ANNOUNCEMENT: Shearwater Group plc conditional agreement to acquire Brookcourt
Over the past 13 years Brookcourt has continuously grown to become a leader in our space. We have achieved client wins that global integrators would have been proud of. Our approach, client service and strong vendor partnership have contributed to our success. We have 5 quality standard awards, over 20 industry awards and we are truly unique. None of this would have been possible without the commitment and passion from the Brookcourt staff and of course the trust and support from our valued customers.
We are therefore delighted to announce that Shearwater Group has conditionally agreed to acquire the entire issued share capital of Brookcourt Solutions Limited by means of a reverse takeover.
Shearwater Group is an AIM-listed company focused on building a UK based group providing digital resilience solutions. Their aim is to acquire and develop information security, cyber and cyber security companies with a leading product, solution or service capability whose full potential can be unlocked through active management and capital investment. Brookcourt will continue to be led by Phil Higgins and the management team and all staff will remain in the company. Brookcourt will become a new Portfolio Company within Shearwater Group plc alongside Xcina and SecurEnvoy. There will be no impact on existing capabilities, services or partnerships across Brookcourt and offices remaining in Redhill and Bracknell. Your contacts and services will remain the same, you will see no change. There is now a broader range of capabilities available to you from across the Shearwater Group, if they are appropriate to your requirements.
Why has Shearwater acquired Brookcourt?
Brookcourt is a market leading cyber security and secure networking solutions provider led by a highly experienced management team whom have delivered considerable year on year growth. Brookcourt have a first-rate client base containing a number of large enterprise customers. We see substantial opportunities for growth and the acquisition is in line with our stated strategy of acquiring and developing businesses with a leading product, solution or service offering, whose full potential can be unlocked through active management and capital investment. Brookcourt will substantially broaden Shearwater’s cyber security and secure networking solutions capability, accessing a complementary client base aligned to large enterprises alongside Xcina’s SME focus.
David Williams, Chairman of Shearwater, said:
“This transformational acquisition provides us with a substantial platform from which we can grow organically and by further acquisition.
“One of the key elements of our buy and build strategy is that the management teams stay with the business and become active parts of the enlarged group – I am therefore delighted that Phil, Dene and the Brookcourt team are joining us.
“As well as being strategically and operationally a major development for us, this transaction will also bring a step change in our scale and breadth of offering, and notably it will make us cashflow positive following completion.”
Why has Brookcourt sold to Shearwater?
Brookcourt will benefit from joining an innovative Group that consists of companies with a leading product, service or solution capability where opportunities for growth can be unlocked through active management and capital investment.
Phil Higgins, Co-founder and Chief Executive Officer of Brookcourt, said:
“We had a number of options to develop and grow our business, but were very much drawn to joining Shearwater owing to our shared vision and the real opportunity to be part of a rapidly growing PLC. This unity provides us with the resources, additional industry expertise and support to scale the business and deliver a broader solutions offering to our existing and prospective customers.
“We are delighted to be joining Shearwater at such a pivotal time in Brookcourt’s development and we very much look forward to realising our ambitions for the business as part of the wider Group.”
You can read more about the conditional agreement to acquire Brookcourt in the Regulatory News Service (RNS) released by Shearwater Group this morning.
This is a regulatory requirement as the Group is a plc listed on AIM of the London Stock Exchange.
The announcement can be found on the London Stock Exchange website, please see:
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/SWG/13758908.html
You can find out more about Shearwater Group and its companies on their websites via: www.theshearwatergroup.co.uk.
Kindest Regards
Phil Higgins
CEO
Picture: David Williams: Chairman of Shearwater Group. Dene Stacey: COO, Brookcourt Solutions. Phil Higgins: CEO, Brookcourt Solutions. Michael (Mo) Stevens: Group CEO, Shearwater Group.
