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Triton Partners has agreed to sell OCU Group to funds managed by TDR Capital, but the sale has not been announced as complete. The agreement, announced on 5 October 2026 by Triton and on 6 October by TDR, remains subject to customary regulatory approvals and other closing conditions. Neither the sale price nor a completion date was disclosed.
Who is buying OCU, and who owns it now?
TDR Capital, a London-based private equity firm, has agreed to acquire OCU through funds it manages, including TDR Capital V and related entities. Triton Partners, which acquired OCU in 2022, is the seller through funds it advises. The announcements describe an agreed sale, so Triton remains the seller and the transaction is still pending its conditions; they do not establish that ownership has transferred. Triton’s 5 October 2026 announcement and TDR’s 6 October announcement provide the parties’ statements.
Has the OCU sale gone through?
No completion has been announced in the cited statements. The deal is subject to customary regulatory approvals and other closing conditions, but neither announcement identifies the relevant authorities or gives a timetable. Until completion is confirmed, it is more accurate to describe OCU as set to be sold than sold.
How much is OCU being sold for?
The sale price and other transaction terms have not been disclosed. OCU’s revenue, profit, cash and order book provide operating context, but none is the transaction value and they cannot be used to infer the price paid.
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What does OCU Group do?
OCU is an infrastructure services business focused on energy transformation and critical infrastructure. Its work includes power transmission and distribution, renewable generation and energy storage, water and environmental services, and digital infrastructure. The company works across projects’ lifecycles, from design and engineering through construction and commissioning to maintenance. It operates in the UK, Australia and New Zealand, with engineering capabilities in India. TDR’s announcement describes the business and its footprint; OCU also outlines its activities in its company information.
What do OCU’s latest reported figures show?
OCU reported the following results for FY26, the financial year ended 30 April 2026. These are company-reported operating figures, not disclosed sale terms.
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| FY26 measure | Reported figure |
|---|---|
| Revenue | £1,221.2 million, compared with £886.5 million in FY25 |
| Adjusted operating profit | £136.1 million |
| Adjusted EBITDA | £154.1 million |
| Organic revenue growth | 24.8% |
| Cash | £140.6 million at 30 April 2026 |
| Order book | More than £4 billion, including contracted work and framework opportunities |
These figures are from OCU Group’s FY26 reporting. The order book includes framework opportunities, so it should not be read as revenue already earned or cash received.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.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, pointing to its experience scaling and internationalising infrastructure companies. That is the buyer’s stated rationale, not a guarantee of future expansion or performance. Triton says that during its ownership OCU’s revenue grew to £1.2 billion, it completed 18 acquisitions, and it expanded into Australia and New Zealand. Those are the seller’s claims about its ownership period, not a forecast for what happens under TDR. Triton’s announcement includes the account from Managing Director Thomas Cheung.
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What the announcement does—and does not—tell readers
- Established: Triton has agreed to sell OCU to funds managed by TDR Capital, subject to closing conditions.
- Not disclosed: The sale price, detailed terms, specific approvals and expected completion date.
- Not established: That the sale has closed or that TDR’s stated growth ambitions will be achieved.
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