Private equity firm buys majority stake in H&MV Engineering

London-based private equity firm Exponent has agreed to acquire a majority stake in Limerick-headquartered H&MV Engineering, a specialist in high voltage electrical engineering.

H&MV serves blue-chip data centre, renewables, and utility clients from its locations in Ireland, the UK, and across Europe, the Middle East and Africa, including the Nordics, the Netherlands, Germany and South Africa.

The company provides turnkey services for the design, installation and maintenance of high-voltage substations and grid connections, occupying a critical role in its customers’ capital projects and value chains.

Exponent said each of H&MV’s three end-markets are “highly attractive” and driven by secular global trends in growing data demand (data centres), decarbonisation (renewables) and electrification (utility).

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“High voltage services represent the most differentiated and attractive part of the mechanical and electrical contracting chain, and H&MV is the clear Ireland and UK leader, with a unique integrated model at scale,” the group said.

“It boasts deep relationships with top-calibre customers, generating repeat business and a significant contracted project pipeline.”

Exponent said it was acquiring the company from private shareholders and management. H&MV has more than doubled its headcount since 2019, opened offices across Europe, and launched a major design hub in India.

“We are backing an extremely capable and successful incumbent team led by chief executive PJ Flanagan and chief operating officer John Stokes,” said Exponent.

“PJ and John will remain significant shareholders, re-investing alongside Exponent and the rest of the management team. Non-management shareholders will exit.”

Exponent is investing behind a number of initiatives, including accelerating H&MV’s international growth, expanding its design and delivery capabilities, and furthering its business development agenda.

Mr Flanagan said H&MV has found “an ideal partner” going forward that is aligned with its culture and which “believes in our capabilities and continued growth”.

“We look forward to working with them as we begin an exciting new phase in our journey and to continued expansion and further job creation,” he added.

Tim Easingwood, partner at Exponent, said: “We are really excited to be investing into H&MV alongside PJ and John and the rest of the management team.

“They have built a fantastic business that delivers an excellent service to its blue-chip customers that operate in large and growing end markets.”

John Moore, partner at Exponent, said H&MV enjoys “a very strong business with a great team and customer-focused culture”.

He added: “We look forward to working closely with and supporting the team as they continue to grow the business, both in existing territories, and into new international markets.”