“We are delighted to receive this investment from MML Ireland. It validates both the business's development to date, and future plans to capitalise on the progress that has already been achieved. We have ambitions to further develop into Ireland and continue expanding into markets across Europe. We feel MML Ireland, with its experience of working with ambitious and growth focused management teams, is the perfect partner for the next stage of our journey."

PJ Flanagan, CEO, H&MV Engineering

H&MV Engineering

Shareholder reorganisation to support a management buyout of the founder and allowed a partial divestment for the rolling management shareholders. Created an incentive plan for senior management.

The business

H&MV Engineering is a leading provider of specialist high voltage engineering services for renewable, data centre, manufacturing and pharmaceutical projects.

The deal

H&MV Engineering was established in 1997 as a specialist high voltage electric services business. The company expanded to focus on data centres, renewables and large infrastructure assets. H&MV Engineering’s founder was seeking an exit and the management team were seeking a partner to support a management buyout from the original founder and also support an international expansion. MML Ireland was introduced to the management team as an alternative to a trade sale. MML Ireland facilitated an exit for the founding shareholder and invested alongside MD, PJ Flanagan, and Operations Director, John Stokes - who both reinvested materially - and created a significant equity pot for the wider management team.

The exit

During our partnership with PJ and John, the business grew revenue by c. 425%, headcount from c. 60 to c. 230, and expanded into Norway, Sweden, the Netherlands and South Africa. MML Ireland supported H&MV Engineering’s international expansion and transition from a subcontractor to a prime contractor. The finance and reporting function was enhanced and the board strengthened. In September 2018, MML Ireland successfully sold its stake in the business to the management team, supported by Novus Technical Services, an international oil and gas services group.

MML Ireland Fund I
Republic of Ireland
Deal Status

Related news

MML Ireland exits H&MV
MML Ireland has successfully exited their investment in H&MV after supporting the initial MBO of the company in October 2015.
MML Ireland backs H&MV
MML Ireland has backed Limerick-based electrical engineering services business H&MV Engineering's existing management team, led by PJ Flanagan and John Stokes, to grow and develop the company. As part of its investment, MML Ireland will take a stake in the company with management re-investing for a significant equity position.

Associated deal team

Rory Quirke

Partner and Co-Head of Investments

Stephen Minogue

Investment Director

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