Mayfair-backed Ovo Energy in Corgi HomePlan bolt-on

The deal is the energy company's second acquisition of 2017 after the purchase of US smart grid startup VCharge.

Mayfair took a minority stake in Ovo in April 2015 in a deal valuing the firm at over £200m.

Speaking to unquote", Daniel Sasaki, managing partner of Mayfair Equity Partners said: "Ovo's acquisition of Corgi HomePlan is a logical extension of the management's strategy to deliver as much choice and long term value as possible to its customers. Mayfair backed Stephen and his team because they are building a long-term business with this as the foundation."

Ovo was founded in 2009 and has a customer base of around 700,000. It made its first profit last year, reporting a £30.4m pre-tax profit for the first half of 2016. Founder Stephen Fitzpatrick recently backed prime minister Theresa May's plan to cap energy prices.

The company plans to make technology such as smart meters and heating controls a large part of its growth strategy.

Ovo said that adding Corgi HomePlan to its portfolio expands its current in-home network, which installs smart meters and smart-grid services.

Company
Founded more than 40 years ago, Corgi HomePlan is the UK's third largest home plumbing and electicals service provider, with 150,000 customers. It also provides insurance. Since launching in 2011, Corgi HomePlan has grown with double-digit, year-on-year increases in customer numbers, according to a statement.

People
Corgi HomePlan – Peter Southcott (managing director).
Corgi Services – Caitriona Deakin (CEO).
Ovo – Stephen Fitzpatrick (CEO).

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• Topics
• Portfolio management
• UK / Ireland
• Consumer
• Build-up
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• Mayfair Equity Partners