Exponent has established a €750 million oversubscribed continuation vehicle dedicated to H&MV Engineering, valuing the Limerick-headquartered high-voltage engineering group at approximately €1.4 billion, with Apollo S3, Pantheon and SQ Capital joining as new investors. The transaction extends Exponent's investment while providing liquidity to existing fund investors and is subject to regulatory approval, with completion expected in September 2026.

H&MV Engineering is a Limerick-based specialist high-voltage electrical engineering and critical power infrastructure services company, led by CEO PJ Flanagan who led a management buyout in 2015. The company employs more than 1,900 people across 20 international offices in Ireland, the UK, Europe, the US and Asia.

FY2026 revenues are expected to exceed €1 billion, up from €61 million in 2020, a 16x increase in six years. H&MV holds a €2 billion order book and a €16 billion pipeline with more than 24GW in design and construction, and acquired Texas-based Cooke Power Services earlier in 2026. Exponent is a European private equity firm, first backing H&MV in 2022. Apollo S3 is Apollo Global Management's secondaries and continuation vehicle business. Lazard acted as financial adviser; Arthur Cox and White & Case as legal advisers.

The structural driver is the data centre and AI power infrastructure buildout creating unprecedented demand for high-voltage engineering at precisely the moment qualified engineering capacity is structurally constrained. 

Data centre power consumption has grown at approximately 12% annually since 2020, and battery energy storage systems, utility grid upgrade programmes and renewable energy connections require the same specialist expertise. H&MV's 16x revenue growth in six years reflects how completely that demand has outpaced available engineering supply.

The continuation vehicle structure is the commercially significant element. Exponent retains its H&MV position rather than seeking a conventional exit, signalling the fund believes the growth trajectory has more runway than a typical five-to-seven-year PE hold cycle captures. The oversubscription confirms that Apollo S3, Pantheon and SQ Capital share that view, a higher-quality endorsement than a secondary market price alone would provide.

H&MV's €3 billion five-year revenue target requires tripling from the €1 billion FY2026 base; the Cooke Power Services acquisition and forthcoming Dallas headquarters provide the operational platform for US data centre and utility contracts.

Source: siliconrepublic.com / irishtimes.com / privateequitywire.co.uk / prnewswire.com