Enero is selling its public affairs agency, CPR Communications and Public Relation (CPR), to The Civic Partnership, a group of communications, media and political experts.
The company, the owner of creative agency BMF, Hotwire Group, digital and experiential agency Orchard and adtech platform OBMedia, says the move further refines its portfolio of complementary brands and services.
Commercial details of the sale were not released.
However, CPR contributed 1.2%, or $2.7 million of Enero net revenue in the year to June.
And Enero will recognise a non-cash loss on the sale of $2.5 million to $2.7 million before the impact of income tax.
“The sale of CPR will enable Enero to sharpen its focus and synergy across its global portfolio of businesses and capabilities, while continuing to invest in Enero’s priority markets," says Brent Scrimshaw, Enero Group CEO.
“We wish the team at CPR and Civic all the best in their new adventures.”
Jason Aldworth, managing partner of Civic, says Civic’s team, including former senior journalists, state, and federal ministers from both sides, together with networks across Australia, will bring unrivalled expertise to CPR’s current and future clients.
Enero in August posted a 25% rise in net revenue to $241.6 million for the year to June.
However, the company reported a 10% drop to $24.4 million in net profit after tax.
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