H&M $1.6B deal accelerates Irish contractor's US data center and grid infrastructure push.
Ireland-based H&MV Engineering is expanding its US high-voltage design and construction operations to serve growing data center, battery storage and utility infrastructure markets. The company announced on August 11 that a new private-equity transaction valuing it at approximately $1.6 billion will provide capital to accelerate this expansion, including hiring, technical capabilities and potential acquisitions.
The roughly $855-million continuation vehicle is led by European private-equity firm Exponent, which has backed H&MV since 2022. The deal adds US-based investors Apollo S3, Pantheon and SQ Capital. Subject to regulatory approval, the transaction is expected to close in September.
Founded in 1997 and based in Limerick, H&MV designs, procures, installs and maintains high-voltage substations and grid connections for data centers, utilities, renewable energy and battery-storage projects. The company reports a $2.3-billion order book and $18.2-billion project pipeline. Revenue has grown from approximately $70 million in 2020 to an expected $1.14 billion-plus in fiscal 2026, while its global workforce has expanded from 300 to more than 1,900 employees. The firm reports more than 24 GW of projects in design and construction.
H&MV entered the US market in late 2025 and now has multiple high-voltage projects in design and construction, ranging from 138 kV to 345 kV. Texas and Louisiana are its most active markets, with work spanning data centers, energy and utility infrastructure. The company currently employs more than 200 people in the US and expects to exceed 500 within five years, with its North American headquarters scheduled to open in Dallas in September.
In January 2026, H&MV acquired Amarillo, Texas-based Cooke Power Services, an electrical contractor serving utility and energy clients across the country. Cooke's work includes utility-scale substations, switching stations and underground collection systems from 15 kV to 345 kV, along with substation testing and commissioning. According to H&MV, the acquisition strengthened its Midwest and Southwest operations by adding qualified local teams, state-level licensing, regional experience and utility relationships.
The company is delivering US projects independent of Cooke's legacy portfolio, including work for existing customers that requested H&MV bring engineering and project-delivery capabilities used in Europe to North America. H&MV declined to identify individual customers or projects, citing client confidentiality.
John Moore, H&MV chair and an operating partner at Exponent, stated that the Cooke purchase "reflects the continued customer pull into the U.S. market and the global opportunity ahead for H&MV." He added, "Our priority now is to build on those foundations by accelerating H&MV's U.S. expansion, deepening relationships with global customers and continuing to invest in the people and capabilities required for the next phase of growth." CEO P.J. Flanagan noted that the financing would allow H&MV to pursue strategic acquisitions.
H&MV declined to break out the US share of its order book or pipeline but expects the country to be a major contributor to growth over the next five years. The US pipeline spans data centers, utilities, grid infrastructure, renewables and battery energy storage. "Our growth strategy is built around growing demand for high-voltage infrastructure across the power system, rather than any single end market," the company stated. While acquisitions will remain part of H&MV's US growth plans where they add local delivery capability, technical expertise or market access, the company expects most growth to come organically by expanding with existing customers, winning new work and building its US team.