Infrastructure services business FM Conway is being acquired by VINCI Construction

VINCI has signed a share purchase agreement in relation to the acquisition of FM Conway, which delivers essential construction and maintenance for public transportation networks and community spaces.

The business is a producer of highways materials in the UK, pioneering the use of high recycled asphalt on the local and strategic road networks.

FM Conway acquired independent surfacing contractor Toppesfield in 2021 and bought specialist drainage operator Flowline in 2023.

Following completion of this transaction, FM Conway and its entities will join the network of VINCI Construction to support the further growth of FM Conway and strengthen VINCI Construction’s position in the UK market.

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

FM Conway’s turnover in the financial year ending March 2024 was £580m. The value of the deal has not been disclosed.

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.”

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.”

In 2023, VINCI Construction’s UK division generated a total revenue of £2.2bn – 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).