H&MV Engineering's value set to get  boost from fresh investment 

H&MV Engineering revenue has surged to over €500m and is set to deliver 50% growth this year amid the high demand for data centres among Big Tech as well as the appetite for renewables to fuel these data centres.

Limerick-based company H&MV Engineering is set to receive and injection of cash that will push up the value of the company to €750m.

European private equity firm Exponent announced plans to bring in LGT Partners as a lead minority investor into the high-voltage electrical engineering and design company.

“This is a significant milestone in the H&MV journey,” said H&MV chief executive PJ Flanagan.

The valuation increase is a six-fold jump from €120m, when Exponent first invested in the business two years ago.

Since the initial investment, H&MV Engineering revenue has surged to over €500m, and is set to deliver 50% growth this year amid the high demand for data centres among Big Tech as well as the appetite for renewables to fuel these data centres.

"The pace of the energy transition and digitalisation shows no sign of slowing, and H&MV continues to be well placed to enable its client’s critical infrastructure in these areas,” H&MV chair John Moore said.

H&MV provides services across design, commissioning, installation, and maintenance of high-voltage substations and grid connections, serving blue-chip clients from its Irish headquarters in Castletroy Limerick, Britain, Europe, the Middle East, and Africa.

Earlier this year, the business bolstered through the acquisition of Skanstec Group — which added telecommunications and connectivity expertise to the company’s offerings.

'Exceptional growth'

Tim Easingwood, a partner at Exponent, said H&MV showed “exceptional growth” since the company first invested in it in 2022 and is poised for further international growth.

H&MV said it has an order book in excess of €1bn and a weighted pipeline of over €1.7bn of contracts across Europe, the Middle East, and Africa.

Meanwhile, Exponent has invested more than €1bn in Ireland in the last year — including private healthcare provider Kingsbridge Healthcare Group, data centre design Ethos Engineering, and Ireland’s largest manufacturer of veterinary and medical generic pharmaceuticals Chanelle Pharma.

Exponent was established in 2004 and has a presence in London, Dublin, and Amsterdam. The company invests in mid-market firms headquartered across Europe, particularly in Britain, Ireland, Benelux, and Nordics.

Exponent’s current and past investments include card company Moonpig, accountancy firm Xeinadin — which has a base in Cork — and vegetarian food specialist Quorn Foods.