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Triton pounces on utility group O’Connor in £400m deal | business news

A family-run industrial group is to be sold for EUR 400 million.

Sky News has learned that Triton Partners is close to an agreement to acquire Manchester-based O’Connor Utilities Group.

An industry source said a deal could be announced as early as this week.

The acquisition comes amid a difficult environment for takeovers by private equity firms, which have found debt packages increasingly difficult to secure over the past month.

In recent weeks, Boots and Parkdean Resorts sales – worth a combined £7bn – have been halted due to the hot economy.

Triton owns a number of UK companies including Chevron Traffic Management, Pharmanovia and Clinigen.

O’Connor is run by brothers Tim and Tom O’Connor and is believed to be mostly family owned.

Established in 1994, it offers services in various sectors including telecommunications, water and energy.

Clearwater Corporate Finance advised O’Connor on the sale.

On Sunday, a spokesman for Triton declined to comment.

Headline grabber: Triton pounces on utility group O’Connor in £400m deal.

Triton pounces on utility group O’Connor in £400m deal | business news

Source link Triton pounces on utility group O’Connor in £400m deal | business news

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