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(Bloomberg) — European private equity firm Exponent has closed a €750 million ($866 million) continuation fund that extends its investment in H&MV Engineering, which works on high-voltage projects and is expanding in the US.
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Apollo Global Management Inc.’s secondaries business, Pantheon and SQ Capital are joining the deal, according to a statement from H&MV Engineering. The transaction was oversubscribed and values the Ireland-headquartered company at €1.4 billion.
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H&MV Engineering provides infrastructure services for data centers, renewable energy developers and utilities and has seen rapid expansion as demand for artificial intelligence, battery storage and renewable energy has risen.
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The company said it’s targeting revenue of €3 billion within five years and is supported by a €2 billion order book. Since 2020, it has increased revenue from €61 million to an expected €1 billion this year.
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So-called continuation funds allow existing investors to cash out while bringing in new partners. The deals have become more popular due to the difficult environment for traditional private equity exits such as initial public offerings and sales.
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P.J. Flanagan, chief executive officer of H&MV, said in an interview that “this was the best vehicle” to support the growth of the business. “What will happen after that, we’ll see where the markets are and what options are,” he said.
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H&MV Engineering is opening its North American headquarters in Dallas, Texas later this year and currently has 24GW of projects in design and construction. It operates from 20 offices across Europe, the US and Asia.
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English (US)