VINCI Construction has signed a share purchase agreement to acquire UK maintenance firm FM Conway for an undisclosed sum.
FM Conway delivers essential construction and maintenance for public transportation networks and community spaces. The business is an important producer of highways material in the UK, pioneering the use of high recycled asphalt on local and strategic road networks.
Acquisition is subject to UK regulatory approval and is expected to be completed in early 2025. Following completion, FM Conway and its entities will join the network of VINCI Construction’s other UK businesses.
Joanne Conway will be stepping down as chief executive of FM Conway to focus on her work as executive group chair. Meanwhile, Andrew Hansen, FM Conway's chief operating officer, will become chief executive with immediate effect, supported by Mark Goldsworthy, chief financial officer.
FM Conway acquired independent surfacing contractor Toppesfield in 2021 and bought specialist drainage operator Flowline in 2023. FM Conway’s turnover in the financial year ending March 2024 was £580 million (€697 million).
“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 deliver,” said Conway. “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.”
In 2023, VINCI Construction’s UK division - with 6,700 employees - generated revenue of £2.2 billion (€2.65 billion) through its five businesses; Eurovia (road construction), Ringway (maintenance services), Taylor Woodrow (civil engineering), VINCI Building (building) and VINCI Facilities (facility management).
Acquiring FM Conway will allow VINCI Construction greater self-delivery and to grow its circular economy in UK markets, said Scott Wardrop, chief executive of the UK division of VINCI Construction. “FM Conway is an excellent commercial and cultural fit for us, especially for Ringway, Eurovia and Taylor Woodrow. We’re looking forward to working alongside the FM Conway team to take the business to the next stage.”
