OCU Group acquires multi-utility specialist

OCU Group, the parent company of Stockport-based contractor O’Connor Utilities, has acquired London-based multi-utility specialist Modus for an undisclosed sum.

Modus Utilities focuses on building power networks and substations, including solar farms and battery storage facilities. Its clients include UK Power Networks, British Land and Ampyr Energy.

For the year to December 2020, Modus reported a turnover of £6.5m and employed an average of 31 people.

OCU said the acquisition, which is its fifth in just over 12 months, will support its priority to build and connect largescale private wire grid connections, install entire networks and “explore new energy-related opportunities”.

Other companies OCU has bought recently include Leeds-based fibre-optic specialist InICT and regional multi-utility hub Opals.

OCU Group reported a year-on-year revenue rise to £295.2m for the year to 30 April 2022 and said it expected to “substantially outperform” this in the year to April 2023. Last summer, OCU was bought by private equity giant Triton Partners.

Following the acquisition, Modus Utilities will become OCU Modus Limited. OCU Group has also renamed other key brands, with O’Connor Utilities replaced with OCU Utility Services and Instalcom now known as OCU Services.

OCU chief executive Michael Hughes said: “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.”