- Triton intends to support OCU’s strategy to grow its core businesses and to pursue investments in non-regulated opportunities
- The purchase was made via Triton Fund V
- Triton has invested in services companies for more than 20 years across Europe
Triton has agreed to purchase OCU Group. OCU is the holding company of O’Connor Utilities and Instalcom, a UK multi-utility services specialist operating within regulated infrastructure. OCU employs over 2,000 employees and contractors across the UK and reported revenues of circa £300 million over the last financial year. It was founded in 1994 and works directly with national network operators providing a range of specialist technical solutions in utility, civil, mechanical and electrical engineering.
Triton has sponsored 10 funds focusing on businesses in industrial tech, services, consumer and healthcare sectors. It has been investing in services companies for more than 20 years across Europe and sees OCU as well positioned in its core markets with long-term growth potential. The London based private equity firm intends to support OCU’s growth of its core business and will look to help OCU pursue investments in non-regulated opportunities and the UK economy increasingly focuses on renewable power.
“We are delighted that the OCU Group will join our portfolio of companies,” said Matthew Turner, senior industry expert at Triton. “We have spent a lot of time with OCU’s 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.”
“The acquisition by Triton Partners marks the end of an exceptional three decades of ownership by the O’Connor family,” said Michael Hughes, CEO of OCU Group. “Tim and Tom (O’Connor, founders of OCU) have been phenomenal stewards of the business and we are thankful for all they have done. Our partnership with Triton will help to facilitate further growth and allow us to better take advantage of strategic opportunities in our core sectors.”
“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,” said Tim and Tom O’Connor, founders of OCU. “However, we leave behind an exceptional management team that, with the support provided by Triton Partners and leadership of CEO Michael Hughes, will ensure the best days of the business lay ahead.”