- Companies
- OVO Energy
OVO Energy Acquisition, Valuation, Funding & Investors
OVO Energy was acquired by E.ON in May 2026.
Cumulative funding OVO Energy raised
$591M
across 3 funding rounds
Key investors in OVO Energy
Mayfair Equity Partners
Mitsubishi
Morgan Stanley Investment Management
About OVO Energy
OVO Energy is a Bristol-headquartered retail energy supplier serving 5.5 million UK households and businesses with electricity and gas. Acquired by SSE in 2020, it operates smart meters and tariffs like Agile for dynamic pricing alongside boiler installation services through its Kaluza platform. OVO Energy sources renewable power from UK wind farms and solar arrays.
Founded
2009
HQ
Website
Status
Acquired
Customer focus
B2C & B2B
Revenue model
Usage-based
Valuation
$1.3B (Feb 2019)
Sectors
OVO Energy Acquisition
OVO Energy was acquired by E.ON for an undisclosed price on 10 May 2026.
Before the acquisition OVO Energy had raised $591M across 3 funding rounds.
E.ON SE agreed to acquire OVO Energy Ltd from Mayfair Equity Partners LLP. The transaction, announced on 11 May 2026, adds 4 million customers to E.ON's UK operations. Valuation reported at £600 million; price otherwise undisclosed. The deal requires regulatory approval and is in early stages. The acquisition strengthens E.ON's position as one of the largest energy suppliers in the UK through a highly synergistic portfolio. It enhances market presence in UK retail energy supply. OVO Energy is a UK retail energy supplier and energy management solutions provider serving 4 million customers. Previous owner Mayfair Equity Partners LLP.
| Acquirer | Date | Type |
|---|---|---|
| 10 May 2026 | Strategic M&A |
OVO Energy Valuation
OVO Energy is currently valued at $1.3B, based on its strategic investment round in February 2019.
The $287M round was led by Mitsubishi.
OVO Energy's valuation has grown 4.2x from $307M at its undisclosed-stage round in April 2015 to $1.3B in February 2019, across 2 priced rounds.
OVO Energy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2019 | Strategic investment | $1.3B |
| Apr 2015 | Undisclosed stage | $307M |
OVO Energy Funding History
OVO Energy has raised a total of $591M across 3 funding rounds.
OVO Energy's first fundraising round was a $48M undisclosed-stage round in April 2015. The most recent completed round was a $257M undisclosed-stage round in July 2023.
OVO Energy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2023 | Undisclosed stage | Mayfair Equity Partners; Morgan Stanley Investment Management | $257M | - | OVO Energy, the UK’s fourth-largest energy supplier with over four million customers, saw Mayfair Equity Partners and Morgan Stanley Investment Management increase their stakes on July 21, 2023, in transactions worth £200m by buying shares from existing investors. These long-standing backers, involved since 2015, alongside others like Mitsubishi Corporation (20% stake), supported the company amid market recovery from the energy crisis. The investment coincided with OVO's 2022 full-year results announcement, highlighting strong underlying performance despite challenges. The stake raise followed a 90% drop in earnings before tax to £20m for the year ending December 2022, down from £159m in 2021, attributed to higher hedging costs from volatile gas prices. OVO noted no cash impact from this and expected reversal as customer energy use normalized, with compliance anticipated for financial covenants even under increased bad debts. Earlier filings had raised going concern doubts, but these were resolved. OVO, founded in 2009 by Stephen Fitzpatrick (a major remaining shareholder), grew notably after acquiring SSE Energy Services for £500m in 2019. The company focuses on retail energy supply, technology for home decarbonization, and has faced high customer complaints, topping charts in 2021 and 2023. Recent reports indicate OVO considering a strategic review in 2024, potentially hiring bankers like Rothschild for fundraising, refinancing, or partial sale, while in talks with existing lenders. Mayfair is estimated at ~30% ownership. |
| Feb 2019 | Strategic investment | Mitsubishi (lead) | $287M | $1.3B | OVO Energy, a UK-based sustainable energy retailer founded in 2009, provides digital energy services to 1.5 million customers in the UK and Germany, avoiding coal and nuclear power while generating at least 33% of its energy from renewables. The company also develops hardware like home EV chargers and energy storage systems through its intelligent energy division Kaluza. On February 14, 2019, Mitsubishi Corporation invested approximately $256 million for a 20% stake at a valuation of about £1 billion ($1.28 billion), as reported by the Financial Times. This strategic partnership aims to support OVO's international expansion into markets like France, Spain, and Australia, alongside advancements in EV charging, energy storage, and grid integration technologies. Mitsubishi Corporation, a Japanese conglomerate managing over 6.2 GW of energy capacity worldwide including renewables, lithium-ion batteries, and energy trading, views the investment as a capital alliance to promote low-carbon solutions. OVO's founder and CEO Stephen Fitzpatrick retained majority ownership post-investment, with prior backers including Mayfair Equity Partners, which took a 15% stake in 2015 for about $48 million. The funding will accelerate smart meter rollouts, digital infrastructure, and the transition to a zero-carbon energy system centered on customers, EVs, battery storage, and renewables. |
| Apr 2015 | Undisclosed stage | Mayfair Equity Partners (lead) | $48M | $307M | OVO Energy, one of the UK's leading independent suppliers of domestic energy, received its first external equity investment from Mayfair Equity Partners in a Private Equity round on April 18, 2015. Mayfair has remained a long-term investor, participating in subsequent rounds including a 2023 Private Equity - II alongside Morgan Stanley Investment Management. The firm positioned OVO as a challenger in the energy sector, focusing on domestic supply. Mayfair's maiden fund, which closed at £400m in 2016, included OVO among its initial four investments alongside Fox International, Hotels & More Ltd., and others in technology and consumer sectors. Later developments show Mayfair and Morgan Stanley investing a further £200m around 2023, following their 2015 entry, as OVO reorganized including a £150m brand purchase from founder Stephen Fitzpatrick, who retained majority ownership. OVO grew to over four million customers as the UK's fourth-largest household energy supplier and Wembley Arena sponsor. Mayfair Equity Partners has since raised additional funds, including £500m Fund III, continuing investments in digital and tech-driven businesses like OVO, with 27 total investments since 2015. The firm emphasizes partnerships with management to drive growth and international expansion, supported by AI tools and process specialists. |
Who has invested in OVO Energy?
