OCU Group Limited (OCU) has acquired Modus Utilities Limited (Modus), a multi-utility specialist that provides services across the UK energy sector.
B P Collins’ corporate and commercial; commercial property and employment teams, led by partner Alex Zachary and supported by senior associates, Beth Miel and Simone Ganley, solicitors Holly McNeil and Greg Clark and trainees Stella Seimeni and Harry Berryman, acted as legal advisers to the Modus shareholders on the sale.
Paul Brown, Owner and Director of Modus says:
“How would I describe the B P Collins’ team; and I mean team, they all worked together to the same goal and treated each other and us with so much respect and guidance, they made the sale as easy and risk free as possible. And well within budget. We couldn’t have chosen a better partner. In short, ‘a safe pair of hands with the wow factor,” B P Collins will always be my first choice.”
Alex Zachary, B P Collins says:
“We were introduced to the Modus shareholders by a trusted referrer about a year ago and hit it off straight away. We are absolutely delighted to have helped them find a home for Modus within the OCU Group, where its success will undoubtedly continue. We wish them every success in the future.”
Modus, based in London, specialises in building complex power networks and substations including large-scale solar farms and battery storage facilities.
It also offers clients design, build services on projects ranging from low voltage to high voltage 132kV electrical infrastructure, pressure gas infrastructure and all related plant and civil construction. In addition, Modus offers to its electrical clients, maintenance, and emergency response services via COMER agreements.
Clients of Modus range from Distribution Network Operators and Independent Distribution Network Operators, including UK Power Networks, Leep Utility Ltd & Optimal Power Networks Ltd to major developers including British Land and Landsec and energy providers such as Ampyr Energy.
The acquisition will support OCU’s ability to build and connect large-scale private wire grid connections, install entire networks, and explore new energy-related opportunities, a priority for the group throughout 2023 and beyond.
Michael Hughes, Chief Executive Officer of OCU, 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. We look forward to working with Modus and adding to our portfolio as we increase our work across the renewables sector.”
John Cahill, Managing Director of Modus, said: “The government’s 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’re delighted to become part of OCU Group who share our commitment to support the UK’s energy transition and look forward to capitalising on new opportunities together.”
Vince Bowler, Managing Director of OCU Services Limited, added: “Modus 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.”
The deal with Modus marks the fifth acquisition in just over 12 months for OCU. It follows the acquisition of InICT, a Leeds-based fibre-optic specialist, Opals, a regional multi utilities hub, Andrews Associates, a Surrey-based power systems design and engineering service, and FKS, a Wigan-based telecom installation service.
OCU also reported a rise in revenue by 34% year-on-year to £295.2m for the year ended 30th April 2022 (2021: £219.7m) and expects revenues in its current financial year to April 2023 to substantially outperform financial year 2022.
The record results come as OCU announced a refocusing of its business to reflect its specialisms and the changing nature of the UK infrastructure market. It has established two new divisions – OCU Utility Services and OCU Services to align the Group with future growth priorities. This replaces the previous O’Connor Utilities and Instalcom brands.
As part of the acquisition arrangements, Modus Utilities Limited will become known as OCU Modus Limited.