European private equity fund Exponent, which is behind almost 3,000 jobs in Ireland, has closed a €750 million continuation fund that will extend its partnership with engineering company H&MV.
The fund, which is co-led by Apollo S3, Pantheon, and SQ Capital, will help support the Limerick-based engineering company’s international growth, with plans to expand in the US.
H&MV plans to open an office in Dallas that will become its US headquarters.
The deal values H&MV at €1.4 billion. The Irish-headquartered company specialises in high-voltage electrical engineering services for data centres, battery energy storage systems, utilities and renewables. It employs more than 1,900 employees across Europe, the US and Asia.
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Revenues have risen from €61 million in 2020 to an expected €1 billion in the 2026 financial year. It now has a €2 billion order book, a €16 billion pipeline and a target of €3 billion in revenues within five years and a global workforce of 3,000 employees.
“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,” said PJ Flanagan, chief executive of H&MV Engineering. “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.”
Flanagan said the company planned to continue investment in the team and its engineering capability, building on the significant investment it has already made in its capabilities and service offering. That includes three strategic acquisitions that broaden its expertise and geographic reach, including Texas-based Cooke Power Services.
The new investment extends Exponent’s backing of H&MV and marks another step in the relationship between the two companies that began in 2022.
“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,” said Tim Easingwood, partner at Exponent. “We remain a committed, long-term partner and are excited by the opportunity ahead.”
The transaction, which must be passed by regulators, is expected to be formally completed in September.
