Strategic advisory company, Santa Fe Group has this week announced the sale of its Australian home moving and relocation services business, WridgWays in a management buy-out.

The group reached an agreement in the form of a Term Sheet with Santa Fe Australia managing director, Kobus Fourie, revealing that all Australian activities are set to be divested, subject to a final agreement between the two parties.

Santa Fe Relocation will sign a five-year mutually exclusive franchise agreement with Fourie’s newly acquired business, however the two companies will remain integrated through key competencies such as customer experience, processes and technology.

Martin Thaysen, Santa Fe Group CEO said the latest deal was the best possible result for its Australian operation, assuring that domestic customers would still receive the same level of service they had come accustom to.

“It was important for us to find a sustainable future for our Australian business, looking after both our employees and our customers best possible,” Thaysen said.

“This is the ideal situation, where we get a highly capable and committed franchise partner in Australia, a future for our employees with career and growth opportunities and continued exceptional customer experience for our global Santa Fe Relocation customers. We look very much forward to the future partnership with Kobus, and growing our business in Australia under new ownership.”

The transaction takes the form of a share transfer, whereby the shares are sold at a price of AUD$1, with any gain or loss to be reported as discontinued operations.

Santa Fe has been linked with WridgWays since 2010, when then-chief Des Strickland made the decision to push for integration within a global network.