![Modus Utilities managing director John Cahill (left) and OCU Services managing director Vince Bowler (right)]](/assets/news_articles/2023/03/1680244379_modus.jpg)
Modus Utilities becomes OCU鈥檚 fourth acquisition since it was itself acquired by private equity firm Triton Partners from brothers Tim and Tom O鈥機onnor last year.
Modus Utilities in building power networks and substations including solar farms and battery storage facilities. 聽It also offers maintenance and emergency response services for electrical infrastructure.
It will now become known as OCU Modus Limited.
OCU chief executive Michael Hughes said: 鈥淚f the UK is to reach net zero by 2050, we鈥檒l 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.
鈥淭he deal will also help us provide the infrastructure to help homes and businesses benefit from green energy sources.鈥�
John Cahill, managing director and majority owner of Modus, said: 鈥淭he government鈥檚 recent change in stance on VAT for battery storage is a clear indicator that demand is growing for alternative energy sources for both home and business owners. We鈥檙e delighted to become part of OCU Group who share our commitment to support the UK鈥檚 energy transition and look forward to capitalising on new opportunities together.鈥澛�
Vince Bowler, managing director of OCU Services, added: 鈥淢odus brings a wealth of expertise and experience to OCU. Modus use an in-house team of skilled electrical and civil engineers to design, install, and commission projects which is the perfect addition to our team.鈥�
The deal with Modus follows the acquisitions of: InICT, a Leeds-based fibre-optic specialist; Opals, a regional multi utilities hub; and Andrews Associates, a Surrey-based power systems design and engineering service. OCU also acquired FKS, a Wigan-based telecom installation service, in February last year, shortly before the O鈥機onnor brothers sold up.
For the year ended 30th April 2022, OCU reported a 34% rise in revenue to 拢295m (2021: 拢220m) and made a pre-tax profit of nearly 拢41m (2021: 拢23m). It expects to report further growth this year. Modus turned over 拢6.5m 聽in 2020, the most recent year for which full accounts are available, and made a loss of more than 拢2,000.
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