3 investors have backed OVO Energy across its funding rounds, including Mayfair Equity Partners, Mitsubishi and Morgan Stanley Investment Management.
Lead investors include Mitsubishi and Mayfair Equity Partners.
OVO Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2015 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by OVO Energy
OVO Energy has acquired 4 companies to date.
Last acquisition by OVO Energy was on January 15th 2020. OVO Energy acquired SSE for $635M.
Latest Acquisitions by OVO Energy
| Description | - | SSE Energy Services was the British household energy supply and related services arm of the utility SSE, supplying electricity and gas to around 3.5 million domestic customers along with telecoms and home services. It employed roughly 8,000 people and operated under the SSE, Southern Electric, Scottish Hydro and SWALEC retail brands. Revenue came from household energy tariffs and service contracts. | CORGI HomePlan is a UK provider of home emergency assistance plans for residential and commercial properties. Coverage includes boiler repairs, plumbing blockages, drainage issues, and electrical faults with 24/7 response from Gas Safe registered engineers. Policies extend to landlord services and appliance cover. | VCharge is a Providence, Rhode Island-headquartered company that develops controls for electric thermal storage heaters and domestic hot water systems to enable energy arbitrage and grid services. The firm aggregates transactive loads to reduce energy storage costs and provides retrofit equipment to building owners at no upfront cost in exchange for long-term control contracts. VCharge collaborates with manufacturers for integrated controls and targets the 40 million electric water heaters in the US plus over 15 million ETS units in Europe. Offices are located in Scotland and the London area in the UK. |
| HQ Country | ||||
| HQ City | - | Perth | Dunfermline | Providence, RI |
| Deal Date | 15 Jan 2020 | 13 Sep 2019 | 12 May 2017 | 9 Feb 2017 |
| Valuation | $635M | $615M | $86M | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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OVO Energy Competitors
OVO Energy competitors include listed companies like Grupo Cox, Electricite De Strasbourg, Naturenergie and Premier Energy, and private ones like EGPE Solar and The Faraday Grid.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.3B | $218M | $1.3B | 2.4x | ||
| Publicly listed | $1.4B | $331M | $1.3B | - | ||
| Publicly listed | $1.8B | $325M | $1.2B | - | ||
| Publicly listed | $2B | $193M | $1.5B | 0.9x | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $3.7B | - |
OVO Energy Public Comps
OVO Energy is no longer listed, but its public comps include Copperbelt Energy, Shoals, Grupo Cox, Electricite De Strasbourg, CASAN, Emerald Horizon, Shikun & Binui Energy, Hunan Energy Group, Inox Wind and Naturenergie.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| - | - | - | - | - | - | |||
| $475M | $72M | 3.2x | 2.6x | 20.9x | 12.8x | |||
| $1.3B | $218M | 4.2x | 2.4x | 25.3x | 12.1x | |||
| $1.4B | $331M | 0.7x | - | 2.8x | - | |||
| $422M | $190M | 3.1x | - | 6.8x | - | |||
| $259K | ($523K) | 4824.8x | - | (2390.4x) | - | |||
| $94M | ($19M) | 24.6x | - | (124.5x) | - | |||
| $52M | $25M | 27.7x | - | 57.1x | - | |||
This data is available for Pro users. Sign up to see all OVO Energy competitors and their valuation data. Start Free Trial | ||||||||
Common questions about OVO Energy
| When was OVO Energy founded? | OVO Energy was founded in 2009. |
| Where is OVO Energy headquartered? | OVO Energy is headquartered in Bristol, United Kingdom. |
| Is OVO Energy publicly listed? | No, OVO Energy was acquired by E.ON in May 2026. |
| Who acquired OVO Energy? | OVO Energy was acquired by E.ON in May 2026. |
| What is OVO Energy's valuation? | OVO Energy was last valued at $1.3B in its strategic investment round in February 2019. |
| How much funding has OVO Energy raised? | OVO Energy has raised $591M across 3 funding rounds. |
| What was OVO Energy's last funding round? | OVO Energy's last funding round was a $257M undisclosed-stage round in July 2023. |
| Who are OVO Energy's investors? | OVO Energy's investors include Mayfair Equity Partners, Morgan Stanley Investment Management and Mitsubishi. |
| Which companies are comparable to OVO Energy? | Companies comparable to OVO Energy include Grupo Cox, Electricite De Strasbourg, Naturenergie, Premier Energy, EGPE Solar and The Faraday Grid. |
| How many companies has OVO Energy acquired? | OVO Energy has acquired 4 companies, including SSE, SSE Energy Services, CORGI HomePlan and VCharge. |
| What was the largest acquisition by OVO Energy? | The $635M acquisition of SSE in January 2020 is the largest acquisition OVO Energy has made to date. |
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