A drilling firm has become the latest acquisition for utilities specialist OCU Group.
The private equity-backed group acquired Peter McCormack & Sons, which specialises in trenchless technology solutions, for an undisclosed sum, OCU said when announcing the deal this morning (24 October).
OCU chief executive Michael Hughes said the addition of McCormack will “enhance the sustainable solutions we offer”.
Northern Ireland-based McCormack has focused on horizontal directional drilling and utility work since it was established in the 1970s.
Its most recent accounts, covering the year to 30 June 2023, showed net assets of £7.6m and £2.7m owed to creditors within 12 months. The firm employed a monthly average of 25 staff.
McCormack will continue to operate under its own name and with the same number of staff.
Its recent projects include partnering with Clancy Docwra on behalf of UK Power Networks as part of the Barking Riverside Phase 2 development.
The announcement came the week after OCU published its annual financial results, which included a 34 per cent increase in revenue to £610.6m for the year ending 30 April 2024, and a pre-tax loss of £30.9m.
OCU also said it had set aside £150m to make further acquisitions “that align with and complement the group’s strategic goals”.
The Stockport-based group is owned by private equity fund Triton Partners, which bought the firm in July 2022 from its founders, brothers Tim and Tom O’Connor.
OCU, ranked 43rd in the latest annual CN 100 table of top contractors, offers a range of specialist technical solutions and capabilities in utility, civil, mechanical and electrical engineering. It also provides network design and project management.
Since the takeover, the firm has gone on an acquisitions spree. In September it announced the takeover of Purestream Industries, which specialists in water treatment. OCU also bought civils firm RJ McLeod in June 2024.
Five strategic acquisitions were made in the 2023/24 financial year.
They included Insiris, now renamed OCU Digital, which provides workforce and automation software. OCU also bought London-based multiutility specialist Modus last year for an undisclosed sum. The other acquisitions were water engineering firm Northavon Group, consultancy Integrum Power Engineering and energy security firm Hornbill Engineering.
