H&MV Engineering valued at €1.4 billion via €750m Exponent fund

Private equity firm Exponent has established a €750 million continuation fund to extend its ownership of H&MV Engineering, an electrical infrastructure specialist. The transaction values the Ireland-headquartered company at approximately €1.4 billion.

Investors participating in the vehicle include Apollo Global Management’s secondaries business, Pantheon, and SQ Capital. The fund is intended to support H&MV’s international expansion, specifically targeting growth in the United States, increasing engineering capabilities, and pursuing strategic acquisitions.

H&MV provides high-voltage engineering services for data centers, renewable energy developers, and utility networks. Since Exponent’s initial investment in 2020, the company’s revenue has grown from €61 million to an expected €1 billion this year. The firm currently holds an order book of approximately €2 billion and has set a target of reaching €3 billion in annual revenue within five years. As part of its U.S. strategy, the company plans to open a North American headquarters in Dallas, Texas.