H&MV Engineering has signed a transaction establishing an approximately €750 million continuation vehicle led by existing investor Exponent, valuing the high-voltage engineering company at approximately €1.4 billion.
Apollo S3, Pantheon and SQ Capital are joining the vehicle as investors, extending Exponent’s investment in H&MV and providing additional long-term capital to support the company’s next phase of international expansion.
The transaction is intended to support H&MV’s U.S. expansion, international hiring, investment in engineering capabilities and potential strategic acquisitions.
H&MV expects fiscal 2026 revenue to exceed €1 billion, up from €61 million in 2020. Its workforce has expanded from approximately 300 employees to more than 1,900 during the same period.
The company currently has a €2 billion order book and a €16 billion pipeline and is targeting €3 billion in annual revenue within five years. It also plans to expand its global workforce to approximately 3,000 employees.
H&MV designs, builds and energizes high-voltage infrastructure supporting data centers, battery energy storage systems and electricity networks. Its customers include hyperscale technology companies, colocation providers, utilities and renewable energy developers.
As part of its U.S. growth strategy, the company plans to open its North American headquarters in Dallas later in 2026. H&MV established its U.S. presence in late 2025 and has been expanding leadership, engineering, project delivery and corporate development capabilities in the region.
The company currently has more than 24 GW of projects in design and construction and operates from 20 offices across Ireland, the U.K., Europe, the U.S. and Asia.
The transaction remains subject to regulatory approval and is expected to close in September 2026. Lazard advised H&MV and Exponent financially, while Arthur Cox and White & Case served as legal advisers to H&MV.
KEY QUOTES:
“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 global expansion, pursue strategic acquisitions, and invest in the capabilities, technologies and people our clients need.”
P.J. Flanagan, CEO of H&MV Engineering
“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
