AN ENGLISH private equity firm is to acquire a majority stake in Limerick-based high voltage electrical contractors H&MV Engineering.
The company, which has doubled its workforce to more than 300 since 2019, provides turnkey services for the design, installation and maintenance of high-voltage substations and grid connections.
From its headquarters in Castletroy, H&MV serves data centre, renewables, and utility clients in the UK, Europe, the Middle East and Africa.
London-based investment firm Exponent said it was acquiring the H&MV from private shareholders and management to accelerate its international growth, expand its design and delivery capabilities, and expand its business development agenda.
“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 has more than doubled its headcount since 2019, opened offices across Europe, and launched a major design hub in India”.
Under the terms of the acquisition, H&MV chief executive PJ Flanagan and chief operations officer John Stokes will remain significant shareholders, re-investing alongside Exponent and the rest of the management team. Non-management shareholders will exit.
Mr Flanagan said H&MV had found an ideal partner that was aligned with its culture and which “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,” he added.
