The return of the Irish market
Following several years of economic contraction, Ireland is currently Europe’s fastest growing economy with GDP growth of 5.9% in 2015. Importantly, this increase in economic activity has had a tangible positive impact on the unemployment rate, which has fallen below 10% to 9.3% for the first time since Q1 2009. There has been significant improvements across all key sectors in the Irish economy, in particular the industrial sector has been one of the main drivers of the recovery with annual growth in the sector of 18.5%. Export growth driven by a weaker euro has benefitted Irish manufacturers exporting outside of the Eurozone.
The renewed buoyancy in the market has led to a significant increase in M&A activity and the deployment of domestic and international private equity funding in the Irish market. The latest deal completed by the recently merged Irish team is the perfect example of the growth opportunities these PE funds are seeking to capitalise on.
Clearwater International advises on the MBO of H&MV Engineering
MML Growth Capital Partners Ireland has invested in H&MV Engineering (‘H&MV’), a leading electrical engineering services business. Clearwater International advised the shareholders and executive management of H&MV on the transaction.
H&MV was established in 1997 and is now among the leading specialist high voltage electrical contracting and consulting companies in Ireland, with an increasing level of activity in overseas markets. It provides specialist services to a range of clients for design, installation, commissioning and maintenance of transmission and distribution networks with a particular focus on the data centre and renewables sectors.
The deal sees MML back the existing management team, led by PJ Flanagan and John Stokes. The MML investment was made through MML Growth Capital Partners Ireland, a fund dedicated to backing private businesses located on the island of Ireland. H&MV will use the recent investment to expand domestically and internationally.