FM Conway to be acquired by VINCI Construction
Deal set to support further growth of FM Conway and strengthen UK market position of VINCI Construction
VINCI Construction have today signed a share-purchase agreement in relation to the full acquisition of FM Conway, one of the UK’s leading infrastructure services businesses, for an undisclosed sum. Founded in by Francis Michael Conway in 1961 and based in Sevenoaks, Kent, FM Conway are owned by the Conway family and operate across England, with a particular focus on the south-east of the country. In the financial year ending March 2024, the company’s turnover was £580 million.
Delivering essential construction and maintenance for public transportation networks and community spaces, the business is an important producer of highways materials in the UK, pioneering the use of high recycled asphalt on the local and strategic road networks. In 2021 FM Conway acquired independent surfacing contractors Toppesfield and subsequently bought specialist drainage operators Flowline in 2023.
Following completion of the transaction, FM Conway and their entities will join the network of VINCI Construction, supporting the further growth of FM Conway and strengthening VINCI Construction’s position in the UK market. Completion, which is subject to any necessary regulatory approvals, is expected in early 2025.
Commenting on the acquisition, Joanne Conway, chief executive officer 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. I am incredibly proud to have been able to build on what my grandfather created and what my father, Michael Conway, grew into the business that FM Conway is today.
‘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.’
As of today [30 October], Ms Conway will step down as chief executive officer of FM Conway to focus on her executive group chair role. Chief operating officer Andrew Hansen has become CEO with immediate effect, supported by chief financial officer Mark Goldsworthy and the wider senior management team. Upon completion of the acquisition, Ms Conway will leave the business.
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 are an excellent commercial and cultural fit for us, especially for Ringway, Eurovia, and Taylor Woodrow. They have a powerful heritage, and we are privileged to be in a position to build on the Conway family’s legacy. We are looking forward to working alongside the FM Conway team to take the business to the next stage.’
In 2023, VINCI Construction’s UK division generated a total revenue of £2.2 billion – with 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).
