Limerick’s H&MV Engineering taps fresh funding, shares hiring plans

The company wants to grow its headcount by 1,000 in the next five years.

H&MV Engineering has tapped around €750m in extended investments led by European private equity company Exponent and plans to recruit across its international operations. The fresh funding values the Limerick-headquartered business at €1.4bn.

The critical power infrastructure services provider said the funding will help its next phase of growth, with a focus towards US expansion. The continuation vehicle also brings in new investors Apollo S3, Pantheon and SQ Capital. Exponent has backed H&MV since 2022.

Power infrastructure providers play a key role in enabling the expansion of newer technologies including AI and data centres (whose power consumption has grown at a 12pc rate every year since 2020), and battery storage systems.

H&MV is at the “centre of some of the world’s fastest-growing infrastructure markets, where demand for specialist engineering expertise and reliable power infrastructure continues to increase”, said John Moore, operating partner at Exponent and board chair at H&MV Engineering.

The company currently has more than 24GW of projects in design and construction, and operates from 20 international offices across Ireland, the UK, Europe, the US and Asia.

“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,” said PJ Flanagan, the company’s CEO.

“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.”

Earlier this year, the company agreed to provide BnM with electrical and infrastructure support as it builds the Oweninny Wind Farm in Co Mayo.

Since 2020, H&MV has increased revenue from €61m to roughly €1bn this year and grown its workforce from around 300 to nearly 2,000, it said. It wants to triple its revenues to €3bn in the next five years and grow its headcount by another thousand.

Recruitment will be focused on the US, alongside continued hiring in Ireland, the UK and Europe, H&MV told SiliconRepublic.com.

H&MV purchased Texas-based Cooke Power Services this year in preparation for its expansion plans. It now plans to open its North American headquarters in Dallas later this year.

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