Limerick's H&MV Engineering valued at €1.4bn on fresh investment

The firm designs, builds and energises high-voltage infrastructure for data centres, battery energy storage and electricity networks

PJ Flanagan, chief executive of the Limerick firm, said: 'Exponent’s continued support, together with new investment from international investors, will help us accelerate our global expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.'

Limerick's high-voltage engineering specialist H&MV Engineering has secured fresh investment of €750m which values the firm at €1.4bn.

Existing investor Exponent led the transaction which brings in Apollo S3, Pantheon and SQ Capital as new investors to support the company’s next phase of international growth.

The deal provides long-term capital backing for H&MV’s continued expansion in the US, recruitment across its international operations, investment in new engineering capabilities and strategic acquisition opportunities.

Based in Castletroy, H&MV has a €2bn order book, a €16bn pipeline and the company is targeting revenues of €3bn within five years and a global workforce of 3,000 employees. 

Since 2020, H&MV has increased revenue from €61m to an expected €1bn in FY26. During the same period, the company expanded its workforce from 300 to over 1,900 employees today.

The growth is on the back of global demand for critical power infrastructure, which is accelerating as AI, electrification, battery energy storage and the energy transition reshape electricity systems worldwide. 

H&MV Engineering designs, builds and energises high-voltage infrastructure for data centres, battery energy storage and electricity networks.

As part of the next phase of its US growth strategy, H&MV will open its North American headquarters in Dallas later this year. It first established itself in the US late last year. 

PJ Flanagan, CEO of 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 global expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.” 

“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.” 

Tim Easingwood, partner at Exponent, said: “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 Ventures and SQ Capital alongside a high-quality group of institutional investors as we continue our partnership with PJ and his team." 

John Moore, operating partner at Exponent and chair of H&MV Engineering, said: "Our priority now is to build on those foundations by accelerating H&MV’s US expansion, deepening relationships with global customers and continuing to invest in the people and capabilities required for the next phase of growth.”

Lazard acted as financial adviser to H&MV and Exponent in connection with the transaction. Arthur Cox and White & Case acted as legal advisers to H&MV.