Triton Partners Sold OCU Group to TDR Capital
The utilities and infrastructure firm has been acquired following a period of significant international growth.
Updated on Oct. 5, 2026 in Business Strategy
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Triton Partners has completed the sale of OCU Group to TDR Capital. The transaction follows a period under Triton ownership that transformed the business into a global infrastructure platform.
Why it matters
The sale marks the end of a four-year growth phase that saw the company expand from a UK-focused utilities provider to an international operator. TDR Capital is expected to lead the firm through its next chapter of expansion.
OCU Group currently reports a total workforce of around 5,500 people and an order book surpassing £4bn. Under previous ownership, the firm completed 18 separate acquisitions.
The players
Triton Partners
This private equity firm specializes in investing in and developing mid-sized businesses across Europe.
OCU Group
This infrastructure services company provides essential engineering and utility support for power and energy networks.
TDR Capital
This UK-based private equity firm manages significant capital and focuses on long-term investments in industrial and service sectors.
The details
Triton acquired the company in 2022 and subsequently expanded operations into Australia, New Zealand, and India. The firm also integrated Scotland-based RJ McLeod into its operations in 2024 to bolster its service capabilities.
Timeline
Triton acquired the company in April 2022.
OCU Group acquired RJ McLeod in 2024.
The financial year for OCU Group ended on 30 April 2026.
The sale of OCU Group was announced on October 5, 2026.
Market Landscape
The transition of OCU Group to TDR Capital reflects the broader private equity infrastructure consolidation trend. This move highlights the intense focus on scaling mid-market utility platforms into international energy providers.
The change in ownership is unlikely to disrupt ongoing infrastructure projects or service delivery for existing clients. Customers can expect operations to continue as standard under the new management structure.
The takeaway
Private equity firms remain aggressive in scaling regional utility providers into global platforms through serial acquisitions. Investors and stakeholders should watch for how TDR Capital integrates these diverse international assets.
Further reading
For more on industry shifts, visit the Business Strategy section.
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