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Ovo Energy
Oakley advises online energy supplier Ovo Energy on first external equity investment
Completed Transactions - Ovo Energy Logo
Transaction Type:
August 2015
Deal Value:

Ovo Energy (“Ovo”; “the Company”), the rapidly expanding online energy supplier which offers customers a cheaper, more transparent, gas and electricity contract, has been advised by Oakley Capital Corporate Finance (“Oakley”) on its first external equity investment from private equity fund Mayfair Equity Partners (“Mayfair”). The deal sees Mayfair take a minority investment in Ovo in order to assist with its continued expansion. The Oakley deal team included Chris Godsmark, Managing Partner, Daniel Havercroft, Managing Director and Anthony Yaneza, Assistant Director.

Ovo, founded by Chief Executive Officer Stephen Fitzpatrick in 2009, has grown to become one of the UK’s largest independent energy suppliers with over 460k customers. The Company is also a market leader in the roll-out of smart meters and last year launched an innovative PAYGproduct through a smart-phone app. Mayfair is a recently launched private equity fund founded by four former Lloyds Development Capital executives and is led by its Managing Partner, Daniel Sasaki.

Stephen Fitzpatrick, Founder and CEO of Ovo, commented:

“We have developed a close relationship with Oakley over the last few years and through their deep understanding of our business they were able to strongly support us through the process.”

The Ovo deal is another indication of Oakley’s coverage of the online space. Earlier this year, Oakley advised on the sale of a leading German price comparison portal, Verivox GmbH, to ProSiebenSat1. In 2014, Oakley advised The Hut Group and KKR Partners on a minority investment into the leading internet retail technology platform focusing on the sports nutrition and health and beauty segments and also advised Just Eat PLC on its successful £1.47bn IPO on the London Stock Exchange. Oakley has completed or signed 10 deals in the first 7 months of 2015 with a value of more than £3bn.

For more information, please contact:
Chris Godsmark, Partner
Daniel Havercroft, Managing Director
Anthony Yaneza, Assistant Director
Hannah Dodds

*Completed by Oakley Capital Corporate Finance

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