WEALTH August 11, 2026 0 Comments

How a Quiet Limerick Startup Just Secured a Jaw-Dropping €1.4BN Valuation Thanks to a Surprising US Investor Move

Ever wonder what happens when a powerhouse like Limerick’s H&MV Engineering lands a jaw-dropping €1.4 billion valuation? Well, buckle up—because this isn’t just a number. It’s a game-changer, fueled by a hefty €750 million injection from stalwarts like Exponent alongside fresh faces Apollo S3, Pantheon, and SQ Capital. Think of it as rocket fuel for their ambitious journey: turbocharging US expansion, hiring sprees across the globe, and upping their engineering game through smart acquisitions. With a staggering €2 billion order book and a pipeline stretching to €16 billion, H&MV’s eyes are set on smashing €3 billion in revenue and a 3,000-strong crew within five years. Talk about scaling the dizzying heights of critical power infrastructure in an AI and electrification-hungry world! Curious to dive deeper into how this hometown hero is powering ahead? LEARN MORE

Limerick’s H&MV Engineering has been valued at €1.4bn after securing new investment.

The high-voltage engineering and critical power infrastructure services company will receive €750m from existing investor Exponent and new investors Apollo S3, Pantheon and SQ Capital.

The transaction provides H&MV with long-term capital backing for its US expansion, recruitment across its operations globally and investment in new engineering capabilities and strategic acquisitions.

H&M Engineering has a €2bn order book and a €16bn pipeline of orders, and the firm is targeting revenues of €3bn and a workforce of 3,000 employees within five years.

Since 2020, H&MV has increased revenue from €61m to an expected €1bn in FY26. During the same period, the company expanded its workforce from 300 to over 1,900 employees.

“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, CEO of H&MV Engineering.

“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.”

Demand for critical power infrastructure is accelerating with the growth of artificial intelligence, electrification, battery energy storage and the energy transition.

H&MV Engineering designs, builds and energises high-voltage infrastructure to enable data centres, battery energy storage and electricity networks, working with leading hyperscale technology companies, co-location providers, utilities and renewable energy developers.

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

H&MV is set to open its North American headquarters in Dallas later this year.

Since establishing its US presence last year, it has invested in senior leadership, engineering, project delivery and corporate development capabilities in the region.

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 PJ and his team. We remain a committed, long-term partner and are excited by the opportunity ahead.”

H&MV will open a new US HQ in Dallas later this year.

The transaction is subject to regulatory approval and formal completion, which is expected in September.

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.

Photo: (l-r) PJ Flanagan, and David Maher, managing director of H&MV Engineering. (Pic: File)