OCU revenue soars to £455m in private equity ownership

Aaron Morby 2 weeks ago

Utilities contractor OCU Group has hiked revenue from £246m to £455m since it was bought by private equity group Triton Partners 18 months ago.

While most of the uplift was driven by organic revenue growth, the business has been on an acquisition spree targeting firms operating in the water, power and telecoms sectors.

Since Triton paid £406m for the OCU Group, there have been eight further acquisitions at a cost of around £105m.

Triton Partners acquisitions
Aug 22 OCU Group £406m Triton Partners purchase of OCU
Aug 22 Opals £16.4m Network fibre services
Sep 22 60% InICT £4.2m Installs fibre optic cables
Dec 22 Andrews Associates Engineers £1.7m Power engineering services
Mar 23 Modus Utilities £14.3m Multi-utility connections
May 23 Northavon Group £22.2m M&E water sector south west
Jun 23 Integrum Power Engineering £18.3m HV power transmission upkeep
Jul 23 Hornbill Group £23.8m D&B electrical HV infrastructure
Sep 23 Insiris £3.9m Workforce and automation software


The group now operates from 39 sites nationwide.

In the year to 30 April 2023, OCU Group reported adjusted operating profit of nearly £51m, up from £41m in 2022.

The group has swung from net cash of £49m to a net debt level of £206m due to the original acquisition.

OCU has a £200m loan used to part fund the original OCU takeover and an additional acquisition facility of £150m, both repayable in 2029. It also holds £60m in revolving credit facilities with two banks.

David Taylor-Smith, OCU Group chairman, said: “This is our first full year under Triton’s ownership, we are delighted with our results and the progress we have made in executing our strategy.

“We are helping the UK to grow by building and maintaining critical utility networks and helping the country to deliver its net zero ambitions.

“As well as delivering strong financial and operational performance, we have expanded our geographical coverage and increased the breadth of our capabilities enabling us to further serve our clients.”

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