Exponent has closed an approximately €750 million single-asset continuation vehicle to extend its investment in H&MV Engineering, valuing the Ireland-headquartered infrastructure engineering company at €1.4 billion. The oversubscribed continuation vehicle is led by Apollo S3, Pantheon and SQ Capital and is backed by a group of new and existing institutional investors.
The €1.4 billion valuation represents a nearly twelvefold increase since Exponent initially invested in H&MV in 2022 and nearly double the company’s valuation when minority investors LGT Capital Partners and direct equity funds managed by Hamilton Lane invested in 2024.
Exponent’s single-asset continuation vehicle, alongside Exponent Fund V, is acquiring H&MV from Exponent Fund IV and certain minority investors. The transaction remains subject to customary regulatory approvals and closing conditions.
H&MV provides high-voltage electrical engineering services for data centers, battery energy storage systems, utilities and renewable energy projects.
Since partnering with Exponent in 2022, H&MV has expanded into a global company generating more than €1 billion in revenue. Its workforce has grown to more than 1,900 employees across EMEA, the U.S. and Asia, and the company has completed three strategic acquisitions.
H&MV entered North America through its acquisition of Texas-based Cooke Power Services and plans to open a Dallas office that will serve as its U.S. headquarters and a base for further North American growth.
The continuation vehicle will provide additional capital for international expansion, engineering capabilities, acquisitions and talent investment.
Lazard served as financial advisor to Exponent and H&MV. Debevoise & Plimpton served as legal advisor to Exponent, while Macfarlanes advised Exponent and H&MV.
KEY QUOTES:
“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.”
Tim Easingwood, Partner at Exponent
“We are thrilled to continue our journey with H&MV, and this vehicle reflects our conviction in H&MV’s long-term growth potential. Demand for critical power infrastructure continues to increase globally, fuelled by accelerating digitisation and electrification, and we believe H&MV remains strongly positioned to benefit from that trend.”
Anthony Clegg, Partner at Exponent
“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 international expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.”
P.J. Flanagan, Chief Executive Officer of H&MV Engineering
“H&MV has built a differentiated platform and set of capabilities in a critical infrastructure sector, and we are pleased to partner with Exponent to support the Company’s continued growth.”
Konnin Tam, Partner and Co-Head of S3 at Apollo
“We’re excited to support H&MV as it enters its next chapter. This transaction reflects our longstanding relationship with Exponent and the kind of GP-led opportunities we look for: high-quality and compelling middle market assets, sponsors with genuine conviction, and opportunities to provide long-duration capital to fuel continued growth.”
Amyn Hassanally, Partner and Global Head of Private Equity Secondaries at Pantheon
“H&MV reflects the exact type of business we look to back, with secular tailwinds and in a sector where we have deep expertise, and we are thrilled to support the company’s continued growth.”
Mustafa M. Siddiqui, Chief Executive Officer of SQ Capital
