MML gains 50pc stake in engineering firm H&MV as founding shareholder exits
MML Growth Capital Partners have bought into Limerick's H&MV Engineering, facilitating the exit of one of the company's founding shareholders.
The company builds substations to connect major energy users to the electricity transmission system.
It works with data centres, food and beverage manufacturers, pharmaceutical companies and renewable energy companies.
MML gains a 50pc stake in the business with the other 50pc going to the management team of PJ Flanagan and John Stokes. Founder Gerry Phelan, who set up the business in 1997, has sold his shareholding.
The investment was made through the MML Growth Capital Partners Ireland fund, a €125m, 10-year fund in its second year, supported by Enterprise Ireland, AIB and a number of international institutional investors. The deal was led by MML partner Rory Quirke.
The amount paid by MML was not disclosed but the fund invests between €2m and €12m in established, growing companies.
H&MV grew from 57 employees at the end of last year to 73 today. It expects to grow to 100 people in the short term. Jobs will be created for electricians and engineers. The company runs an apprenticeship scheme with Solas and is planning to set up its own training facility which it hopes will be accredited by City & Guilds, an apprenticeship accreditation recognised around the world.
The company is ISO accredited and has worked with companies such as Danone, Kerry Group, Regeneron and Mayo Power.
It intends to expand into the US and mainland Europe, in part by capitalising on client relationships forged in Ireland.
"It was an ideal investment for MML" said Rory Quirke.
"This is a young management team with proven capability and ambition in a sector that offers opportunity both domestically and overseas."
"We feel MML, with its experience of working with ambitious and growth focussed management teams, is the perfect partner for the next stage of our journey. This investment will give H&MV the additional financial strength to expand in its target markets", said PJ Flanagan.
Sunday Indo Business