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Osmose acquired by L.A. firm

Osmose Holdings, a Buffalo-headquartered wood preservation technology company, has agreed to be acquired by Oaktree Capital Management, aLos Angeles-based investment firm.

Terms of the deal were not disclosed. Osmose's president and chief executive officer, James Spengler, will continue in his roles with Osmose, as will the existing management team, according to Oaktree.

"Oaktree can provide substantial additional resources and is committed to investing in Osmose to help us expand our product and service offerings and to better meet and exceed our customers' expectations," Spengler said in a statement.

Osmose, headquartered on Ellicott Street, has about 2,300 employees worldwide, including about 140 locally. The company had revenues of $550 million in 2011, said David Bradley, vice president and general counsel.

Bradley said Oaktree has not indicated it plans to make any changes in Osmose's employee base, facilities or headquarters. While Oaktree and Osmose officials were introduced to each other about a year ago, Oaktree had been tracking Osmose's progress for a number of years, Bradley said.

Ian Schapiro, managing director of Oaktree's GFI Energy Group, said Oaktree "looks forward to working with Osmose's world-class management team to continue to build on the company's success." Oaktree did not provide further comment on the deal's local impact.

Osmose makes wood preservation chemistry and technology and provides specialty services to the lumber treatment, utilities and railroad industries. A large portion of Osmose's ownership was held by its employees through an employee stock ownership plan; Oaktree is acquiring those shares under the deal.

Oaktree, which focuses on alternative markets, had $77.9 billion in assets under management as of March 31. It has 13 offices, including one in New York City.