A Greater Manchester business that was founded by two brothers in 1994 has been sold to an investment giant in a deal said to be worth £400m.
OCU Group Limited (OCU), holding company of O’Connor Utilities and Instalcom, has been acquired by Triton Partners.
The Stockport-headquartered group is a multi-utility services specialist operating within regulated infrastructure markets, including electricity, rail, water, gas and telecoms.
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It was established by brothers Tim and Tom O’Connor, has a workforce of over 3,000 employees and contractors across the UK and delivered revenues of c.£300m in its financial year to April 2022.
Triton Partners was founded in 1997, has 12 offices around the world and its current portfolio of companies have combined annual revenues of over €18bn.
It was Sky News reported by Sky News that the deal was worth £400m.
Michael Hughes, chief executive of OCU Group, said: "The acquisition by Triton Partners marks the end of an exceptional 30 years of ownership by the O’Connor family.
"Tim and Tom have been phenomenal stewards of the business and we are thankful for all they have done. As we look ahead, our focus is on ensuring that the business continues to grow and evolve, whilst also maintaining the strong culture and approach to customer service that they have instilled, and which remains our key differentiator.
"Our partnership with Triton Partners will help to facilitate further growth and allow us to better take advantage of strategic opportunities in our core sectors."
In a joint statement, Tim and Tom O’Connor added: "The growth and evolution of the O’Connor Utilities and Instalcom businesses represents over three decades of hard work and commitment to create a successful and industry leading business.
"It is a bittersweet moment as we say goodbye to many friends amongst our colleagues, customers, and suppliers, without whom the business would not have achieved the success it has.
"However, we leave behind an exceptional management team that, with the support provided by Triton Partners and leadership of CEO Michael Hughes, will ensure more fantastic times ahead for the business. We wish all ongoing future success."
Matthew Turner, senior industry expert at Triton Partners, said: "Tim and Tom O’Connor have built an exceptional business, balancing profitability with purpose and we are delighted that the OCU Group will join our portfolio of companies.
"We have spent a lot of time with Michael and the wider management team and have been impressed by their vision for the future direction of the company. We have full confidence in their ability to execute the journey they have planned."
The deal is expected to complete in August.
Clearwater International (disposal) and Evercore (purchase) provided corporate finance advice on the transaction.
