VINCI to 'take FM Conway to the next stage' after acquisition

VINCI Construction has signed a share purchase agreement to acquire highways and infrastructure firm FM Conway.

FM Conway is a powerhouse in the south east of England - an important producer of highways materials and a pioneer in the use of recycled asphalt on the local and strategic road networks. The company itself acquired surfacing contractor Toppesfield in 2021 and bought specialist drainage operator Flowline in 2023.

Joanne Conway, CEO and executive group chair at FM 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.’

VINCI Construction’s UK division has a total workforce of 6,700 employees through its five business lines: Eurovia (road construction), Ringway (maintenance services), Taylor Woodrow (civil engineering), VINCI Building (building) and VINCI Facilities (facility management).

In 2023 it generated a total revenue of £2.2bn.

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.’

Completion is subject to any necessary regulatory approvals and is expected in early 2025.