Private Investment firm Exponent has acquired electrical engineering firm H&MV Engineering.
Headquartered in Co. Limerick, Ireland, H&MV specializes in high voltage (HV) electrical engineering. It serves the data center, renewables, and utility sectors, providing turnkey services for the design, installation, and maintenance of high-voltage substations and grid connections.
Exponent has acquired a majority stake in the firm from private shareholders and management; the firm said each of H&MV’s three target markets was “highly attractive.” Terms of the deal were not shared, but Irish press have reported it was worth more than €100 million ($113m).
“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,” the company 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,” said PJ Flanagan, H&MV CEO. “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, added: “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.”
Established in 1997, H&MW said the management team will invest alongside Exponent, with all the management team remaining in the business; other shareholders, led by MACX3 Services Ltd, are exiting their investment in the company.
John Moore, Partner at Exponent, said: “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.”
Principal corporate finance and legal advisors to H&MV and management team were Clearwater International and Holmes O’Malley Sexton respectively. Exponent was advised by Macfarlanes and A&L Goodbody.