TDR CAPITAL takes majority stake in OCU

TDR Capital agreed on 5 October 2026 to acquire OCU Group, the UK energy and critical infrastructure services provider, from funds advised by Triton Partners, in a deal valuing the company at an enterprise value of , an EV/revenue multiple of . The transaction remained subject to regulatory approvals and other closing conditions, and chief executive Michael Hughes stayed at the head of the group. At the time of the agreement, OCU generated revenue of and employed more than 2,500 people, with a total workforce of around 5,500 across the UK, Australia, New Zealand and India. Triton had acquired OCU in 2022, when it was a regional UK utilities services provider. Over the following four years, the business turned its range of services into an integrated offer running from design to maintenance, built up specialist in-house engineering teams, expanded into Australia and New Zealand and completed 18 acquisitions. TDR Capital said it saw an opportunity to accelerate OCU's development into a global player in critical infrastructure, drawing on its experience of internationalising and professionalising regional infrastructure businesses, and pointed to OCU's end markets, its platform and the further potential of its acquisition strategy. Lazard acted as exclusive financial adviser and White & Case as legal adviser to Triton.