– Exponent has closed an approximately €750 million single-asset continuation vehicle (SACV) to extend its partnership with H&MV Engineering.
– The transaction values H&MV at €1.4 billion, nearly 12x Exponent’s 2022 investment valuation and almost 2x its 2024 valuation.
– The vehicle is backed by institutional investors led by Apollo S3, Pantheon and SQ Capital and was significantly oversubscribed.
– H&MV provides specialist high-voltage electrical engineering infrastructure for data centres, battery storage, utilities and renewables.
– New capital will support international expansion, strategic acquisitions, engineering capabilities and talent, with H&MV targeting €3 billion in annual revenues within five years.
– Tim Easingwood, Partner at Exponent: “H&MV is exactly the kind of ambitious, entrepreneur-led business that Exponent is proud to partner with” and said the firm remains a “committed, long-term partner.”
– Anthony Clegg, Partner at Exponent: “We are thrilled to continue our journey with H&MV,” highlighting rising global demand for critical power infrastructure driven by digitisation and electrification.
– P.J. Flanagan, CEO of H&MV: “This transaction gives H&MV the long-term backing to scale at the pace of the markets we serve,” supporting global expansion, acquisitions and investment in technology and talent.
– Konnin Tam, Partner and Co-Head of S3 at Apollo: “H&MV has built a differentiated platform and set of capabilities in a critical infrastructure sector,” with Apollo highlighting its flexible, partnership-oriented capital.
– Amyn Hassanally, Partner, Global Head of Private Equity Secondaries at Pantheon: “The deal represents the type of GP-led opportunity Pantheon seeks, combining a high-quality middle-market asset, a committed sponsor and long-duration growth capital.”
– Mustafa Siddiqui, SQ Capital: “H&MV reflects the exact type of business we look to back” given its secular tailwinds and sector expertise.”
