OCU Group makes transformational acquisition of RJ McLeod

London (UK), 12 June 2024 – Triton V portfolio company OCU Group Limited (“OCU”, the “Group”), an innovative service provider for the UK’s energy transition and utilities infrastructure, has completed the acquisition of RJ McLeod (Contractors) Limited (“RJ McLeod”). RJ McLeod is Scotland’s leading energy transition contractor and further expands OCU’s capabilities in renewable energy services, while also increasing the Group’s pro forma revenues to over £800 million.

Based out of Glasgow and Dingwall, RJ McLeod has over 70 years of experience of delivering complex engineering solutions to a wide range of clients in Scotland. It has strong experience in renewable energy, including onshore wind farms, battery storage, and hydroelectric projects. It also has a strong presence in grid and substation construction, as well as in the Scottish marine sector, and other civil engineering services.

OCU has expanded significantly following Triton’s investment in 2022, with annual revenues increasing from £295 million to now over £800 million. Triton has supported OCU Group on a number of organic and inorganic growth initiatives, including the completion of 11 acquisitions so far to enhance the group’s geographic presence, breadth of services, and operations.

Enabling the energy transition is one of OCU’s core service offerings. The Group plays a leading role in response to the growth of renewable energy and meeting electricity demand, which is projected to increase by 50% between 2022 and 2035.

Michael Hughes, CEO of OCU Group, said: “The RJ McLeod acquisition marks a key milestone in the OCU Group journey to become the leading energy transition and utilities contractor in the UK. RJ McLeod has unrivalled engineering expertise and reputation which further strengthens our offering to clients. This breadth and depth of delivery capability provides us with more strategic options when delivering end-to-end programmes. Together, we are well placed to lead the way in the UK’s energy transition delivery.” 

Thomas Cheung, Investment Advisory Professional at Triton Partners, added: “Triton invested in OCU Group as we saw an opportunity to build a leader in a highly defensive and growing subsector that is backed by long-term tailwinds. The acquisition of RJ McLeod maintains the strong growth momentum under our ownership and firmly places OCU at the forefront of the energy transition.”