European private equity firm Exponent has closed a €750m (£641m) single-asset continuation vehicle to extend its partnership with H&MV Engineering.
The transaction values the Irish provider of high-voltage electrical engineering services at €1.4bn (£1.2bn), representing a near 12-fold increase since Exponent first invested in 2022.
The continuation vehicle, backed by institutional investors including Apollo S3, Pantheon and SQ Capital, will support H&MV’s ongoing international expansion and strategic acquisitions across data centres, energy storage and electricity networks.
The Limerick-headquartered company, which employs more than 1,900 staff across EMEA, the US and Asia, generates annual revenues exceeding €1bn (£855m) and plans to open a US headquarters in Dallas this year.
Tim Easingwood, partner at Exponent, said: “H&MV is exactly the kind of ambitious, entrepreneur-led business that Exponent is proud to partner with. This continuation vehicle is a significant milestone for both H&MV and Exponent, and reflects the quality of the business, its exceptional management team and the important role it plays in supporting critical infrastructure globally. We are delighted to welcome Apollo S3, Pantheon and SQ Capital alongside a high-quality group of institutional investors as we continue our partnership with P.J. and his team. We remain a committed, long-term partner and are excited by the opportunity ahead.”
Anthony Clegg, partner at Exponent, said: “We are thrilled to continue our journey with H&MV, and this vehicle reflects our conviction in H&MV’s long-term growth potential. Demand for critical power infrastructure continues to increase globally, fuelled by accelerating digitisation and electrification, and we believe H&MV remains strongly positioned to benefit from that trend.”
PJ Flanagan, chief executive of H&MV Engineering, added: “This transaction gives H&MV the long-term backing to scale at the pace of the markets we serve and to deliver on our five-year growth ambition. Exponent’s continued support, together with new investment from international investors, will help us accelerate our international expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.
“Today is a strong endorsement of what we’ve built at H&MV over almost 30 years and I’m incredibly proud of what our team has achieved. As we enter our next phase of growth, we’ll continue investing in the team, our engineering capability and the culture that has enabled us to grow while delivering for clients around the world.”
