French contractor Vinci Construction has signed a share purchase agreement to acquire Kent-based FM Conway, one of the UK’s leading infrastructure services businesses.
The purchase price has yet to be disclosed.
FM Conway is both a producer of highways materials, pioneering the use of high recycled asphalt on the local and strategic road networks, and a maintenance contractor. It acquired surfacing contractor Toppesfield in 2021 and specialist drainage operator Flowline in 2023.
Completion is subject to any necessary regulatory approvals and is expected in early 2025. At that point, FM Conway and its entities will join the network of Vinci Construction.
In the year to 31st March 2024, FM Conway Limited turned over £580m (2023: £535m) and made a pre-tax profit of £29.4m (2023: £15.5m).
The company was founded by Francis (Frank) Michael Conway in 1961. In 1981 his son Michael took over. When Michael Conway died in March 2022, his daughter Joanne took over as chief executive and chair.
Joanne Conway said: “We’re a proud family business that has grown considerably through sheer hard work and determination to become an industry leader and a significant part of the UK’s critical infrastructure delivery. The time is now right for the next chapter of our growth story. Beyond the obvious operational and commercial synergies, we share a set of values with Vinci and an approach to business that’s about putting people first, doing great work, and respecting the communities we operate in.”
Scott Wardrop, chief executive of the UK division of Vinci Construction, said: “This acquisition is a clear indication of our ambition to strengthen our business, through greater self-delivery and grow the circular economy in our UK market sectors.
"FM Conway is an excellent commercial and cultural fit for us, especially for Ringway, Eurovia and Taylor Woodrow. It has a powerful heritage and we are privileged to be in a position to build on the Conway family’s legacy. We’re looking forward to working alongside the FM Conway team to take the business to the next stage.”
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