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In Brief: TSS buys CFM Global for $2m

THE offshore division of listed human resources group Total Staffing Solutions Ltd has bought Perth-based recruitment firm CFM Global for $2 million. The deal, struck by Booragoon-based TSS, includes an agency supply agreement for sourcing skilled international labour. CFM’s Brett McPhee said the company used to provide outsourced financial management services but focused on recruitment in recent years. TSS said in an announcement that CFM currently services a large and diversified client base including major Australian businesses in the mining and shipping industries. CFM holds an exclusive agency supply agreement with a major global group for sourcing and supply of skilled international labour based in the Philippines. The cash and scrip transaction is to settle at the beginning of next month. Consideration is made up of 50 per cent cash and 50 per cent shares in TSS, valued at the volume weighted average price of shares traded during the preceding five trading days prior to May 1 2008. The acquisition includes a work in progress book currently valued at about $2 million.

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