Founder Richard Upshall leads management buyout amidst robust sector growth and technological evolution.
OES Group, a prominent global provider of Testing, Inspection, Certification, and Compliance (TICC), engineering, asset integrity, and specialist industrial services, has announced its successful return to private ownership following a management buyout (MBO). This strategic move sees founder Richard Upshall reassert control of the company he established in 1996, marking a significant milestone three decades after its inception.
Prior to this transaction, OES Asset Integrity Management had been operating as a Joulon Company, following its acquisition by the asset management services provider in 2016. Joulon, a platform backed by private equity firm KKR, focused on acquiring businesses with established expertise in maintenance, repair, and overhaul services for the energy industry. Richard Upshall remained Executive Chairman and a significant shareholder throughout this period. OES was originally founded by Upshall in Dubai, identifying opportunities within the burgeoning oil and gas sector.
Commenting on the significance of the deal, Richard Upshall, original founder and Chairman of OES Group, stated: “Bringing OES Group back into private ownership is an incredibly proud moment for everyone involved. This business was founded on a simple principle: helping customers operate critical assets safely, efficiently and with confidence. The management buyout allows us to return to our entrepreneurial roots, make decisions faster, invest in our people and capabilities, and focus entirely on creating long-term value for our customers, employees and partners. In every sense, ‘find it and fix it’ is the lifeblood of our business, from the way we serve our customers to the way we create long-term careers for our people.”
Navigating a Dynamic TICC Landscape
The TICC sector, essential for ensuring product quality, safety, and regulatory adherence across diverse industries, is experiencing robust and consistent growth. The global TICC market was valued at an estimated USD 280.2 billion in 2026 and is projected to expand to approximately USD 420.4 billion by 2035, demonstrating a compound annual growth rate (CAGR) of around 4.6% from 2026 to 2035. Other estimates place the 2026 market value as high as USD 320.55 billion, with projections to USD 431.32 billion by 2035 at a 5.2% CAGR.
This expansion is largely fuelled by increasing regulatory requirements, significant infrastructure investments, and a rising demand for outsourced compliance services. Notably, new regulatory frameworks, such as those related to ESG (Environmental, Social, and Governance), sustainability, and digital assurance (e.g., EU AI Act, CSRD), are creating structural demand that is not dependent on economic cycles. The sector benefits from consistent, compliance-driven revenues and high barriers to entry, making it an attractive prospect for investors, including private equity firms. The TICC market remains highly fragmented, characterised by numerous specialist operators, which presents considerable opportunities for consolidation and “buy-and-build” strategies.
Furthermore, the sector is being transformed by technological advancements. Artificial intelligence (AI), robotics, drones, and digital analytics are increasingly integrated to enhance inspection efficiency, data quality, and compliance tracking. These technologies augment human expertise, improving asset utilisation and customer reporting, and are leading to greater demand for providers demonstrating innovation and digital maturity.
OES Group’s Refined Strategic Vision
Under its renewed independent ownership, OES Group aims to accelerate its growth strategy and solidify its position as a leading integrated TICC provider, particularly within the global energy and industrial sectors. The Group encompasses six specialist businesses: OES Asset Integrity, Life Cycle Asset Management (LCAM), Derrick Services Limited (DSL), JVS Manufacturing, Arcus Digital, and OES Training Academy. These entities collectively offer end-to-end support throughout the entire asset lifecycle, enabling critical industries to operate safely, efficiently, and compliantly.
Abdou Djendou, OES Group CEO, expressed enthusiasm for the future: “With 30 years’ experience in the industry, never have I been as excited by the way ahead for our Group subsequent to our management buyout. We have built a strong global platform of specialist businesses, exceptional technical expertise and trusted customer relationships. As an independent TICC organisation, we are now ideally positioned to accelerate our growth strategy, expand our capabilities and strengthen our position as a leading integrated TICC provider serving the global energy and industrial sectors.”
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The transition underscores OES Group’s long-term objective of developing a fully integrated TICC platform that unifies technical assurance, operational reliability, digital visibility, and workforce capability. With three decades of expertise across the energy, oil and gas, marine, renewables, infrastructure, and industrial sectors, OES Group remains committed to enhancing safety, compliance, asset performance, and operational resilience for its clients in increasingly complex operating environments.
The Broader MBO Landscape in the UK
Management buyouts have seen a notable resurgence in the UK, particularly within the mid-market segment. This trend is bolstered by improved access to funding, with private equity firms, banks, and alternative lenders actively supporting experienced management teams. MBOs offer an attractive route for founders and shareholders to exit, providing continuity of management and preserving business culture, often with increased certainty and speed compared to a trade sale. Simultaneously, MBOs empower management teams to gain ownership and capitalise on their intimate knowledge of the business, fostering increased motivation and strategic decision-making.
For a deal to be successful, a “fair price” is crucial, meaning it must be defendable, financeable by lenders, and ensure the business can thrive post-completion. MBOs in the UK are typically funded through a blend of sources, including senior bank debt (often 2.0x to 3.0x EBITDA), private equity investment, vendor finance, and the management team’s own equity contribution. This blended approach aims to create a balanced capital structure that supports the acquisition while ensuring the long-term financial health and investment capacity of the business.
