RG Corporate Finance and RG Tax have advised Chameleon Technology (UK) Ltd, the leading smart energy technology company, on the strategic acquisition of GenGame Ltd, a specialist in consumer energy technology and app development.
The deal signals the next milestone in North Yorkshire-based Chameleon Technology’s ambitious plans to provide consumers with a platform for intelligent, optimised control over their home energy system, which will be a crucial element of everyone’s personal journey to net zero.
GenGame, which works with utility companies including Ecotricity, Green Energy UK and So Energy, will become a wholly owned subsidiary of Chameleon Technology (UK) Ltd and will exist as an ongoing entity.
It will continue to be based in Leicester and all of the staff will remain in place with Stephane Lee-Favier as Managing Director. Stephane will also be joining the Chameleon Technology Operations Board to provide strategic input into future technology developments.
The transaction represents an acceleration of Chameleon Technology’s roadmap, bringing enhanced capability to deliver value to consumers through enabling low carbon technologies that are driven by real-time energy data insights.
The acquisition was funded by Shard Credit Partners under an incremental facility that forms part of an existing £12.5 million senior secured unitranche facility provided in support of the primary Management Buy-Out (MBO) of Chameleon Technology in December 2020.
Corporate Finance, tax and structuring advice to Chameleon Technology was provided by Ryecroft Glenton, led by Nick Johnson and Simon Whiteside. Legal advice and due diligence surrounding the acquisition was provided to Chameleon Technology by Clarion, led by Hitesh Tailor.
Legal advice to GenGame Ltd was provided by Austin Moore & Partners, led by Louise Firth.
Legal advice to Shard Credit Partners was provided by Andrew Madden and Carys Hughes-Jones of Gateley Legal.
Mike Woodhall, CEO, Chameleon Technology, says: “Acquiring GenGame is a timely strategic move to further advance our product roadmap. Our focus is on enabling all consumers to understand and reduce both their energy consumption and carbon emissions. With this acquisition we gain another means of empowering those consumers and the ability to put the data needed to help them on their personal journey to net zero in their hands.
“We are aiming to make the management of home energy smarter, simpler, greener and more personalised. GenGame’s experience in delivering applications that demystify some of the complexity of the energy system is going to be a big part of this. The acquisition is well-timed to leverage and support the transformation of the energy industry and will cement our position as a leader in smart home energy management.”
Stephane Lee-Favier, Managing Director, GenGame, says: “It is great to be joining the Chameleon Technology group, and at a very exciting time for the future of energy. We are looking forward to scaling and commercialising what we have built and driving a consumer-led, low-carbon offering together. Both of our companies’ missions are totally aligned in allowing the consumer to see value in changing their home energy behaviour, and this makes it an ideal opportunity for GenGame.”
Nick Johnson, CF Partner at RG Corporate Finance, said: “We are proud to continue to advise Chameleon following the MBO at the end of last year, for this important strategic acquisition. Chameleon and GenGame share the same vision for the future of energy management in the home – where decarbonised, connected elements are optimised around personal preferences and desired outcomes in terms of comfort, security, green credentials and cost.”