European private equity house Triton has agreed to acquire UK multi-utility services specialist OCU Group from €5.2bn Fund V.
Founded in 1994, OCU works directly with national network operators to offer specialist technical solutions in utility, civil, mechanical and electrical engineering.
It has over 2,000 employees generating £300m of revenues over the past financial year.
The firm said OCU’s long-term growth potential is backed by multiple underlying trends including the broader energy transition. It intends to support the company to further grow its core business and to pursue investments in non-regulated opportunities, as the UK economy increasingly focuses on renewable power as part of the country’s energy transition.
Matthew Turner, senior industry expert at Triton, said, “O’Connor have built an exceptional business, balancing profitability with purpose and we are delighted that the OCU Group will join our portfolio of companies. We have spent a lot of time with Michael and the wider 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.”
Triton focuses on European-headquartered medium-sized businesses in the industrial tech, services, consumer, and healthcare sectors.
It took Clinigen Group private in a £1.3bn deal in January and agreed to sell German radiology and radiotherapy player Meine Radiologie to EQT Infrastructure last year after seeing turnover surge at the company since its 2019 buyout.
It closed its fifth main buyout vehicle on €5.2bn in 2018, smashing its €4bn target and beating its hard cap.
The buyout house hauled in an above-target €815m for Smaller Mid-Cap Fund II last year.
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