FM Conway to be acquired by VINCI Construction

VINCI Construction has signed a share purchase agreement to acquire infrastructure service business FM Conway.

Sevenoaks Kent-based FM Conway provides construction and maintenance for public transportation networks and community spaces. It expertise encompasses roadworks, civil engineering, asphalt and binders’ production as well as a range of specialist businesses including water and drainage management, lighting, cabling and traffic management.

Founded in 1961 by Francis Michael Conway, FM Conway has remained in family ownership until now. It 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, particularly the South East.

Completion is subject to regulatory approvals and is expected in early 2025. FM Conway’s turnover in the financial year ending March 2024 was £580 million, and 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 French owned 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.”