H&MV Engineering

The story

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Investing in a leading specialist in high-voltage electrical engineering

H&MV is a leading specialist in high-voltage (HV) electrical engineering, helping blue-chip clients power critical infrastructure in the data centre, renewables and utilities markets across EMEA.

The company provides turnkey services for the design, procurement, installation and maintenance of HV substations and grid connections, occupying a mission-critical role in its customers’ capital projects and value chains.

Exponent has partnered with the incumbent management team, led by PJ Flanagan, and has introduced John Moore as Chair. We are working with the team to accelerate H&MV’s international growth, expand its design and delivery resource, and enhance its business development capability.

We were attracted to the business by its deep relationships with customers, track record of driving repeat business, significant contracted project pipeline, and exposure to high growth end-markets including renewables and data centres.

In September 2024, with H&MV having grown substantially, Exponent brought in LGT Capital Partners as a lead minority investor to H&MV at a valuation of €750m. Funds managed by Hamilton Lane also made a minority investment via the firm's impact platform.

In August 2026, Exponent closed an approx. €750 million continuation vehicle to extend the partnership with H&MV, co-led by Apollo S3, Pantheon, and SQ Capital. The transaction valued H&MV at €1.4 billion and the vehicle will support the business' next phase of international growth, accelerating its US expansion and deepening relationships with existing customers as they scale globally.

You can find out more about H&MV’s sustainability journey here.