SALT LAKE CITY, UT — Confluence Group LLC, owner of the Bridgewater family of companies, is pleased to announce it has entered into a definitive agreement to sell its business to a newly formed entity which also owns Aramsco Inc., according to a press release.

The newly formed entity will be owned by affiliates of AEA Investors through its Small Business Fund II (AEA), as well as members of the Aramsco and Bridgewater management teams, the release stated.

According to the release, the transaction is expected to close in the coming weeks; both Aramsco and Bridgewater will continue to operate under their existing names and with their current management teams.

“We are thrilled to partner with Rob, Gordon and Dave Hanks, and welcome all Bridgewater employees, customers and partners to the Aramsco family. While both organizations will continue to run independently, the transaction will allow us to provide additional solutions and services to the customers of both companies,” said Richard Salerno, the CEO of the new organization.