While most of the uplift was driven by organic revenue growth, the business has been on an acquisition spree targeting firms operating in the water, power and telecoms sectors.
Since Triton paid £406m for the OCU Group, there have been eight further acquisitions at a cost of around £105m.
Triton Partners acquisitions
Aug 22
OCU Group
£406m
Triton Partners purchase of OCU
Aug 22
Opals
£16.4m
Network fibre services
Sep 22
60% InICT
£4.2m
Installs fibre optic cables
Dec 22
Andrews Associates Engineers
£1.7m
Power engineering services
Mar 23
Modus Utilities
£14.3m
Multi-utility connections
May 23
Northavon Group
£22.2m
M&E water sector south west
Jun 23
Integrum Power Engineering
£18.3m
HV power transmission upkeep
Jul 23
Hornbill Group
£23.8m
D&B electrical HV infrastructure
Sep 23
Insiris
£3.9m
Workforce and automation software
The group now operates from 39 sites nationwide.
In the year to 30 April 2023, OCU Group reported adjusted operating profit of nearly £51m, up from £41m in 2022.
The group has swung from net cash of £49m to a net debt level of £206m due to the original acquisition.
OCU has a £200m loan used to part fund the original OCU takeover and an additional acquisition facility of £150m, both repayable in 2029. It also holds £60m in revolving credit facilities with two banks.
David Taylor-Smith, OCU Group chairman, said: “This is our first full year under Triton’s ownership, we are delighted with our results and the progress we have made in executing our strategy.
“We are helping the UK to grow by building and maintaining critical utility networks and helping the country to deliver its net zero ambitions.
“As well as delivering strong financial and operational performance, we have expanded our geographical coverage and increased the breadth of our capabilities enabling us to further serve our clients.”
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