Browne Jacobson advises on C-Kore acquisition

Browne Jacobson’s UK and Ireland corporate team has achieved another milestone by advising the shareholders of C-Kore Systems, a prominent player in subsea testing technology, on its acquisition by Motive Offshore, a specialist in offshore equipment and engineering supported by H2 Equity Partners. Established in 2012, C-Kore focuses on creating automated tools that enhance the precision of monitoring subsea cables and assets. These innovative tools test electrical, optical, and fluid lines, allowing for efficient fault-finding, monitoring during new installations, and verification of asset health. The aim of C-Kore's technology is to reduce vessel time and personnel costs, improve deck safety, and provide reliable, real-time data vital to the offshore energy industry.

Motive Offshore, founded in 2010, serves as a global provider of marine and lifting equipment, focusing on engineering solutions across various sectors, including renewables, oil and gas, and decommissioning. Their operations are divided into three main divisions: rentals, manufacturing, and inspection and certification, allowing them to cater to a broad clientele across the UK, Europe, MENA region, and Asia-Pacific. The favourable conditions for M&A activity in this sector were supported by Browne Jacobson’s expert team, led by consultant Rob Metcalfe alongside corporate partners Matt Bolton and Kirk Glenn, with support from tax partner Craig Thomas and corporate associate Abigail Noakes.

Expressing confidence in the transaction, Matt Bolton remarked, “We’re delighted to have advised the shareholders of C-Kore on this exciting transaction with Motive Offshore, backed by H2 Equity Partners." He continued, "We continue to see strong private equity-backed appetite for specialist UK technology assets in the energy and infrastructure sector." Paul Hill, partner and Head of Energy and Infrastructure at Browne Jacobson, elaborated on the trends in the industry, stating, “Our research on inward investment in the UK and Ireland found that technological innovation is one of the principal drivers of investment appetite in energy and infrastructure." He stressed the growing role of private equity in the sector, adding, “With 50% of energy and infrastructure respondents expecting the role of private equity to increase, the backing of a well-capitalised PE platform for this combination is consistent with the direction of travel we are seeing across the sector.”

As the UK progresses in its offshore energy objectives, Hill remarked that investors inclined towards supporting innovative and sustainable assets that can mitigate costs and enhance resilience will seize future growth opportunities. This acquisition exemplifies that strategic logic, highlighting the importance of aligning investments with technological advancements. This transaction marks Browne Jacobson’s latest contribution to the energy and infrastructure M&A landscape, adding to other recent successes including advising the testing, inspection, certification, and compliance services leader Phenna Group on various acquisitions, and assisting Transvac Systems’ shareholders with its acquisition by Ingersoll Rand Inc, listed on the New York Stock Exchange.