corporate, financial institution, and government clients providing recruiting and HR support for medium and high-end technology positions. The company operates 21 offices with a leading market presence in New England, North Carolina, and Georgia. Eliassen was founded in 1989 and is based in Reading, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-25 Kestra Financial

Austin, Texas, United States

Kestra Financial is a provider of independent advisor platforms that empowers sophisticated independent financial professionals, including traditional and hybrid RIAs, to prosper, grow and provide superior client service. Kestra Financial is based in Austin, Texas.

Sell -
SELLER

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 36 of 53
Sector (Business Services) 5 of 5
Type (Add-on Acquisition) 18 of 24
State (Florida) 4 of 7
Country (United States) 31 of 46
Year (2018) 5 of 6
Size (of disclosed) 2 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-02 Logan s Roadhouse

Nashville, Tennessee, United States

Logan’s Roadhouse is a casual dining steakhouse headquartered in Nashville, TN. Offering mesquite wood-fire grilled steaks, signature yeast rolls and American-inspired signature favorites for over 25 years, Logan’s has 204 corporate and franchise restaurants in 22 states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-10 4Refuel Canada

Langley, British Columbia, Canada

4Refuel Canada LP is a provider of mobile on-site refueling and fuel management services. 4Refuel pioneered the mobile on-site refueling industry in Canada and has built an unmatched market presence in Canada and the US. Headquartered in Toronto, 4Refuel provides service to a range of large and small clients in construction, transportation, oil & gas, power generation, and other industries. As the Canadian market leader, 4Refuel is the only national on-site fuel provider whose core business is direct-to-equipment on-site refueling. 4Refuel Canada was formed in 1995 and is based in Langley, British Columbia.

Sell $260M