TRITON PARTNERS takes majority stake in OCU

Triton Fund V agreed on 4 July 2022 to acquire OCU Group, the Stockport-based holding company of O'Connor Utilities and Instalcom, from its founders Tim and Tom O'Connor, ending almost three decades of family ownership, and completed the deal on 4 August 2022. Triton took control of the UK multi-utility services specialist at an enterprise value of £395M, an EV/EBITDA multiple of , for revenue of £300M and an EBITDA of . Founded by the two brothers in 1994, OCU worked in regulated infrastructure markets including electricity, rail, water, gas and telecoms, carrying out civil engineering, mechanical and electrical work and project management for the UK's national network operators from offices in Stockport and London and 15 operating centres. At the time of the deal, it employed more than 2,000 employees and contractors. Michael Hughes, who had joined as chief executive at the start of 2022 from EG Group, stayed at the head of the business and said he saw scope to more than triple its revenue on the back of the energy transition and the growth of data infrastructure. Triton saw OCU as well positioned in its markets, with long-term growth supported by the energy transition, and planned to invest further in non-regulated activities as the UK moved towards renewable power. Liberty Corporate Finance advised the management team on the sale. Over the following four years, OCU's revenue more than quadrupled through 18 acquisitions and expansion into Australia and New Zealand, before Triton agreed to sell the group to TDR Capital in October 2026.