- OCU’s acquisition of Modus marks the fifth one in over 12 months
- Modus Utilities will be known as OCU Modus
- Triton invests in Europe-based medium-sized businesses in industrial tech, services, consumer, and healthcare
OCU Group, backed by Triton Partners, has acquired Modus Utilities, a multi-utility firm that provides services across the UK energy sector. No financial details of the transaction were disclosed.
Modus is headquartered in London.
OCU’s acquisition of Modus will support its ability to build and connect large-scale private wire grid connections, install entire networks, and explore new energy-related opportunities, according to a release.
“If the UK is to reach Net Zero by 2050, we’ll need a mix of renewable power to get there,” said Michael Hughes, CEO of OCU. “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.”
Modus’ acquisition represents the fifth one in over 12 months for OCU. This deal follows the acquisition of InICT, Opals, Andrews Associates, and FKS.
OCU has recorded a 34 percent increase in revenue year-on-year to £295.2 million for the year ended 30 April 2022 from £219.7 million in 2021.
Modus Utilities will be known as OCU Modus as part of the acquisition arrangements, the release added.
Triton first invested in OCU in August 2022. Triton, based in London, invests in European headquartered medium-sized businesses in industrial tech, services, consumer, and healthcare.
OCU is a service provider in the utilities industry. The firm is headquartered in Manchester, UK.