Shearwater Research Attracts New Majority Shareholder
April 30, 2021
Richmond, BC, Canada
Bruce and Lynn Partridge and the management of Shearwater Research Inc. (“Shearwater”) are pleased to announce that BRS & Co. (“BRS”), a New York-based private equity firm, has today completed a control investment in Shearwater. The financial terms of the transaction were not disclosed.
Bruce Partridge founded Shearwater in 2004, armed with the belief that divers want dive computers and rebreather control systems with a simple, intuitive user interface that was previously unavailable. Shearwater Research quickly became a major supplier of trimix computers and electronic control systems for rebreathers. After enjoying wide acceptance in technical diving circles, Shearwater gained popularity amongst recreational divers. Shearwater now holds a leading position among companies and a reputation for some of the highest quality instruments on the market. Bruce & Lynn also imprinted Shearwater with its core values, the first of which is “We really, really care about our customers”. That commitment has resulted in a level of service to its dealers and consumers that rivals the quality of Shearwater products.
Bruce and Lynn retired from their full-time roles a few years ago and have remained involved in the company at a governance level. Seeking a partner to help fuel and support the next chapter of the company’s growth was a mission carefully and patiently undertaken. About BRS, Bruce says “In BRS we have found a partner who has an excellent track record over 30 years of helping companies like Shearwater grow and scale up. Their focus on enthusiast brands shows their appreciation of what goes into building a company’s reputation and added to our confidence in their ability to sustain and enhance that as Shearwater continues to grow”.
Rashad Rahman, BRS Managing Director, will chair the new Shearwater Board of Directors which will include Bruce and Lynn Partridge. Shearwater CEO Jim Hartt and the senior management team have invested along with BRS and the Partridges and are committed to the company’s continued success. Rashad commented, “Since our first introduction to Shearwater we at BRS have been impressed by the demonstrated growth of the company, its responsiveness and resilience, and particularly by the brand reputation that has been earned by the Shearwater team. We look forward to maintaining and building on that solid foundation”.
For Shearwater’s valued customers, dealers and vendors, it is business as usual. The company doubled the size of its manufacturing facilities and headquarters in Canada in December 2020. With strong and experienced financial partners, the ongoing benefit of the Partridges’ involvement and a committed management team and staff, Shearwater looks forward to years of continuing to let divers rely on Shearwater devices to powerfully, simply and reliably add to the safety and enjoyment of their diving experience.