H.I.G. Capital News


Rick Rosen
Managing Director

H.I.G. Capital, L.L.C.
1001 Brickell Bay Drive
Miami, FL 33131
P 305.379.2322

H.I.G. Capital Announces Sale of Oasis Outsourcing to Nautic Partners

MIAMI - February 17, 2006 - H.I.G. Capital, a Miami, Florida based private equity firm, announced that it has completed the sale of Oasis Outsourcing, Inc. ("Oasis") to Nautic Partners, LLC ("Nautic"), a private equity firm based in Providence, Rhode Island. Terms of the transaction were not disclosed.

Oasis, based in West Palm Beach, Florida, is the largest privately-held Professional Employer Organization ("PEO") in the United States. Founded in 1996, the Company provides outsourced human resources services and benefits administration to more than 1,800 clients and 51,000 worksite employees. Oasis' turnkey outsourced solution allows small to medium sized businesses to access superior benefit programs and enhances the overall quality of the human resources function through its cost-effective service offering. Mark Perlberg, CEO of Oasis, commenting on the sale, said "Oasis has achieved outstanding results throughout its partnership with H.I.G. and we really enjoyed working with them. Now, we look forward to continuing our growth initiatives and success with Nautic".

H.I.G. Capital acquired Oasis in 2003, in conjunction with management, from the Company's parent, The Wackenhut Corporation, a Fortune-500 security services firm. Since the carve-out transaction, H.I.G. and the Oasis management team implemented a comprehensive and highly successful growth plan, which included significant infrastructure investments and a targeted, low risk client acquisition strategy. Rick Rosen, Managing Director of H.I.G. remarked, "We are very proud of Oasis' success. We partnered with an outstanding management team to drive exceptional growth, and positioned the Company for continued success."

About H.I.G. Capital
H.I.G. Capital LLC ("H.I.G.") is a leading private equity and venture capital investment firm with more than $2.0 billion of equity capital under management. Based in Miami, 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 profitable and well managed manufacturing or service businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has completed in excess of 70 transactions. The firm currently manages a portfolio of more than 40 companies with combined revenues in excess of $5 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.