Limerick electrical engineering firm sells majority stake to UK company in €100m deal
Each of the three sectors are currently undergoing significant growth. PIcture: iStock
UK firm Exponent has acquired a majority stake in Limerick company H&MV Engineering, specialists in high voltage electrical engineering.
The financial details of the transaction have not been disclosed however it is understood to be worth more than €100m.
H&MV serves clients in the data centre, renewables and utility sectors from its locations in Ireland, the UK, and across the Nordics, the Netherlands, Germany and South Africa. They design, install and maintain high-voltage substations and grid connections.
Each of the three sectors are currently undergoing significant growth. Since 2019, H&MV has more than doubled its headcount, opened offices across Europe and launched a design hub in India.
Headquartered in London, private equity firm Exponent is acquiring the stake from private shareholders and management. Under the terms of the acquisition, H&MV's CEO PJ Flanagan and COO John Stokes will remain significant shareholders, re-investing alongside Exponent and the rest of the management team. Non-management shareholders will exit.
"In Exponent, we have found an ideal partner going forward that is aligned with our culture and 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," PJ Flanagan said.
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."
