Macfarlanes advised Exponent and H&MV Engineering (H&MV) on an approximately €750m single-asset continuation vehicle.
The oversubscribed continuation vehicle was backed by a consortium of existing and new institutional investors including Apollo S3, Pantheon and SQ Capital. The transaction values H&MV at €1.4bn, representing a near twelvefold increase since Exponent's investment in 2022, on which Macfarlanes also advised.
Exponent is a leading European private equity firm which has raised over £3.8bn in funds since being founded in 2004. H&MV is a leading global provider of specialist high-voltage electrical engineering services for data centres, battery energy storage systems, utilities and renewables. Exponent has been working with H&MV since 2022, transforming it into a global business generating more than €1bn of revenue.
The Macfarlanes team was led by Head of Sponsor Solutions Stephen Pike, with support from Senior Consultant Will David and Associate Maddie Walls. Competition and FDI advice was provided by Partner Malcolm Walton with support from Associates Blaise Kingan, Megan Humphreys and Uwen Yap.