Private equity firm Triton Partners has agreed to sell critical infrastructure provider OCU Group to rival investment manager TDR Capital for an undisclosed sum.
The transaction remains subject to customary regulatory approvals and closing conditions.
Since its acquisition by Triton in 2022, the UK-based company expanded into Australia, New Zealand and India while increasing its total workforce to around 5,500 people.
In the financial year to 30 April 2026, OCU generated revenue of £1.2bn, up from £295m in the year to April 2022. The company’s order book has surpassed £4bn.
TDR Capital plans to use its operational experience to scale the platform into a global infrastructure operator, following 18 acquisitions completed under Triton’s ownership.
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, chief executive of OCU, 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, added: “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.”
