Clearwater International Ireland advises on the MBO of H&MV Engineering

Clearwater Advisor

Clearwater International Ireland has advised H&MV Engineering (“H&MV”) and the management team, led by P.J. Flanagan, CEO, and John Stokes, Executive Director, on the buyout of the company in a strategic partnership with Novus Technical Services, an international oil and gas services group led by Hugh O’Donnell. The deal sees MML Growth Capital Partners Ireland Limited (“MML”) successfully exit its investment after supporting the initial MBO of the company back in October 2015.

H&MV was established in 1997 and is one of the leading specialist high voltage electrical contracting and consulting companies internationally. H&MV provides comprehensive turnkey services to a wide range of industries for design, installation, commissioning and maintenance of high-voltage transmission and distribution networks. In recent years, the company has successfully expanded into a number of international, high growth markets including the Nordics, the Netherlands, South Africa and the Middle East.

Since the MBO in 2015, H&MV has grown significantly and achieved a number of key milestones including its international expansion, winning landmark contracts and trebling employee numbers to over 230. Over that period, revenue has grown from less than €8m to in excess of €34m for the year ended April 2018.

H&MV is well positioned to continue its ambitious international growth plans under the new ownership structure following this period of sustained success.

The Clearwater International team was led by Partner John Curtin with support from Associate Christopher Jordan.

“ We are delighted with this MBO, which is great news for our employees and the long-term future of H&MV Engineering. As part of our new ownership structure, we now look forward to further developing H&MV as a global leader in turnkey energy solutions. We would like to thank MML for their support over the last three years and wish them continued success in the future. We would also like to thank John and the Clearwater team. We have a trusted relationship with Clearwater having also advised us on the initial MBO in 2015, with their guidance and expertise proving to be invaluable once again.”

P.J. Flanagan, CEO, H&MV Engineering

“ Novus Technical Services is delighted to be partnered with H&MV Engineering, allowing the combined teams to offer an expanded range of services, as well as enter new and exciting markets.”

Hugh O’Donnell, Novus Technical Services

“ We are thrilled with our successful exit from H&MV. It has been a privilege to partner with P.J., John and their management team on what has been an exciting journey, growing the business into a recognised leader in international markets. We wish P.J., John, Novus and all at H&MV continued success and have no doubt they will thrive with further international expansion.”

Rory Quirke, Co-Head Investing, MML Growth Capital Partners Ireland Limited

“ We were delighted to have the opportunity to work with PJ and John again having advised on the initial MBO in 2015. H&MV has grown to become an international market leader in specialist high voltage electrical contracting. This transaction marks a strong result for the H&MV management team and MML, while positioning the company to achieve their ambitious international growth plans with their new partner, Novus.”

John Curtin, Partner, Clearwater International