H&MV Engineering has signed a transaction establishing a €750 million continuation vehicle led by existing investor Exponent, valuing the Limerick-based high-voltage engineering and critical power infrastructure specialist at €1.4 billion, a deal that matters to building and architecture professionals because H&MV's electrical and power infrastructure work increasingly determines whether data centres, battery storage facilities and other major buildings can be energised and delivered on schedule. Consideration was disclosed at a €1.4 billion valuation, funded through the new €750 million continuation vehicle.

H&MV Engineering is a Limerick-headquartered provider of high-voltage electrical engineering and critical power infrastructure services, employing more than 1,900 people across 20 offices in Ireland, the UK, Europe, the US and Asia, with FY26 revenues expected to exceed €1 billion.

Exponent is a London and Dublin-based private equity firm that has backed H&MV since 2022 and has invested in more than 40 businesses across Ireland, the UK and Benelux since its founding in 2004.

Apollo S3, Pantheon and SQ Capital join as new investors in the continuation vehicle, which supports H&MV's planned expansion into the US, including a new Dallas headquarters.

The structural driver is the surge in power infrastructure demand tied to AI and data centre construction, a market H&MV's operating partner describes as having grown at a 12 per cent annual pace since 2020, pushing specialist high-voltage contractors to the centre of major building delivery timelines rather than the margins.

For the sector, the timing matters because a continuation fund lets it extend its stake in a fast-scaling asset rather than exit, at a point when H&MV's order book has grown to €2 billion with a €16 billion pipeline behind it.

In addition, the capital underwrites a US expansion built around a new Dallas headquarters, following its acquisition of Texas-based Cooke Power Services, positioning the group to serve data centre and renewables clients on both sides of the Atlantic.

The broader implication for the sector is that critical power infrastructure specialists are increasingly attracting the scale of private capital once reserved for main contractors, a sign of how central energy delivery has become to major building projects.

Source: RTE / The Irish Times / Silicon Republic / PR Newswire