In the latest ION Influencers Fireside Chat, Giovanni Amodeo sat down with Thomas Cheung, Managing Director at Triton Partners, for a deep dive into the acquisition of OCU Group, a leading UK infrastructure services company. This conversation provided a detailed case study of how Triton applies its disciplined investment approach to build high-performing, future-proof businesses.

Here are the main topics discussed and insights shared:

Who Is Triton Partners?

• Focus Areas: Business services, industrial tech, healthcare

• Investment Strategy: Targets mid-market companies with stable foundations and room for operational improvement

• Approach: Sector-specific playbooks, repeatable investment themes, and resilience across economic cycles

OCU Group – Acquisition Background

• Acquired: Late 2022 under Triton’s business services vertical

• Sector: Infrastructure services — regulated (electricity, water) and non-regulated (renewables, EV, data centers)

• Core Mission: Enabling the UK’s energy transition through scalable infrastructure upgrades

Market Opportunity & Tailwinds

• Massive Underinvestment: UK infrastructure faces decades of backlog

• Regulatory Support: Increased spend approved (e.g., 30% in electricity distribution, 100%+ in water)

• Energy Transition: Demand for battery storage, renewable integration, and grid resilience

• Growth Outlook: Markets are expected to significantly outpace GDP over the coming years

Buy-and-Build Strategy

• M&A Focus Areas:

  • Geographic Expansion: National footprint development

  • Capability Enhancement: Acquisitions like Andrews Associates (electricity design), PureStream (water), and Insiris (tech)

• Integration Model: Contrasts with sector norm by deeply integrating acquired firms to maximize customer value and operational efficiency

Organic Value Creation

• Professionalization: Full management suite, finance, ESG, health & safety upgrades
• Business Pivot: From telecoms-heavy to energy and water-focused diversification

• Technology Integration: In-house capabilities for earlier-stage project involvement

Customer & Market Dynamics

• Customer Trends: Shift from general contractors to specialized service providers like OCU

• Fragmented Sector: OCU’s scale and integration offer simplicity and efficiency for clients

• Forward-Looking Insight: OCU monitors both supply and demand sides, enabling proactive infrastructure solutions

Risk and Resilience

• Low Key-Man Risk: Professionalized procurement processes, not dependent on individual relationships

• Macroeconomic Resilience: Proven stability through inflation, COVID-19, and rate hikes

• Biggest Risk: Pace of utility investment/funding in a cost-sensitive environment

Investor Appeal & Exit Strategy

• Why Investors Liked It:

  • Inflation-linked long-term contracts

  • Defensive sector with growth potential

  • Minimal reliance on financial engineering

• Future Buyers:

  • Infrastructure funds, strategics, or other PE firms

  • Fits evolving definition of “infrastructure” (cash-yielding, scalable, essential)

Future Growth Outlook

• Biggest Opportunity: Energy infrastructure build-out (grid reinforcement, storage, intermittent generation support)

• Water Infrastructure: Close second due to historic underinvestment

• Tech & Digital Enablement: Increasing importance via data centers, EV charging

Conclusion: The OCU Group case study exemplifies how Triton Partners leverages sector knowledge, methodical execution, and strong partnerships to transform platform companies into high-value infrastructure leaders. With long-term regulatory support, essential market demand, and a strategic mix of organic and inorganic growth, OCU is positioned at the heart of the UK’s infrastructure evolution.

Key timestamps:

00:07 Introduction to the Fireside Chats
01:38 Acquisition of OCU Group
02:34 Sector Analysis and Micro Drivers
03:46 Investment Opportunities in Energy Transition
04:32 Market Size and Addressable Market for OCU
05:21 Customer Behavior Trends in the Industry
07:42 OCU’s Growth Strategy: Buy and Build
09:58 Integration of Acquired Businesses
11:06 Key Man Risk in Acquisitions
11:57 Organic Growth Measures for OCU
13:30 Future Growth Areas: Energy, Water, and Technology
14:52 Identifying Risks for the Next Five Years
16:26 Ecosystem Dynamics and Stakeholder Influence
17:16 Investor Perspectives on OCU Acquisition
20:32 Acquisition Considerations and Infrastructure Evolution
21:46 Growth Trajectory and Future Buyer Landscape
23:29 International Expansion and Market Opportunities
25:11 Conclusion and Closing Remarks