Table of Contents

Private equity giant buys Manchester utilities contractor

Funding big Triton Companions has purchased Manchester-based contractor O’Connor Utilities.

The non-public fairness agency, which has workplaces in London and world wide, introduced that it had exchanged contracts on the acquisition of O’Connor’s mum or dad firm, OCU Group.

The deal may also see Triton take possession of OCU subsidiary Instalcom, which relies within the capital.

O’Connor Utilities had a turnover of £156.4m within the 12 months to 30 April, together with a pre-tax revenue of £15.5m.

Instalcom generated income of £72.2m and a pre-tax revenue of £6.7m over the identical interval.

The OCU Group as an entire has greater than 3,000 workers and stated it delivered revenues of about £300m within the monetary 12 months to April 2022.

The mixed group – based in 1994 by brothers Tim and Tom O’Connor – presents utility, civil, mechanical and electrical engineering, alongside community design and undertaking administration.

The O’Connor brothers described their exit after the sale as “bittersweet”, however stated they left behind an “distinctive” administration crew.

OCU chief govt Michael Hughes stated: “The acquisition by Triton Companions marks the top of an distinctive 30 years of possession by the O’Connor household. Tim and Tom have been phenomenal stewards of the enterprise, and we’re grateful for all they’ve completed.

“As we glance forward, our focus is on guaranteeing the enterprise continues to develop and evolve, whereas additionally sustaining the robust tradition and strategy to customer support that they’ve instilled, and which stays our key differentiator.

“Our partnership with Triton Companions will assist to facilitate additional progress and permit us to higher reap the benefits of strategic alternatives in our core sectors.”

Triton’s present portfolio of corporations have mixed annual revenues of greater than €18bn (£15.5bn).

Triton Companions senior trade professional Matthew Turner stated: “Tim and Tom O’Connor have constructed an distinctive enterprise, balancing profitability with goal, and we’re delighted that the OCU Group will be a part of our portfolio of corporations.

“We have now spent numerous time with Michael and the broader administration crew, and have been impressed by their imaginative and prescient for the long run course of the corporate. We have now full confidence of their capacity to execute the journey they’ve deliberate.”