MacRoberts advises on the sale of CORGI HomePlan to OVO
MacRoberts has advised the shareholders of CLCB Holdings Limited, which includes CORGI HomePlan, in the sale of their business to the OVO Group.
CORGI HomePlan provides boiler insurance and home emergency servicing home maintenance and boiler replacement insurance plans to UK households and operates through a network of approximately 5,000 engineers. Since launching in 2011, CORGI HomePlan has grown rapidly with double-digit, year on year increases in customer numbers and now boasts 150,000 customers and is the third biggest home emergency service provider in the UK. OVO Energy, headquartered in Bristol, operates UK wide and is a challenger to the big six energy suppliers. The acquisition for OVO – the company’s second in 2017 – marks another step in OVO’s transition from core energy supplier towards creating a truly integrated energy services company.
An 11-strong team at MacRoberts, led by Partners David Gourlay and Alan Kelly, negotiated and advised on the deal documentation, carried out corporate re-structuring in advance of the deal and advised on various contractual, intellectual property and regulatory matters in connection with the acquisition.
David Gourlay said,
“We were delighted to have worked closely with the shareholders over several years to help develop the CORGI HomePlan business. The transaction also demonstrates the health of the M&A market in Scotland. The MacRoberts team worked incredibly hard for our clients who were delighted with the result.”
CORGI HomePlan CEO, Peter Southcott, said,
“The MacRoberts team have provided invaluable assistance to us over many years. Throughout the entire transaction, MacRoberts skilfully negotiated and advised us. What could have been a very stressful time for us was made painless with their expert advice and reassurance.”