11 May 2026 – Mayfair Equity Partners (“Mayfair”), a mid-market digital investor, is pleased to confirm that OVO, one of the UK’s largest retail energy suppliers, has signed a definitive agreement for its sale to E.ON. Completion of the transaction is subject to customary regulatory approvals. No further transaction terms have been disclosed. Separately, OVO has also agreed to sell its Home Services business, which provides boiler insurance and boiler servicing, to Hometree, subject to regulatory approval.
The transaction will include the OVO operating company, retail customers, and brand name. Until the approval process completes, which is expected later this year, OVO and E.ON will continue to operate as separate companies. Mayfair continues to be a cornerstone investor in Energy Transition Holdings Ltd. the ultimate parent company of Kaluza, the Group’s independent intelligent grid technology platform.
OVO was launched in 2009 as a challenger brand to the dominant ‘Big Six’ energy suppliers with a mission to provide UK consumers greater choice in the energy market. Mayfair was OVO’s first external equity investor in 2015 and has subsequently supported the company’s growth and diversification. This has included growing its customer base from 500,000 in 2015 to over 4 million by 2025, and adding new services such as EV charging, smart meters, low-carbon home solutions, and personalised energy tariffs all to reward lower energy consumption.
“OVO is one of the UK energy market’s standout transformation stories, evolving from a challenger in a largely stagnant market to one of the UK’s largest retail providers,” said Daniel Sasaki, Managing Partner at Mayfair. “As one of our earliest investments, we are immensely proud to have supported that journey and its use of digital technology to build better energy solutions for consumers. As the retail business enters its next phase as part of a global energy leader, we are excited to remain backers of Kaluza as it drives forward international expansion.”
“OVO was founded to challenge the status quo, and we’ve built a strong retail business focused on delivering for customers and supporting the transition to cleaner energy,” said Chris Houghton, CEO of OVO. “As the market has evolved, scale and access to significant long-term capital for the energy transition have become non-negotiable. Following a thorough review, we believe this decision gives the business the strongest footing for the future.”
“OVO is proud of the role it has played as a challenger brand over the past almost 20 years,” Dame Jayne-Anne Gadhia, Chair of OVO Group commented. “Supported by our investors, including our earliest external backers, Mayfair Equity Partners, we have powered multiple innovations in products and services for consumers, and pushed forward a greener, more affordable, and more efficient energy system.”
“The United Kingdom is an important growth market for E.ON, particularly for flexibility and customer-focused energy solutions,” said Marc Spieker, Chief Operating Officer Commercial at E.ON. “The planned acquisition of OVO strengthens our retail business and creates an even larger basis for digital growth. Flexibility and electrification are becoming increasingly important for our customers and are critical to the success of the energy transition. From our future strong position in the UK, we will develop solutions that enable customers across Europe to play an active role in the energy system.”
“This acquisition, alongside our partnership with Pollen Street Capital, marks a significant milestone for Hometree,” said Simon Phelan, Founder and CEO of Hometree. “Bringing OVO Home Services and CORGI HomePlan into the group is transformational – immediately increasing our scale and strengthening our position as the leading challenger in the UK home services market. Together, we are well placed to expand our offering and deliver greater peace of mind to homeowners, starting in the UK and, over time, across Europe. We also look forward to maintaining a close relationship with OVO Energy’s 4 million customer base through our long-term partnership as its exclusive provider of home services and residential renewable financing.”
Mayfair’s UK-based investment team has completed 27 investments since the firm was founded in 2014. The team typically invests between £30–150 million in businesses valued at £50–300 million, taking an agile approach to identifying opportunities as markets evolve and partnering with management teams to build international digital leaders. Mayfair has a strong track record of partnering with businesses to scale and innovate and attracting the backing of global industry leaders to fuel the next phase of growth.
About Mayfair Equity Partners
Mayfair Equity Partners is a mid-market investor that partners with exceptional management teams to build digital leaders. Managing £2 billion of assets, Mayfair invests in digital ecosystems where market dynamics and technological advances create opportunities for the next generation of leaders. Mayfair provides management teams with specialist support that strengthens business foundations and accelerates growth, through digital transformation, international expansion, and M&A.
