London, United Kingdom, 5 October 2026 – Funds advised by Triton Partners (“Triton”) have signed an agreement to sell OCU Group (“OCU”), a leading energy transformation and critical infrastructure services platform, to funds managed by TDR Capital (“TDR”). Terms of the transaction, which is subject to customary regulatory approvals and other closing conditions, are not disclosed.
Since acquiring OCU in 2022, Triton has worked closely with management to transform the business from a regional UK utilities services provider into a leading energy transformation and critical infrastructure platform with a growing international presence. Over the past four years, OCU has broadened its capabilities, expanded into new geographies, and invested in its people, technology and operating platform to support its growth.
Key initiatives include building an integrated, end-to-end client offering spanning design, delivery, commissioning, repair and maintenance; developing specialist in-house capabilities across high-voltage electrical engineering, horizontal directional drilling, electrical design and specialised civil engineering; and expanding internationally into Australia and New Zealand.
Today, OCU employs more than 2,500 people and deploys a total workforce of around 5,500 across the UK, Australia, New Zealand, and India. In the financial year to 30 April 2026, OCU generated revenue of £1.2 billion up from £295 million in the year to April 2022, while its order book has surpassed £4billion.
TDR sees a significant opportunity to accelerate OCU’s transformation into a global player in critical infrastructure, leveraging the firm’s experience internationalising, operationally expanding, and professionalising regional infrastructure assets. OCU’s attractive and structurally growing end markets, the strength of its scaled platform and capability set, and the further potential of its proven M&A strategy provide an attractive platform for future growth and market leadership.
Thomas Cheung, Managing Director at Triton, said: “OCU’s revenue has more than quadrupled to £1.2 billion under Triton's ownership, with 18 acquisitions and expansion into Australia and New Zealand. Drawing on our long track record in infrastructure services and the energy transition, we have worked closely with management to build on OCU’s strong utilities heritage and develop a scaled, integrated platform, with broader capabilities, greater international reach, and a more diversified client offering. OCU is now a significantly stronger business, well positioned for its next phase of growth. We are proud of what we have achieved together and would like to thank Michael, the management team and everyone at OCU for their hard work and commitment.”
Michael Hughes, CEO of OCU Group, said: “OCU is a very different business today from the one Triton invested in four years ago, and their support has been instrumental in helping us build the platform we have today. We have benefited from the experience and support of both the Triton deal team and Accelerator Unit as we have scaled the business and broadened our capabilities. On behalf of the management team, I would like to thank them, and our non-executive directors, for their partnership and backing throughout that journey. Our focus now is on continuing to deliver for our clients, invest in our people and capabilities, and capture the significant opportunities ahead. We look forward to working with TDR – a firm with a strong track record in building leading global businesses – on the next phase of OCU’s growth.”
Gary Lindsay, Managing Partner at TDR Capital, said: “We believe OCU can capture a globally relevant position in critical infrastructure. The business today has deep customer relationships, a strong offering across the value chain, and clear M&A capabilities. With the vital challenge of the ongoing modernisation requirements across infrastructure globally and the changing dynamics within the power industry, we see a compelling need to take this platform to the next level. TDR has the expertise in building global infrastructure businesses, the track record of scaling high-potential platforms, the ability to execute a true buy-and-build approach, and the sector insight required to deliver strategic market repositioning where needed. We look forward to leveraging these capabilities and working with Michael and the broader team to unlock OCU’s potential.”
Triton has a long-standing track record of investing in infrastructure and energy-transition businesses. Its investments in the sector include Trench Group, a global provider of high voltage components supporting the energy transition, and Kelvion, a global provider of heat exchange and cooling solutions serving markets including hydrogen, electrification, renewables, and heat pumps.
Lazard acted as exclusive financial adviser and White & Case LLP as legal adviser to Triton in connection with the transaction.
About OCU
OCU Group is an infrastructure services provider supporting the development, delivery and maintenance of critical energy and infrastructure assets. The Group operates across regulated and non-regulated markets, including power transmission and distribution, renewable generation and energy storage, water and environmental services, and digital infrastructure.
OCU provides services across the full asset lifecycle, fromdesign and engineering through to construction, commissioning and maintenance,supported by specialist in-house capabilities including high-voltageengineering, horizontal directional drilling and specialist civil engineering.The Group operates across the UK, Australia and New Zealand, supported by itsengineering capabilities in India.
About Triton Partners
Founded in 1997 and owned by its partners, Triton Partners is a leading European mid-market sector-specialist investor. Triton Partners focuses on investing in businesses that provide mission-critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.
Triton Partners has over 150 investment professionals and value creation experts across eleven offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.
About TDR Capital
TDR is a leading private equity firm with over €16 billion of assets under management. The firm acquires majority stakes in strong, market-leading companies with the potential for robust growth and resilience throughout economic cycles, and provides expert resource to help drive sustainable value creation and transformational change. Founded in 2002, the firm has made 28 platform investments, and its portfolio companies employ over 270,000 people around the world.
For more information, visit: www.tdrcapital.com
Media contacts
Triton Partners: media@triton-partners.com / triton@headlandconsultancy.com
OCU Group: communications@ocugroup.com
TDR Capital: nicholas.brown@tdrcapital.com/ tdr@headlandconsultancy.com