Chameleon Technology has announced that co-founder and Managing Director, Mike Woodhall, supported by the management team, has completed a management buyout of the business, backed by London-based Shard Credit Partners.
This marks a major milestone in Chameleon Technology’s ambitious plans to deliver consumer-focused energy optimisation solutions, based on the harnessing of real-time energy data from smart metering systems. The deal will allow the business to accelerate its product development roadmap in step with the country’s critical mission to achieve its Net Zero targets, where the decarbonisation and digitalisation of every home’s energy solution is a crucial part.
Chameleon is a success story and the largest In-Home Display company in the UK
Chameleon Technology was founded in 2010 by Mike Woodhall and Gary Martin. The intention of the Government to mandate the rollout of smart meters across the country provided the entrepreneurial spark that ignited a business that has now delivered over six million in-home displays to UK homes, received national awards for innovation and growth and achieved record sales of over £30m in 2019. Despite COVID-19 causing the GB smart meter rollout to pause for several months in 2020, the company will still deliver over one million devices this year and remain the largest and most widely distributed smart in-home display company in the UK. The deliberate timing of this transaction will see Chameleon emerge post-COVID in a very strong position with ambitious product development and commercial plans, ready to fully play its part in the UK’s green recovery.
Chameleon’s MBO is well-timed to leverage and support the transformation of the energy industry
This MBO is a significant milestone in Chameleon’s evolution. While the current Board of Directors has provided very effective governance over the last ten years – steering the company to triple digit growth – this transaction allows long-term shareholders to realise a several times multiple return on their investments. It also places the continually evolving and exciting future of the business in the hands of the wider, highly experienced and long-serving management team. A reorganisation of the Board will provide more commercial focus at this strategic level and ensure Chameleon is able to embrace and capitalise on the extraordinary opportunities the energy transition presents.