21 October 2015 - MML Growth Capital Partners Ireland today announced an investment in Limerick-based electrical engineering services business H&MV Engineering. The investment will help create 30 additional jobs to bring the total employment at the firm to over 100 by 2018. The company is on track to achieve revenues of c. €15m in the year to April 2016.
MML has backed H&MV's existing management team, led by PJ Flanagan and John Stokes, to grow and develop the company. As part of its investment, MML will take a stake in the company with management re-investing for a significant equity position.
H&MV was established in 1997 and is now among the leading specialist high voltage electrical contracting and consulting companies in Ireland with an increasing level of activity in overseas markets. It provides specialist services to a range of clients for design, installation, commissioning and maintenance of transmission and distribution networks with a particular focus on the data centre and renewables sectors. H&MV currently employs 70 people and will use the recent investment to expand domestically and internationally.
The MML investment was made through MML Growth Capital Partners Ireland, a €125 million fund supported by Enterprise Ireland, AIB and a number of international institutional investors. The fund is dedicated to backing small and medium sized private businesses located on the island of Ireland. Rory Quirke, who led the deal on behalf of MML commented: “H&MV has developed a strong reputation in an attractive and growing market. We are delighted to have partnered with the H&MV management team and look forward to supporting their continuing ambition. H&MV represents the ideal type of opportunity and business for MML’s Ireland focussed fund to back.”
PJ Flanagan stated: “We are delighted to receive this investment from MML. It is a validation of both the development of the business from inception to date and the future plans to capitalise on the progress that has already been achieved. We have ambitions to further develop our business in Ireland and to continue its expansion into markets across Europe. We feel MML, with its experience of working with ambitious and growth focussed management teams, is the perfect partner for the next stage of our journey. This investment will give H&MV the additional financial strength to expand in its target markets.”
Julie Sinnamon, CEO of Enterprise Ireland, commented: “The MML development capital fund is an important part of the funding landscape and a key element of Enterprise Ireland’s priority to ensure adequate availability of appropriate funding for SMEs. The investment by MML into H&MV is exactly the type of investment the development capital funds are designed to support. It will help fund the ambitious growth plans of H&MV as they expand their business into overseas markets. Enterprise Ireland looks forward to working with H&MV to help them reach their full potential.”
MML’s Rory Quirke and Neil McGowan will both join the H&MV board, alongside PJ Flanagan and John Stokes. The company is also pleased to appoint John R Bowen as Chairman of the board and Peter Kavanagh as a non-executive director. John has many years of experience in the construction sector and the business will benefit from the knowledge and expertise he brings. Peter is a veteran of the renewables sector, most recently with Highfield Energy.