Apollo S3, Pantheon and SQ Capital to join an Exponent-led continuation vehicle dedicated to H&MV Engineering
H&MV FY26 revenues expected to close at more than €1 billion, with a €2 billion order book and a €16 billion pipeline
Transaction provides long-term capital backing to support H&MV's U.S. expansion, continued hiring, strategic acquisitions and ambition to reach €3 billion in annual revenues
Company plans to grow its global workforce to 3,000
LIMERICK, Ireland and LONDON, Aug. 11, 2026 /PRNewswire/ -- H&MV Engineering, a global provider of specialist high-voltage engineering and critical power infrastructure services, today 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."
John Moore, Operating Partner at Exponent and Chair of H&MV Engineering, said: "H&MV has built a unique position 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. The business has built a strong platform from which to serve customers across multiple geographies, while retaining the technical excellence and customer focus that have underpinned its success. Our priority now is to build on those foundations by accelerating H&MV's U.S. expansion, deepening relationships with global customers and continuing to invest in the people and capabilities required for the next phase of growth."
The transaction is subject to regulatory approval and formal completion, which is expected in September 2026.
Lazard acted as financial adviser to H&MV and Exponent in connection with the transaction. Arthur Cox and White & Case acted as legal advisers to H&MV.
About H&MV Engineering
H&MV Engineering is a global leader in high-voltage electrical engineering, delivering turnkey solutions for energy, data centre, and industrial infrastructure. With a strong focus on safety, innovation, and sustainability, we are powering the transition to a greener future.
H&MV currently has over 24 GW of projects in design and construction and operates from 20 international offices across Ireland, the UK, Europe, the U.S. and Asia.
With over 1,900 employees and offices spanning three continents, we continue to set industry benchmarks while fostering a culture of safety, teamwork, and respect. For more information, visit www.hmvengineering.com.
About Exponent
Exponent is a European private equity firm that partners with ambitious management teams to accelerate the growth of established mid-market businesses. Primarily investing in family- and founder-led companies and corporate carve-outs, Exponent combines capital with sector expertise, operational insight and an extensive industrialist network to help businesses realise their full potential. From its offices in London and Dublin, Exponent works collaboratively with management teams to unlock new growth opportunities, enhance operational performance and create long-term value.
Exponent has been investing in Ireland based businesses since 2012 and this was further supported with the opening of its Dublin office in 2023. Since its inception in 2004, Exponent has raised five funds and invested in over 40 businesses across Ireland, the UK and Benelux.
To learn more, visit www.exponentpe.com.
About Apollo S3
S3 is Apollo's Sponsor & Secondary Solutions business. S3 provides flexible capital solutions to asset managers and limited partners across the risk-reward spectrum. S3 is a natural extension of Apollo's global investment platform, offering partner-oriented capital across asset classes including private equity, private credit, infrastructure and real estate. The S3 platform has raised approximately $14 billion in total capital since launching in August 2022. To learn more about S3, please visit https://apollos3.com/.
About Pantheon
Pantheon has been at the forefront of private markets investing for more than 40 years, earning a reputation for providing innovative solutions covering the full lifecycle of investments, from primary fund commitments to co-investments and secondary purchases, across private equity, infrastructure, and private credit. For more information, please visit www.pantheon.com.
We have partnered globally with institutional investors of all sizes as well as a growing number of private wealth advisers and investors, with approximately $84bn in discretionary assets under management (as of December 31, 2025).
Leveraging our specialized experience and global team of professionals across Europe, the Americas, and Asia, we invest with purpose and lead with expertise to build secure financial futures.
About SQ Capital
SQ Capital is a modern secondaries firm designed to deliver alpha. We target best-in-class returns across GP-led and LP secondaries, focusing on the middle market. Our team draws on an elite direct investing pedigree, cutting-edge data and AI capabilities, an insider's understanding of private equity GPs and their portfolios, and deep GP relationships. We combine these strengths with an entrepreneurial mindset to move quickly and with conviction to raise the bar in the secondary market. SQ Capital is headquartered in New York City. For more information, please visit www.SQCapital.com.
Media contacts
H&MV Engineering
Deirdre Connolly, Edelman, deirdre.connolly@edelman.com, +353 852449804
Exponent Ireland media enquiries:
Eavan Gannon / Colm Woods, Sodali & Co. - exponentireland@sodali.com
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