September 2018 - The management team of H&MV Engineering Limited (“H&MV”), led by P.J. Flanagan, CEO, and John Stokes, Executive Director, have completed the buyout of the company in a strategic partnership with Novus Technical Services, an international oil and gas services group led by Hugh O’Donnell. The deal sees MML Growth Capital Partners Ireland Limited (“MML”) successfully exit their investment after supporting the initial MBO of the company back in October 2015.
H&MV was established in 1997 and is one of the leading specialist high voltage electrical contracting and consulting companies internationally. H&MV provides comprehensive turnkey services to a wide range of industries for design, installation, commissioning and maintenance of high-voltage transmission and distribution networks. In recent years, the company has successfully expanded into a number of international, high growth markets such as the Nordics, the Netherlands, South Africa and the Middle East.
Since the MBO in 2015, H&MV has grown significantly and achieved a number of key milestones including expanding internationally, winning landmark contracts and trebling employee numbers to over 230 today. Over that period, revenue has grown from less than €8 million to in excess of €34 million for the year ended April 2018.
H&MV is well positioned to continue its ambitious international growth plans under the new ownership structure following this period of sustained success.
Clearwater International and George Kennedy in Holmes O’Malley Sexton provided corporate finance and legal advisory services respectively to the company and management team while KPMG provided tax advice. William Fry provided legal advice to MML Growth Capital Partners.
P.J. Flanagan, CEO, H&MV Engineering said: “We are delighted with this MBO, which is great news for our employees and the long-term future of H&MV Engineering. We see this as an important strategic move to help the company grow internationally over the coming years. As part of our new ownership structure, we now look forward to further developing H&MV as a global leader in turnkey energy solutions. We would like to thank MML for their support over the last three years and wish them continued success in the future.”
Hugh O’Donnell, Novus Technical Services commented: “Novus Technical Services is delighted to be partnered with H&MV Engineering, allowing the combined teams to offer an expanded range of services, as well as enter new and exciting markets.”
Rory Quirke, Co-Head Investing, MML Growth Capital Partners Ireland Limited added: “We are thrilled with our successful exit from H&MV. It has been a privilege to partner with P.J., John and their management team on what has been an exciting journey, growing the business into a recognised leader in international markets. We wish P.J., John, Novus and all at H&MV continued success and have no doubt they will thrive with further international expansion.”