Patriarch Partners, LLC announced the acquisition by its affiliated funds of certain assets of Oasis Corporation, including its operating subsidiaries in Mexico, Ireland and Poland. Patriarch is a New York- and North Carolina-based investment firm managing over $4.5 billion in assets.
Patriarch will provide significant capital resources combined with a long-term strategic vision all aimed at rebuilding the 95-year-old company's profitability and leadership in the water cooler business. The Patriarch funds will operate this investment as Tri Palm International, a name that reflects the breadth of the company's presence in the marketplace. Tri Palm will continue to market and distribute its products under the prestigious OASIS brand name.
"Patriarch Partners and its related entities have a strong track record of positive financial growth that we are extremely excited to be part of," said Chris Gurreri, Tri Palm's new president and CEO. "With Patriarch's vast resources and strong strategic focus, we believe that the OASIS brand will quickly regain its number one position in the marketplace. After all, OASIS is 'The word for water coolers worldwide.’”
"We have chosen to acquire the OASIS brand name based on its near 100-year history, superior quality and long-standing place of leadership in the water cooler and bottled water dispenser market," said Lynn Tilton, founder and chief executive officer of Patriarch. "With this transaction, we intend to help management rebuild and restore the company to profitability while driving future growth through the innovation of the OASIS brand. We welcome Chris and his team to the Patriarch family of executives."
Tri Palm has negotiated leases in order to continue operations in the
existing Columbus manufacturing facility, maintaining a significant number of jobs in the area. Tri Palm will also continue to operate its Mexican operations and its European facilities in Ireland and Poland.
"Our job is to ensure that the OASIS brand evolves so that the company can more effectively compete in today's marketplace," said Gurreri. "We will now be better positioned to compete with the low-priced imports from China and retail competition faced by our primary customer base, commercial water and plumbing distributors. The good news is that consumer and institutional demand has never been greater for dispensers of clean, fresh cold water, and OASIS is one of the best-known and most respected brands in this industry. We look forward to taking advantage of that demand with competitive and innovative products, all historical strengths of the OASIS brand."