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Triton Partners has agreed to sell OCU Group to funds managed by London-based private equity firm TDR Capital. The sale has not been announced as complete: it remains subject to customary regulatory approvals and other closing conditions. The parties have not disclosed the price or a completion date.

Who is buying OCU Group?

The buyer is TDR Capital, acting through funds it manages. TDR’s announcement names TDR Capital V and related entities as the acquiring funds. Triton Partners, which acquired OCU in 2022, is selling through funds it advises. Triton announced the agreement on 5 October 2026; TDR announced it on 6 October.

Has the sale gone through?

No completion has been announced. The parties describe an agreement to sell, subject to customary regulatory approvals and other closing conditions. Their announcements do not identify the specific approvals or give a timetable, so the closing date remains unknown.

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How much is OCU being sold for?

The sale price and other transaction terms have not been disclosed. OCU’s financial results provide context about the company’s operations, but they do not establish the transaction’s valuation.

What does OCU Group do?

OCU is an infrastructure services business working across the lifecycle of assets, from design and engineering to construction, commissioning and maintenance. Its stated areas of work include power transmission and distribution, renewable generation and energy storage, water and environmental services, and digital infrastructure. The group operates in the UK, Australia and New Zealand and has engineering capabilities in India.

OCU’s reported financial context

For FY26, the financial year ended 30 April 2026, OCU reported revenue of £1,221.2 million, compared with £886.5 million in FY25. It also reported adjusted operating profit of £136.1 million, adjusted EBITDA of £154.1 million and organic revenue growth of 24.8%. Cash was £140.6 million at 30 April 2026, and its order book of contracted work and framework opportunities exceeded £4 billion. These are company-reported operating figures, not the sale price. OCU’s FY26 reporting provides the company’s results.

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Triton says OCU’s revenue grew to £1.2 billion during its ownership and cites 18 acquisitions and expansion into Australia and New Zealand. Triton Managing Director Thomas Cheung said: “OCU’s revenue has more than quadrupled to £1.2 billion under Triton’s ownership, with 18 acquisitions and expansion into Australia and New Zealand.” This is Triton’s description of its ownership period, not a transaction valuation.

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Why does TDR say it wants to acquire OCU?

TDR says it sees an opportunity to accelerate OCU’s development into a global critical-infrastructure business, drawing on its experience in internationalising and scaling infrastructure businesses. That is the buyer’s stated rationale, not a guarantee of future growth or a forecast of what will happen after the transaction.

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