Addleshaw Goddard advises OCU Group on sale to TDR Capital

International law firm Addleshaw Goddard has advised OCU Group on aspects of the proposed sale of the energy transformation and critical infrastructure services business by Triton Partners to TDR Capital.

The transaction marks the latest milestone in OCU’s rapid growth and transformation from a regional UK utilities services provider into a major energy transformation and critical infrastructure platform with a growing international presence.

Since Triton’s investment in 2022, OCU has expanded significantly through a combination of organic growth and an ambitious acquisition strategy. Revenue has increased from £295 million in the year to April 2022 to £1.2 billion in the financial year to April 2026, while its order book has grown to more than £4 billion.

The business now employs more than 2,500 people and deploys a total workforce of approximately 5,500 across the UK, Australia, New Zealand and India.

Addleshaw Goddard has worked closely with OCU throughout this period of expansion. The firm advised OCU and its shareholders on Triton’s original investment in the business in 2022 and has subsequently supported the Group on multiple strategic acquisitions as it has broadened its capabilities and geographic footprint.

These have included OCU’s acquisition of Scottish civil engineering contractor RJ McLeod in 2024, which significantly strengthened the Group’s position in renewable energy and energy infrastructure.

The latest transaction will see funds managed by TDR Capital acquire OCU from funds advised by Triton Partners, subject to regulatory approvals and other customary closing formalities. Financial terms have not been disclosed.

Paul Medlicott, Head of Private Equity at Addleshaw Goddard, said:

“We are incredibly proud to have worked alongside OCU and its management team throughout what has been an exceptional period in the development of the business.

“When we advised on the original transaction with Triton in 2022, OCU was already an impressive business with considerable potential. Over the past four years, that potential has been realised at remarkable pace.

“Having advised the business on numerous transactions during that journey, it is particularly rewarding to support OCU and its management team again at this important point in its development. The transaction with TDR represents the beginning of another exciting chapter for OCU and provides a strong platform for its continued growth in the UK and internationally.”

OCU operates across energy transformation, power transmission and distribution, water, environmental and digital infrastructure, providing services across the infrastructure lifecycle from design and construction through to commissioning, repair and maintenance.

The transaction comes against a backdrop of increasing investment in energy and critical infrastructure as governments, utilities and businesses respond to electrification, decarbonisation, digitalisation and the need to modernise ageing infrastructure.

Addleshaw Goddard’s team was led by Paul Medlicott, Head of Private Equity, Eleanor Chatterton, Adele Angove, Phil Wallbank and Ted Hendey.