Key Takeaways
- • TDR Capital has acquired OCU Group from Triton Partners for an undisclosed price, marking Triton's exit after a four-year ownership period that transformed the critical infrastructure contractor.
- • OCU's revenue quadrupled to £1.2 billion under Triton's stewardship, driven by 18 acquisitions and geographic expansion into Australia and New Zealand, with an order book now exceeding £4 billion.
- • The business now operates across multiple geographies with 2,500+ employees and broadened capabilities across critical infrastructure, utilities, and energy transition sectors.
- • TDR Capital, which manages €16 billion in assets and has completed 28 majority stake investments since 2002, plans to accelerate OCU's transformation into a global player in critical infrastructure through continued M&A and market expansion.
Summary
TDR Capital has acquired OCU Group from Triton Partners, marking a significant transaction in the critical infrastructure services sector. The deal value was not disclosed. Triton, which acquired OCU in 2022, has delivered substantial value creation over its four-year hold period, with OCU's revenue expanding from approximately £295 million in April 2022 to £1.2 billion in the year ended April 2026—a more than fourfold increase.
This growth trajectory was achieved through an aggressive expansion strategy encompassing 18 acquisitions and geographic diversification beyond the UK into Australia and New Zealand. The company's order book has surged to exceed £4 billion, and the workforce has expanded to over 2,500 employees. Triton managing director Thomas Cheung characterized OCU as a "significantly stronger" business, noting that the private equity firm's investment had broadened OCU's capabilities and diversified its client offering across critical infrastructure verticals.
Under TDR Capital's ownership, the business will pursue acceleration of its position as a global player in critical infrastructure. TDR, which manages more than €16 billion of assets across its portfolio and has made 28 majority stake investments since its founding in 2002, plans to leverage OCU's existing M&A capabilities, deep customer relationships, and strong value-chain positioning to capture additional growth opportunities. Michael Hughes, OCU's chief executive, emphasized the firm's commitment to client delivery, workforce investment, and capturing the "significant opportunities ahead," while Gary Lindsay, TDR's managing partner, highlighted OCU's potential to achieve a globally relevant position in critical infrastructure through continued acquisition strategy and market expansion.
This growth trajectory was achieved through an aggressive expansion strategy encompassing 18 acquisitions and geographic diversification beyond the UK into Australia and New Zealand. The company's order book has surged to exceed £4 billion, and the workforce has expanded to over 2,500 employees. Triton managing director Thomas Cheung characterized OCU as a "significantly stronger" business, noting that the private equity firm's investment had broadened OCU's capabilities and diversified its client offering across critical infrastructure verticals.
Under TDR Capital's ownership, the business will pursue acceleration of its position as a global player in critical infrastructure. TDR, which manages more than €16 billion of assets across its portfolio and has made 28 majority stake investments since its founding in 2002, plans to leverage OCU's existing M&A capabilities, deep customer relationships, and strong value-chain positioning to capture additional growth opportunities. Michael Hughes, OCU's chief executive, emphasized the firm's commitment to client delivery, workforce investment, and capturing the "significant opportunities ahead," while Gary Lindsay, TDR's managing partner, highlighted OCU's potential to achieve a globally relevant position in critical infrastructure through continued acquisition strategy and market expansion.
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