We recently advised on the Management Buyout (MBO) of H&MV Engineering. The H&MV management team, led by P.J. Flanagan, CEO, and John Stokes, Executive Director, supported by Novus Technical Services, an international oil and gas services group led by Hugh O’Donnell, acquired MML Growth Capital Partners’ 49.21% shareholding in H&MV. The deal sees MML successfully exit its investment after supporting the initial MBO of H&MV in October 2015.
Both H&MV and Novus are long-standing clients of our firm and we are delighted to see their partnership develop. We believe H&MV is well positioned to continue its ambitious international growth plans under the new ownership structure.
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.
P.J. Flanagan, CEO, H&MV
“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 George and the HOMS team. We have a trusted relationship with HOMS having also advised us on the initial MBO in 2015, with their guidance and expertise proving to be invaluable once again.”
Novus Technical Services provide industrial electrical and automation specialist solutions to multiple industries worldwide, including the international energy & resource sector and the ICT and Data Development sector. The Novus team brings together decades of industry experience, including 2009 EY Ireland Entrepreneur of the Year (International Category), Hugh O’Donnell, and other former executives of engineering firm Kentz.
Hugh O’Donnell, NOVUS Technical Services and Chairman of H&MV
“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. We would like to thank HOMS for their support and advice on this transaction.”