LONDON – 14 February 2022: Exponent has agreed to acquire a majority stake in H&MV Engineering (“H&MV”), a leading specialist in high voltage (HV) electrical engineering. H&MV is headquartered in Co. Limerick, Ireland, and serves blue-chip Data Centre, Renewables and Utility clients from its locations in Ireland, the UK, and across EMEA (including the Nordics, the Netherlands, Germany and South Africa). The company provides turnkey services for the design, installation and maintenance of high-voltage substations and grid connections, occupying a mission-critical role in its customers’ capital projects and value chains.

Each of H&MV’s three end-markets is highly attractive and driven by secular global megatrends in growing data demand (Data Centres), decarbonisation (Renewables) and electrification (Utility). High voltage services represent the most differentiated and attractive part of the mechanical and electrical contracting chain, and H&MV is the clear Ireland and UK leader, with a unique integrated model at scale. It boasts deep relationships with top-calibre customers, generating repeat business and a significant contracted project pipeline.

We are acquiring from private shareholders and management. Under management’s ownership H&MV has grown significantly; since 2019 it has more than doubled its headcount, opened offices across Europe and launched a major design hub in India. We are backing an extremely capable and successful incumbent team led by CEO PJ Flanagan and COO John Stokes. PJ and John will remain significant shareholders, re-investing alongside Exponent and the rest of the management team. Non-management shareholders will exit.

Exponent is investing behind a number of initiatives, including accelerating H&MV’s international growth, expanding its design and delivery capabilities, and furthering its business development agenda.

This is Exponent’s latest primary investment in industrial services following V. Group, Pattonair and Enva. It is also Exponent’s latest Irish investment, following Fintrax Group (now known as Planet), Racing Post and Enva.

PJ Flanagan, H&MV CEO, said:

“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.”

Tim Easingwood, Partner at Exponent commented:

“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.”

John Moore, Partner at Exponent also commented:

“PJ and John have created a very strong business with a great team and customer-focused culture. We look forward to working closely with and supporting the team as they continue to grow the business, both in existing territories, and into new international markets.”