Leading multi-utility services specialist OCU Group acquired by Triton Partners
OCU Group Limited (“OCU”), holding company of O’Connor Utilities and Instalcom, today announces it is being acquired by Triton Partners to support its next phase of growth.
OCU is a leading UK multi-utility services specialist operating within regulated infrastructure markets, including electricity, rail, water, gas and telecoms. Based in Stockport, Greater Manchester, and with a national presence, the acquisition of the group comes following a period of sustained growth to support the future of the UK economy, creating highly attractive market growth prospects.
Founded in 1994 by brothers Tim and Tom O’Connor, OCU has a workforce of over 3,000 employees and contractors across the UK and delivered revenues of c. £300m in the financial year to April 2022. Working directly with network operators nationally, OCU offers a range of specialist technical solutions and capabilities in the fields of utility, civil, mechanical, and electrical engineering, alongside expert competencies in network design and project management.
Triton Partners focuses on driving growth in businesses it partners with across Europe and has a strong track record of investing in services businesses. Their current portfolio of companies have combined annual revenues of over €18bn.
OCU and Triton Partners said that the new partnership will see a continuation of the exceptional utility service provided by OCU but also see further investment in non-regulated opportunities as the UK economy increasingly focuses on renewable power as part of the country’s energy transition.
Michael Hughes, Chief Executive Officer of OCU Group, said:
“The acquisition by Triton Partners marks the end of an exceptional thirty years of ownership by the O’Connor family. Tim and Tom have been phenomenal stewards of the business and we are thankful for all they have done. As we look ahead, our focus is on ensuring that the business continues to grow and evolve, whilst also maintaining the strong culture and approach to customer service that they have instilled, and which remains our key differentiator. Our partnership with Triton Partners will help to facilitate further growth and allow us to better take advantage of strategic opportunities in our core sectors.”
Tim and Tom O’Connor, founders of OCU, added:
“The growth and evolution of the O’Connor Utilities and Instalcom businesses represents over three decades of hard work and commitment to create a successful and industry leading business.”
“It is a bittersweet moment as we say goodbye to many friends amongst our colleagues, customers, and suppliers, without whom the business would not have achieved the success it has. However, we leave behind an exceptional management team that, with the support provided by Triton Partners and leadership of CEO Michael Hughes, will ensure more fantastic times ahead for the business. We wish all ongoing future success.”
Matthew Turner, Senior Industry Expert at Triton Partners, said:
“Tim and Tom O’Connor have built an exceptional business, balancing profitability with purpose and we are delighted that the OCU Group will join our portfolio of companies. We have spent a lot of time with Michael and the wider management team and have been impressed by their vision for the future direction of the company. We have full confidence in their ability to execute the journey they have planned.”
Relevant contracts have been exchanged and the transaction is expected to complete in August.
Clearwater International (disposal) and Evercore (purchase) provided corporate finance advice on the transaction.
About Triton Partners:
Triton was founded in 1997, with a belief in engaging with boards, managers, and employees to build better businesses, primarily in Northern Europe. The company focuses on developing medium-sized companies with the potential to create sustainable, long-term value through changing economic cycles and we work closely with management to achieve that. The firm operates from 12 offices across the World.