Limerick, 4th February 2024
H&MV Engineering (“H&MV”), a leading mission-critical specialist in high voltage electrical engineering and design, announces the acquisition of Skanstec Group (“Skanstec”), a European specialist engineering company focused on delivering key infrastructure projects in the energy and telecommunications sector. The Skanstec shareholders and management team are remaining in the business and will be reinvesting a material portion of their proceeds into the enlarged H&MV / Skanstec group (the “Group”). The combination of H&MV and Skanstec creates a leading global provider of specialist design, engineering, and construction services with revenues of c. €400m and close to 1,000 employees.
The acquisition of Skanstec will enable H&MV to provide an enhanced service offering to their clients and expand their areas of expertise, including mission-critical power and telecommunications engineering services. The acquisition also strengthens the H&MV team significantly and accelerates expansion across Europe. The Group now has extensive coverage across the EMEA region, encompassing 22 offices.
Skanstec is a specialist engineering company in the energy and telecommunications sector that designs, builds, and commissions critical infrastructure in power grids and communication networks. By operating at the convergence of Digital Energy and Connectivity, the business provides both specialist electrical engineering and telecommunications services to their blue-chip, multinational, private and utility client base across 7 European countries. The Skanstec team have an outstanding reputation in the industry and a proven track record in providing a single-source solution to their clients. Skanstec is well recognised for its high standard of work and proven ability to take ownership of projects, interface with key stakeholders, and manage and deliver the full life cycle of major infrastructure projects in both the energy and telecommunication sectors.
H&MV, founded in 1997, provides comprehensive high-voltage turnkey services across design, installation, commissioning and maintenance from its bases and locations throughout Europe. The company provides specialist electrical engineering services in the energy market across a blue-chip client base that spans three high-growth sectors – Data Centres, Renewables and Utilities.
Following successful investment by Exponent in 2022, H&MV has grown significantly, having recently opened a new global headquarters in Castletroy, Co. Limerick and announced the creation of 700 additional jobs. In recent years, it has also achieved a number of key milestones, including the trebling of revenue, expanding geographically, and winning landmark contracts with blue-chip multinational clients in the data centre and renewable sectors.
The combined H&MV and Skanstec group is well positioned to accelerate ambitious growth plans and become a truly global leading specialist in mission-critical infrastructure design and engineering services.
P.J. Flanagan, CEO, H&MV Engineering
“We are pleased to announce the acquisition of Skanstec, who have a strong reputation in the industry and have carved out a niche position in the European market in delivering both energy and connectivity projects for leading blue-chip clients. We hugely admire what Declan and the Skanstec team have achieved to date, and they are clearly aligned with our culture and values. We are excited to welcome fibre and connectivity expertise to the group and additional strength in the energy business. We look forward to working with Declan and the team, as we embark on this exciting phase of our growth.”
Declan Wynne, CEO, Skanstec
“We are excited to be joining the H&MV group – the combination of H&MV and Skanstec presents a strengthened market offering, enabling greater value in the group proposition and outreach. The Skanstec business has experienced substantial growth to date by delivering energy and connectivity projects across Europe. Being part of the H&MV Group is a fantastic opportunity to further develop the business in both existing territories and into new international markets. The Skanstec team is client-focused, passionate and has developed a human-centric culture built upon an enterprising mindset. PJ and his team have experienced exceptional growth in recent years, and we share similar ambitions, values and are very aligned on our strategic growth trajectory. We look forward to working as part of the H&MV group and continuing the growth journey collectively.”
John Moore, Chair H&MV and Operating Partner, Exponent
“We are delighted to continue to support H&MV in its accelerating growth and ambitious international expansion, and thrilled to welcome the high-quality business and team that Skanstec has developed. The two businesses are highly complementary and the enlarged group is set to offer its blue-chip client base an unrivalled service across EMEA and beyond.”
Principal corporate finance and legal advisors to Skanstec were Clearwater International and Squire Patton Boggs respectively. KPMG and A&L Goodbody provided financial and legal advice to H&MV, respectively.
Exponent is a leading European private equity firm and recently announced the establishment of a new operational base in Dublin, underscoring its long-standing commitment to investing in Ireland. Exponent has built a decade-long track record in Ireland, investing over €1 billion in Irish businesses to date. These include five platform and eight bolt-on acquisitions since 2012, including the carve-out of Enva, a leading resource recovery business, from DCC plc, recently sold to I Squared Capital, and Fintrax, a leading global provider of tax refund and dynamic currency conversion services, sold to Eurazeo in 2015.