Triton Partners has agreed to sell OCU Group to funds managed by TDR Capital, following four years in which OCU’s annual revenue rose from £295 million to more than £1.2 billion. The agreement was announced on 5 October 2026, but the sale had not completed as of 7 October: it remained subject to regulatory approvals and other closing conditions. The parties did not disclose the terms.
Who is buying OCU, and has the sale completed?
Triton Partners announced on 5 October 2026 that it had signed an agreement to sell OCU Group to funds managed by TDR Capital. The transaction was still conditional on regulatory approvals and other closing conditions as of 7 October 2026; ownership had not yet transferred. Triton said the terms were undisclosed. Triton Partners’ sale announcement identifies TDR Capital as the buyer but gives no sale valuation.
OCU chief executive Michael Hughes said the company was “a very different business” from the one Triton invested in four years earlier, and credited Triton’s support in building its current platform. That is the company’s account of the ownership period; the announcement does not disclose what return Triton will make on the sale.
How much did OCU grow during Triton’s ownership?
Triton’s announcement compares revenue of £295 million in the year to April 2022 with £1.2 billion in the year to 30 April 2026. OCU’s own FY26 results report the more precise final-year figure: £1,221.2 million. The comparison shows a business that grew to more than four times its earlier annual revenue, but revenue growth alone cannot establish Triton’s investment return or the price agreed with TDR. OCU’s FY26 results announcement gives the detailed financial figures.
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| Measure | FY25 | FY26 | Reported change |
|---|---|---|---|
| Revenue | £886.5 million | £1,221.2 million | 37.8% growth |
| Adjusted operating profit | Not stated in the FY26 results figures cited here | £136.1 million | 37.7% growth |
| Adjusted EBITDA | Not stated in the FY26 results figures cited here | £154.1 million | 38.9% growth |
| Organic revenue growth | Not stated in the FY26 results figures cited here | 24.8% | Not stated |
| Order book | Not stated in the FY26 results figures cited here | More than £4 billion | Not stated |
FY26 refers to the year ended 30 April 2026. OCU’s results also record that it surpassed £1 billion in annual revenue for the first time. Hughes described that milestone as reflecting its people, client relationships and strategy; it is management’s explanation, not an independent assessment of the causes of growth.
What does OCU do?
OCU provides infrastructure services across power transmission and distribution, energy transformation, digital infrastructure, water and environmental markets. Its work spans design, delivery, commissioning, repair and maintenance, rather than a single construction trade or project type. The company’s services overview describes its activities and markets.
Its announced operating model combines an integrated service offer with specialist in-house capabilities, including high-voltage electrical engineering, horizontal directional drilling, electrical design and specialised civil engineering. These capabilities give OCU a role across several stages of infrastructure work, from design through ongoing maintenance.
How did OCU expand?
OCU’s growth under Triton combined organic development with acquisitions, broader client relationships and expansion into additional geographies. Its annual report describes activity in the UK, Australia and New Zealand, and India. The public figures distinguish organic growth from total revenue growth: organic revenue rose 24.8% in FY26, while total revenue grew 37.8% year on year. Those measures should not be treated as interchangeable; the difference is consistent with contributions beyond organic growth, but the cited headline figures do not quantify each acquisition’s contribution.
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Triton said it worked with OCU management to broaden capabilities, enter new geographies, and invest in people, technology and the operating platform. OCU identifies the energy transition, ageing infrastructure and digital connectivity as demand drivers behind its strategy. Those are the company’s stated market rationale, not a forecast of future demand or proof of future growth. OCU’s company information outlines its markets and approach.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement does—and does not—show
The sale agreement marks a proposed change of ownership after a period of substantial reported growth. The available figures provide a fuller picture than revenue alone: FY26 included £136.1 million in adjusted operating profit, £154.1 million in adjusted EBITDA, 24.8% organic revenue growth and an order book above £4 billion. They do not reveal the agreed sale price, the transaction’s financing, or Triton’s investment return. Those details remain undisclosed, and completion was still conditional at the latest stated date.
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