Triton signs agreement to acquire OCU Group Limited
Triton Fund V advised by Triton (“Triton”) has signed an agreement to acquire OCU Group Limited (“OCU”), holding company of O’Connor Utilities and Instalcom, a leading UK multi-utility services specialist operating within regulated infrastructure. The terms and conditions of the transaction are not disclosed.
Founded in 1994 by Tim and Tom O’Connor, OCU has a workforce of over 2,000 employees and contractors across the UK and delivered revenues of c. £300m over the last financial year. Working directly with national network operators, OCU offers a range of specialist technical solutions and capabilities in utility, civil, mechanical, and electrical engineering, alongside expert competencies in network design and project management.
Triton sees OCU as well positioned in its core markets and with long-term growth potential backed by multiple underlying trends, like the broader energy transition. Services is one of Triton’s core sectors; the firm has invested in services companies for more than 20 years across Europe, including providers of specialty installation services, railway, energy, communications technology, and technical building services.
Triton intends to support OCU’s strategy to further grow its core businesses, and to pursue investments in non-regulated opportunities, as the UK economy increasingly focuses on renewable power as part of the country’s energy transition.
Matthew Turner, Senior Industry Expert at Triton, said: “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.”
Michael Hughes, Chief Executive Officer of OCU Group, said: “The acquisition by Triton marks the end of an exceptional three decades 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 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 represent 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 and leadership of CEO Michael Hughes, will ensure the best days of the business lay ahead. We wish all ongoing future success.”
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