Exponent has closed an approximately €750 million single-asset continuation vehicle to extend its partnership with H&MV Engineering. The transaction values H&MV at €1.4 billion, representing a near twelvefold increase since Exponent's investment in 2022 and almost doubling its valuation since welcoming minority investors in 2024.

The continuation vehicle was oversubscribed and is backed by a consortium of existing and new institutional investors, led by Apollo S3, Pantheon and SQ Capital. Exponent's SACV, alongside Exponent Fund V, is acquiring H&MV from Exponent Fund IV and certain minority investors.

Based in Limerick, Ireland, H&MV designs, builds and energises high-voltage infrastructure that enables data centers, battery energy storage and electricity networks. It works with hyperscale technology companies, co-location providers, utilities and renewable energy developers. Since Exponent's investment in 2022, H&MV has transformed into a global business generating more than €1 billion of revenue, expanded its workforce to more than 1,900 employees across EMEA, the US and Asia, and completed three strategic acquisitions to broaden its geographic reach.

In 2025 the company entered North America through the acquisition of Cooke Power Services, a power infrastructure specialist based in Amarillo, Texas. This year H&MV has plans to open a Dallas office which will serve as the company's US headquarters. The transaction is subject to customary regulatory approvals and completion.