UK, France, Spain
OVO launched in 2009 as a challenger brand to the dominant ‘Big Six’ energy suppliers with a clear focus on customer service, green energy and technology leadership. With valuable knowledge gained from the team’s previous backing of energy comparison service uSwitch, Mayfair was ideally positioned to help accelerate management’s ambitious growth plans.
Number of acquisitions during Mayfair’s investment
Growth in customer numbers since Mayfair’s investment
As OVO’s first external equity investment partner, Mayfair has supported the company’s meteoric rise. By February 2019, just a decade after launch, the business was valued at £1 billion when Mitsubishi Corporation made a £200m investment. Soon after this, OVO became the second-largest home energy provider in the UK when it acquired SSE’s retail business.
Mayfair has supported the business in several areas including:
- Backing OVO’s ongoing investment in its proprietary technology platform, helping to cement the company’s reputation as an innovator in making energy cheaper, greener and simpler.
- Supporting expansion in new markets, including OVO’s recent joint venture in France with Italian energy supplier Eni. This will allow OVO to a deploy its technology platform across Eni’s European footprint.
- Strategic guidance on the acquisition of SSE. This included deploying one of Mayfair’s portfolio directors to work closely with OVO’s management team and helping to recruit a permanent integration director post deal.