Fri, 06 Dec 2024 | BUSINESS SALE
Investment company Longacre Group has bought a majority stake in Veracity, a global provider of network connectivity products and surveillance systems.
Prestwick-based Veracity, founded in 2005, has offices across the UK, North America, Middle East, India and Malaysia. It offers a wide range of cybersecure critical components, sub systems and integrated solutions which tackle transmission, storage and display challenges in IP video surveillance systems.
It works with the military, governments and on iconic buildings such as Tower Bridge in London.
In the year to December 31, 2023 it recorded a turnover of £22.5 million, up from £19.7 million in the previous year boosted by the rise in the global video surveillance market. The market is set to grow at a compound annual growth rate (CAGR) of 12.4 per cent by 2030, driven by increasing private and public security demands.
Founded in 2014 by Stani Schmidt-Chiari and Elliott Nicholson, Longacre Group is a UK headquartered group of highly specialised, products and services companies employing in excess of 1,000 people worldwide in its core sectors of Business Services, Healthcare Products and Services, Technical Manufacturing and Speciality Chemicals.
It utilised debt facilities of £11 million from digital bank for entrepreneurs OakNorth to seal the deal.
Alastair McLeod, CEO of Veracity, said: “Our mission has always been to connect, integrate and control a diverse set of security products, including the provision of complete and cybersecure video surveillance solutions and security management systems. These systems operate in very demanding, high-end security and critical national infrastructure sectors and are delivered alongside our extensive range of market-leading IP transmission products. The support from Longacre Group and the financial backing they received from OakNorth will help accelerate our growth plans in the future.”
Stani Schmidt-Chiari, Co-CEO and founder of Longacre Group, added: “We are delighted to be able to support Veracity on its next stage of growth.”
Longacre Group were advised by MDW Capital on the debt financing.
Find out more about cybersecurity and M&A
Founded in 2014 and headquartered in the UK, the group is a global leader in educational technology, providing licensed, searchable, and high-quality video and audio content curated to meet specific instructional objectives.
An established provider of cloud-based computing solutions with a strong national and international presence, this company specialises in Microsoft 365 and Azure software, consistently securing long-term contracts with a diverse client base.
A lucrative industry-leading management system and eLearning app development agency with substantial scope for growth.
04
|
Apr
|
WPP buys data collaboration platform InfoSum | BUSINESS SALE
WPP has bought data collaboration platform InfoSum to boost ...
03
|
Apr
|
Cambrian Training Group chooses employee ownership | BUSINESS SALE
Cambrian Training Group is celebrating its 30th birthday by ...
03
|
Apr
|
Mobeus sells investment in Star Brands after boosting EBITDA by 15X | BUSINESS SALE
Equity investor Mobeus has sold its investment in Star Brand...
27
|
Nov
|
Debt collectors BPO take out loan to buy rival | BUSINESS SALE
Ayrshire-based debt recovery firm BPO Collections has receiv...
30
|
Nov
|
Chartered accountancy firm secures loan for acquisitive growth | BUSINESS NEWS
Chartered accountancy and business advisory firm Cottons Gro...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.