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Patriarch Funds Acquire Oasis Brand Name, Intellectual Property and Other Assets of Columbus-Based Water Cooler Manufacturer

COLUMBUS, Ohio, Aug. 30 /PRNewswire/ -- Patriarch Partners, LLC ("Patriarch") announced today the acquisition by its affiliated funds of certain assets of Oasis Corporation, including its operating subsidiaries in Mexico, Ireland & Poland. Patriarch is a New York- and North Carolina-based investment firm managing over $4.5 billion in assets.

Patriarch will provide capital resources to rebuild 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. Tri Palm will continue to market and distribute its products under the prestigious OASIS brand name.

"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. 

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.

The company said it "will now be better positioned to compete with the low-priced imports from China and retail competition faced by its primary customer base, commercial water and plumbing distributors"

About Patriarch Partners, LLC
Patriarch Partners, LLC is an investment firm with offices in New York and
Charlotte, North Carolina which, together with its affiliates, provides
portfolio management services to multiple leveraged funds and a private equity
fund. These funds own a diverse company portfolio, including loans and other
assets with an aggregate asset value in excess of $4.5 billion and equity
ownership positions in more than 60 companies.