TDR Capital Purchased Infrastructure Firm OCU Group
The private equity firm acquired OCU Group as the infrastructure provider scales its international operations.
Updated on Oct. 5, 2026 in Business Strategy
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Triton Partners has sold OCU Group to TDR Capital following a four-year period of rapid expansion. OCU Group now operates as an international infrastructure platform with a total workforce of 5,500 people.
Why it matters
The transition marks a pivotal shift for OCU Group as it moves from its initial growth phase under Triton to a new ownership structure aimed at managing its international energy and infrastructure portfolio. The company now balances a growing order book exceeding £4bn against the complexities of managing cross-border operations.
OCU Group revenue grew to £1.2bn in the fiscal year ending 30 April 2026, up from £295m in April 2022. The firm currently manages an order book exceeding £4bn and supports a total deployed workforce of 5,500.
The players
Triton Partners
An investment firm that specializes in building mid-market businesses through active operational improvement and buy-and-build strategies.
TDR Capital
A private equity firm that invests in companies with growth potential to drive value through operational and strategic transformation.
OCU Group
An international energy and infrastructure services provider that delivers engineering solutions across utility sectors.
RJ McLeod
A civil engineering and construction firm specializing in large-scale infrastructure projects that was acquired by OCU Group.
The details
Under Triton Partners, OCU Group completed 18 acquisitions, including the 2024 purchase of RJ McLeod, to transform from a regional UK utility service provider into a global energy and infrastructure platform. This strategy involved expanding footprint into Australia, New Zealand, and India while scaling its direct employee base to over 2,500 staff. TDR Capital is expected to provide the capital and strategic oversight necessary to sustain this international trajectory.
Timeline
Triton Partners acquired OCU Group 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 to TDR Capital was announced on October 5, 2026.
Market Landscape
This transaction follows the pattern established by the 2022 acquisition of OCU Group by Triton Partners, which prioritized rapid consolidation through 18 bolt-on deals. The shift to TDR Capital underscores a broader trend of private equity firms scaling regional utility players into international infrastructure platforms.
Operators in the infrastructure sector should monitor how OCU Group integrates its recent acquisitions under new ownership to benchmark their own project delivery capabilities. Watch for changes in procurement requirements as a firm of this scale with a £4bn order book adjusts its supply chain management.
The takeaway
Rapid scaling in infrastructure often requires a disciplined strategy of tuck-in acquisitions to build geographic and technical capabilities. Ensure your internal reporting metrics are aligned with your growth phase to provide the financial clarity required by potential investors or future acquirers.
Further reading
For more on how ownership transitions shape operational priorities, see Business Strategy.
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