OCU Group is set to change hands after its owner, Triton Partners, agreed to sell the utilities and infrastructure contractor to London-based private equity firm TDR Capital.
The transaction was announced on 5 October 2026. Its financial terms were not disclosed, and completion remains subject to regulatory approvals and other closing conditions.
Infrastructure expansion plans
OCU, ranked 28th in the UK by Construction News, reported turnover of more than £1bn in its latest accounts. The business has expanded through acquisitions, including Northern Ireland-based McCormack Drilling and Scottish civil engineering contractor RJ McLeod.
Acquisitions accounted for around half of the £320m increase in OCU Group’s turnover in the year to 30 April 2026. The contractor also entered Australasia for the first time last year through a number of acquisitions.
TDR Capital managing partner Gary Lindsay said: “We believe OCU can capture a globally relevant position in critical infrastructure.”
He added that the modernisation requirements facing infrastructure and changes in the power industry created “a compelling need to take this platform to the next level”.
Lindsay said TDR had expertise in building global infrastructure businesses and a track record of scaling high-potential platforms. The firm owns businesses including PizzaExpress, David Lloyd and power generation company Aggreko.
OCU chief executive Michael Hughes said Triton’s backing had been “instrumental” to the company’s growth since its acquisition in 2022. Hughes joined OCU in 2021, when it had turnover of £250m.
“Our focus now is on continuing to deliver for our clients, invest in our people and capabilities, and capture the significant opportunities ahead,” he said.
Hughes previously worked with TDR during his time as chief financial officer of EG Group. In 2020, EG and TDR acquired a majority stake in supermarket chain Asda from Walmart for £6.8bn.
OCU is among a growing number of major UK contractors with private equity ownership or backing, including Bovis Construction, M Group and Amey.