With a €1.4bn valuation, Limerick engineering group H&MV targets €3bn in revenues as new investment structure supports growth, hiring and acquisitions.
H&MV Engineering has signed a transaction to establish a continuation vehicle worth approximately €750 million, providing long-term capital to support the company’s international growth plans, including its expansion in the United States.
The transaction is led by existing investor Exponent, with Apollo S3, Pantheon and SQ Capital joining as investors. The deal extends Exponent’s investment in the Limerick-headquartered high-voltage engineering specialist as it pursues ambitious growth targets over the next five years.
“H&MV has built a unique position at the centre of some of the world’s fastest-growing infrastructure market”
The company said the new investment structure will support continued expansion in the US, recruitment across its international operations, investment in new engineering capabilities and strategic acquisitions.
Growth journey accelerates
P.J. Flanagan, CEO of H&MV
H&MV currently has a €2 billion order book and a €16 billion pipeline. The business is targeting annual revenues of €3 billion within five years and plans to grow its global workforce to 3,000 employees.
The company has experienced significant growth since 2020, increasing revenues from €61 million to an expected €1 billion in FY26. During the same period, employee numbers have risen from 300 to more than 1,900 worldwide.
H&MV specialises in designing, building and energising high-voltage infrastructure that supports data centres, battery energy storage facilities and electricity networks. Its customer base includes hyperscale technology companies, co-location providers, utilities and renewable energy developers.
Demand for critical power infrastructure continues to grow as artificial intelligence, electrification, battery energy storage and the wider energy transition drive increased investment in electricity systems around the world.
As part of its US growth strategy, H&MV plans to open its North American headquarters in Dallas later this year. The company established its US presence in late 2025 and has since invested in leadership, engineering, project delivery and corporate development capabilities across the region.
P.J. Flanagan, CEO of H&MV Engineering, said the transaction positions the company to achieve its long-term ambitions.
“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,” Flanagan 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.”
Flanagan said the investment also recognised the progress made by the company over the past three decades.
“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 the investment reflected confidence in both the business and its management team.
“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.”
He added: “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 P.J. and his team. We remain a committed, long-term partner and are excited by the opportunity ahead.”
John Moore, Operating Partner at Exponent and Chair of H&MV Engineering, said the company is well positioned in growing infrastructure markets.
“H&MV has built a unique position at the centre of some of the world’s fastest-growing infrastructure markets, where demand for specialist engineering expertise and reliable power infrastructure continues to increase.”
Moore said the focus now is on expanding the company’s international footprint and strengthening customer relationships.
“Our priority now is to build on those foundations by accelerating H&MV’s U.S. expansion, deepening relationships with global customers and continuing to invest in the people and capabilities required for the next phase of growth.”
The transaction remains subject to regulatory approval and formal completion, which is expected in September 2026.
Lazard acted as financial adviser to H&MV and Exponent, while Arthur Cox and White & Case served as legal advisers to H&MV.
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