Clearwater International advises H&MV Engineering on its investment from Exponent
Clearwater International has advised H&MV Engineering Limited (H&MV), a leading European specialist in high voltage electrical contracting and design on its investment from UK private equity firm Exponent Private Equity LLP (Exponent). Led by PJ Flanagan, CEO and John Stokes, COO, the management team will invest alongside Exponent with all the management team remaining in the business, fully committed to driving the future group and strategic development. This transaction sees other shareholders led by MACX3 Services Ltd successfully exit their investment after supporting a secondary MBO of the company in September 2018.
Celebrating its 25th anniversary this year, H&MV, headquartered in Limerick, provides comprehensive turnkey services for design, installation, commissioning and maintenance of high-voltage transmission and distribution networks at its bases and locations throughout the globe. The company provides specialist engineering services to a blue-chip client base across three primary high growth sectors globally, data centres, renewables, and utilities.
Exponent is a London based, private equity firm investing in companies headquartered across Europe with enterprise values between €150m and €500m. The business has raised over €3.5bn (£3bn) across its four funds and made over thirty investments in the business services, media, consumer and financial services sectors. Exponent has a highly successful track record of investing in Irish companies and partnering with ambitious management teams like H&MV.
Following the successful MBO in 2018, H&MV has grown significantly and achieved a number of key milestones including the opening of additional new offices across Ireland, the UK and Europe, as well as the launch of a major design hub in India. Over this period, H&MV has expanded rapidly by securing large-scale contracts with its multinational clients and has more than doubled the number of employees to over 350 today. The business reported revenue in excess of €115m for the year ended December 2021 with significant contracted revenue already secured for 2022 and 2023.
H&MV is well-positioned to achieve its strategic targets and continue its ambitious growth plans under new ownership and plans to leverage this new capital investment to expand internationally, both organically and via acquisitions.
The investment is subject to approval from the Competition and Consumer Protection Commission (CCPC).
This represents Clearwater International’s third transaction with H&MV Engineering having advised on the initial MBO in 2015 and the secondary buy-out in 2018.