H&MV Engineering, a global provider of specialist high-voltage engineering and critical power infrastructure services, has announced the signing of a transaction to establish a continuation vehicle of approximately €750 million, led by existing investor Exponent. The transaction extends Exponent’s investment in H&MV and brings in Apollo S3, Pantheon and SQ Capital as investors to support the company’s next phase of international growth.
The new investment structure provides long-term capital backing for H&MV’s continued expansion in the U.S., recruitment across its international operations, investment in new engineering capabilities and strategic acquisition opportunities.
Supported by a €2 billion order book, a €16 billion pipeline and long-standing customer relationships, the company is targeting revenues of €3 billion within five years and a global workforce of 3,000 employees. Since 2020, H&MV has increased revenue from €61 million to an expected €1 billion in FY26. During the same period, the company expanded its workforce from 300 to over 1,900 employees today.
Global demand for critical power infrastructure is accelerating as AI, electrification, battery energy storage and the energy transition reshape electricity systems worldwide. H&MV Engineering designs, builds and energises high-voltage infrastructure that enables data centres, battery energy storage and electricity networks, working with leading hyperscale technology companies, co-location providers, utilities and renewable energy developers.
As part of the next phase of its U.S. growth strategy, H&MV will open its North American headquarters in Dallas later this year. Since establishing a presence in the U.S. in late 2025, the company has continued to invest in senior leadership, engineering, project delivery and corporate development capabilities to support its growing operations across the region.
P.J. Flanagan, CEO, H&MV Engineering, said: “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.”
“Today is a strong endorsement of what we’ve built at H&MV over almost 30 years and I’m incredibly proud of what our team has achieved. As we enter our next phase of growth, we’ll continue investing in the team, our engineering capability and the culture that has enabled us to grow while delivering for clients around the world.”
Tim Easingwood, Partner at Exponent, commented: “H&MV is exactly the kind of ambitious, entrepreneur-led business that Exponent is proud to partner with. 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. We are delighted to welcome Apollo S3, Pantheon Ventures and SQ Capital alongside a high-quality group of institutional investors as we continue our partnership with P.J. and his team. We remain a committed, long-term partner and are excited by the opportunity ahead.”
The transaction is subject to regulatory approval and formal completion, which is expected in September 2026.
