DUBLIN and LONDON — Exponent, a leading European private equity firm, today announced the successful close of an approx. €750 million single-asset continuation vehicle (“SACV”) to extend its partnership with H&MV Engineering (“H&MV” or, “the Company”), a leading global provider of specialist high-voltage electrical engineering services for data centres, battery energy storage systems, utilities and renewables. The transaction values H&MV at €1.4 billion, representing a near twelvefold increase since Exponent’s investment in 2022 and almost doubling its valuation since welcoming minority investors in 2024.

Exponent’s SACV, alongside Exponent Fund V, is acquiring H&MV from Exponent Fund IV (“Fund IV”). The continuation vehicle was significantly oversubscribed and is backed by a high-quality consortium of existing and new institutional investors, led by Apollo S3, Pantheon and SQ Capital. The transaction is subject to customary regulatory approvals and completion.

H&MV Engineering designs, builds and energises high-voltage infrastructure that enables data centres, battery energy storage and electricity networks, working with leading hyperscale technology companies, co-location providers, utilities and renewable energy developers. Working with Exponent since 2022, H&MV has transformed into a global business generating more than €1 billion of revenue, underpinned by a clear growth strategy, international expansion and the continued addition of blue-chip multinational customers. During this period, Ireland headquartered H&MV has invested significantly in its capabilities and service offering, expanded its workforce to more than 1,900 employees across EMEA, the US and Asia, and completed three strategic acquisitions to broaden its expertise and geographic reach. Last year the Company entered North America through the acquisition of Cooke Power Services, a trusted power infrastructure specialist based in Amarillo, Texas, and this year has plans to open its new Dallas office which will serve as the Company’s US headquarters and provide a strategic base for its growing North American operations.

This transaction allows Exponent and H&MV to continue their partnership, supported by new capital to drive continued international expansion as well as ongoing investment in engineering capabilities, strategic acquisitions and talent across its global operations.

Tim Easingwood, Partner at Exponent, commented: “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, commented: “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.”

P.J. Flanagan, CEO, H&MV Engineering said: “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.” He added:

“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.”

Konnin Tam, Apollo Partner and Co-Head of S3, said: “H&MV has built a differentiated platform and set of capabilities in a critical infrastructure sector, and we are pleased to partner with Exponent to support the Company’s continued growth. This transaction reflects S3’s commitment to providing flexible, aligned, partnership capital to high-quality businesses and their sponsors.”

Amyn Hassanally, Partner, Global Head of Private Equity Secondaries at Pantheon said: “We’re excited to support H&MV as it enters its next chapter. This transaction reflects our longstanding relationship with Exponent and the kind of GP-led opportunities we look for: high-quality and compelling middle market assets, sponsors with genuine conviction, and opportunities to provide long-duration capital to fuel continued growth.”

Mustafa M. Siddiqui, CEO, SQ Capital said: “This transaction is an excellent illustration of our strategy of handpicking the strongest middle-market companies and most capable middle-market GPs. H&MV reflects the exact type of business we look to back—with secular tailwinds and in a sector where we have deep expertise—and we are thrilled to support the company’s continued growth.”

Exponent’s continued investment in H&MV underscores the firm’s deep commitment to supporting founder-led businesses to accelerate their growth and facilitate international expansion, alongside a long-standing focus on investment in differentiated, market-leading businesses in the infrastructure and industrial services sector. Exponent has been investing in Ireland-based businesses since 2012 and this was further supported with the opening of its Dublin office in 2023 .Recent investments include Kingsbridge Healthcare Group, Ethos Engineering (sustainable data-centre design), and Chanelle Pharma.

Lazard acted as financial adviser to Exponent and H&MV in connection with the transaction. Debevoise & Plimpton LLP and Macfarlanes acted as legal advisers to Exponent and H&MV.