European private equity firm Exponent has closed a €750 million (US$865 million) single-asset continuation fund to extend its investment in H&MV Engineering, an Ireland-headquartered high-voltage electrical engineering and critical power infrastructure specialist. The transaction, backed by Apollo S3, Pantheon and SQ Capital, values H&MV Engineering at approximately €1.4 billion (US$1.61 billion).

The investment is designed to support H&MV Engineering’s next phase of growth, including its expansion in the US and other international markets, strategic acquisitions, engineering capabilities and recruitment. The company currently has a €2 billion order book and a €16 billion project pipeline, and is targeting €3 billion in annual revenue within five years.

H&MV, headquartered in Limerick, Ireland, provides high-voltage electrical engineering services for data centres, battery energy storage systems, utilities and renewable energy projects. It plans to open a North American headquarters in Dallas, Texas, while adding around 1,100 employees to its existing workforce of more than 1,900.