We have advised the management team shareholders of H&MV Engineering (H&MV), a global provider of specialist high-voltage engineering and critical power infrastructure services, on the establishment of a continuation vehicle of approximately €750m led by existing investor Exponent. The transaction also welcomes Apollo, S3, Pantheon, and SQ Capital as investors, and values H&MV at approximately €1.4bn.
The transaction provides long-term capital backing to support H&MV's next phase of international growth, including continued expansion in North America, investment in engineering capabilities, recruitment across its international operations, and the pursuit of strategic acquisitions. The continuation vehicle enables Exponent to continue its successful partnership with H&MV while providing liquidity to existing shareholders and bringing additional institutional capital into the business.
Since 2020, H&MV has delivered exceptional growth, increasing revenues from €61m to an expected €1bn in FY26, while expanding its workforce from approximately 300 to more than 1,900 employees. The company has established itself as a leading international provider of mission-critical power infrastructure, supporting some of the world's largest hyperscale technology companies, co-location providers, utilities, and renewable energy developers.
Today, H&MV is supported by a €2bn order book, a €16bn pipeline, and more than 24 GW of projects in design and construction. H&MV is targeting revenues of €3bn within five years and a global workforce of 3,000 employees. As demand for critical power infrastructure accelerates, driven by AI, electrification, battery energy storage, and the global energy transition, the company continues to scale its capabilities across three continents. As part of the next phase of its US growth strategy, having established a presence in the country in late 2025, H&MV will open its North American headquarters in Dallas later this year.
This latest transaction marks another significant milestone in Clearwater's long-standing relationship with H&MV. Over more than a decade, we have advised H&MV and its shareholders across multiple strategic transactions, supporting the evolution of the company from an Irish engineering specialist into a global market leader serving critical infrastructure projects across data centres, utilities, and energy markets.
