Mon, 03 Apr 2023 | BUSINESS SALE
OCU Group, a Stockport-based utility services specialist, has completed the acquisition of London-based multi-utility specialist Modus Utilities. The deal is the fifth acquisition completed by OCU since it was acquired by private equity firm Triton Partners in July 2022.
Since the acquisition by Triton Partners, OCU’s focus has increasingly moved towards investments in renewable energy, as the UK seeks to move towards Net Zero. The acquisition of Modus Utilities helps the group work towards its priority of exploring new energy-related opportunities.
Modus specialises in constructing complex power networks and substations, including for battery storage sites and large-scale solar farms. Its clients include network operators, such as Leep Utility and UK Power Networks, developers, such as Landsec and British Land, and energy providers, including Ampyr Energy.
OCU Chief Executive Michael Hughes commented: "If the UK is to reach Net Zero by 2050, we’ll need a mix of renewable power to get there. We know there is a pressing need to make alternative energy sources more accessible for people across the country and working with firms like Modus will be part of the solution.”
"The deal will also help us provide the infrastructure to help homes and businesses benefit from green energy sources. We look forward to working with Modus and adding to our portfolio as we increase our work across the renewables sector."
Modus MD John Cahill added: "The government's recent change in stance on VAT for battery storage is a clear indicator that demand is growing for alternative energy sources for both home and business owners.”
"We're delighted to become part of OCU Group who share our commitment to support the UK’s energy transition and look forward to capitalising on new opportunities together."
Since its acquisition by Triton, OCU has acquired Leeds-based fibre optic firm InICT, regional multi-utilities hub Opals, Surrey power systems design and engineering firm Andrews Associates and Wigan-based telecoms installation services provider FKS.
In the year to April 30 2022, the group reported a 34 per cent year-on-year increase in revenue to £295.2 million and said that it expects its revenues in the current financial year to the end of April 2023 to significantly outperform its 2022 results.
The group has also established two new divisions to align with its future growth priorities and the shifting nature of the UK infrastructure sector. The two new divisions - OCU Services and OCU Utility Services – replace the previous Instalcom and O’Connor Utilities brands.
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