Wesfarmers to sell Cm3 unit to Bridgepoint's Achilles Group
(Alliance News) - Wesfarmers Ltd on Friday revealed it has agreed to sell Cm3, its contractor management software unit, to Achilles Group, a supply chain risk and performance management company owned by London-based private equity firm Bridgepoint Group PLC.
The Perth, Australia-based conglomerate said Cm3, a provider of software services for contractor compliance and risk management, sits within the Blackwoods Group in the Bunnings division of Wesfarmers.
Blackwoods Group Chief Executive Officer Andrew Bray said: "The Cm3 team has delivered outstanding growth in the last few years, and the business has become a significant player in the Australian contractor management market. As part of the Achilles Group, Cm3 team members will join a global platform with a substantial track record in this sector."
Wesfarmers expects to record a gain on sale once the transaction completes, which is still subject to approval from the Foreign Investment Review Board.
Shares in Wesfarmers were trading 0.7% lower at AUD87.50 in Sydney on Friday afternoon, while Bridgepoint shares closed 2.5% lower at 315.20 pence in London on Thursday.
By Judy Amaca, Alliance News reporter Asia-Pacific
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