Tipperary business Skanstec is finally acquired by Limerick-based company

H&MV Engineering, the private equity-backed engineering services firm, has acquired Skanstec, a Tipperary-based specialist engineering firm, for an undisclosed sum.

The acquisition is the latest expansion by H&MV Engineering, which has been growing rapidly over recent years after Exponent, a British private equity firm, acquired a majority stake in the Irish company for around €100 million.

The Skanstec shareholders and management team are remaining in the business and will be reinvesting a material portion of their proceeds into the enlarged H&MV / Skanstec group (the “Group”).

The combination of H&MV and Skanstec creates a leading global provider of specialist design, engineering and construction services with revenues of c. €400m and close to 1,000 employees.

The acquisition of Skanstec will enable H&MV to provide an enhanced service offering to their clients and expand their areas of expertise including mission-critical power and telecommunications engineering services.

The acquisition also strengthens the H&MV team significantly as well as accelerating expansion across Europe. The Group now has extensive coverage across the EMEA region encompassing 22 offices.

H&MV, founded in 1997, provides comprehensive high-voltage turnkey services across design, installation, commissioning and maintenance, from its bases and locations throughout Europe.

The company provides specialist electrical engineering services into the energy market across a blue-chip client base that spans three high-growth sectors - Data Centres, Renewables and Utilities.

P.J. Flanagan, CEO, H&MV Engineering said, “We are pleased to announce the acquisition of Skanstec, who have a strong reputation in the industry and have carved out a niche position in the European market in delivering both energy and connectivity projects for leading blue-chip clients.

"We hugely admire what Declan and the Skanstec team have achieved to date, and they are clearly aligned with our culture and values. We are excited to welcome fibre and connectivity expertise to the group and additional strength in the energy business.”