Michael Hughes
OCU Group, the 28th largest contractor in the UK, is set to be sold to private equity firm TDR Capital.
Triton Partners, another private equity firm that has owned OCU since 2022, has agreed to sell the £1.2bn utilities and infrastructure contractor, according to a release published on 5 October.
The sale follows the release of OCU Group’s most recent accounts, when its turnover topped £1bn for the first time.
“We believe OCU can capture a globally relevant position in critical infrastructure,” TDR Capital managing partner Gary Lindsay said.
“With the vital challenge of the ongoing modernisation requirements across infrastructure globally and the changing dynamics within the power industry, we see a compelling need to take this platform to the next level,” he added.
His firm – which is based in London and formerly owned housebuilder Keepmoat Homes – has the “expertise in building global infrastructure businesses [and] the track record of scaling high-potential platforms”, he said.
“We look forward to leveraging these capabilities and working with Michael [Hughes, OCU Group chief executive] and the broader team to unlock OCU’s potential.”
The terms of the sale were not disclosed, and the acquisition remains subject to regulatory approvals and other closing conditions.
TDR Capital also owns PizzaExpress, leisure giant David Lloyd and power generation firm Aggreko.
Hughes said Triton’s support had been “instrumental” in his firm’s growth since it bought OCU in 2022. Since Hughes first joined the firm in 2021, it has grown from a £250m turnover firm to a contractor in the top third of the CN100.
“Our focus now is on continuing to deliver for our clients, invest in our people and capabilities, and capture the significant opportunities ahead,” Hughes added.
“We look forward to working with TDR – a firm with a strong track record in building leading global businesses – on the next phase of OCU’s growth.”
In an interview with Construction News earlier this year, Hughes said OCU had its sights set on new investment opportunities following its “record year”.
He also said there was potential for organic growth and acquisitions due to the UK industry being “fragmented”.
Acquisitions over the past three years – of firms including Northern Ireland-based McCormack Drilling and Scottish civil engineering contractor RJ McLeod – have helped to drive up OCU’s revenue. In the year to 30 April 2026, acquisitions drove around half of OCU Group’s £320m turnover increase.
It also expanded into Australasia for the first time last year, via a number of acquisitions.
Hughes has experience with TDR in his previous role with EG Group, where he was chief financial officer. In 2020, EG, along with TDR Capital, bought a majority stake in supermarket chain Asda for £6.8bn, which at the time was owned by US giant Walmart.
OCU is one of a growing number of CN100 firms that are at least part-owned by private equity firms, including Bovis Construction, M Group and Amey.
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