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SAP Security - create 2 completely separate companies on 1 instance

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I am consulting with a privately held company and they want to spin off part of the business to create a public company.  Will we need to set up a separate client to house the public company data/processing  or is there any way at all to secure each company in SAP so they cannot see the other companies data?  To complicate this, they want to share master data.  I've been researching and cannot find a way to secure the data so that I am positive there is a 'brick wall' between the 2 entities.  Any help/directions/suggestions are greatly appreciated.  THANKS!


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