Ethos Engineering has secured private equity player Exponent as a backer in a move that will aid the data centre designer in recruiting 250 additional workers.
The deal follows news that Exponent has agreed to buy businessman Michael Burke’s Chanelle Pharma for up to €300 million late last month.
Ethos said on Wednesday that Exponent would make a “significant investment” in the engineering business to accelerate its current growth plans and boost the services it offers to clients.
“As part of this, Ethos plans to create 250 new roles over the next five years,” said a statement.
Ethos is based in the Republic and operates in 19 countries. The company specialises in electrical and mechanical engineering and building design.
Previous projects on which it has worked include Microsoft’s European HQ in Leopardstown, Dublin.
The company designs and builds large numbers of data centres, a specialisation for which demand continues to grow.
Exponent’s investment will allow it to explore opportunities in other industries and countries.
Neither side revealed the deal’s terms, but Ethos Engineering chief executive and shareholder Greg Hayden and his fellow managers will continue to run the business.
What is behind Bitcoin’s remarkable recovery?
Exponent has offices in Dublin, London and Amsterdam. The company has raised €3 billion since it began in 2004, investing in businesses including travel app, Trainline, the Racing Post newspaper, Fintrax — now called Planet — and most recently Chanelle Pharma.
Mr Hayden dubbed Exponent’s investment a “landmark moment” for Ethos.
“Demand for data is continuing to grow and it is vital that data centre owners deliver their services in a way that is sustainable and energy efficient,” he said.
Exponent’s Anthony Clegg predicted that artificial intelligence and cloud services would continue to drive demand for data centres worldwide.
His colleague, John Moore, said the firm was “delighted” that Mr Hayden and his team had chosen Exponent as their partner for the engineering company’s next stage.
