Transaction: BWB’s cross departmental M&A team acted for FM Conway Limited (“Conway”) on its acquisition of United Construction Materials Limited, the parent company of United Asphalt (“United Asphalt”).
Conway is a leading independent infrastructure services company delivering vital services in transportation, the built environment and open spaces for communities and business. The company’s turnover in the financial year ending 31 March 2016 was £247.8 million. Conway is ranked number 72 in The Sunday Times Grant Thornton Top Track 250 2016.
United Asphalt manufactures and supplies high quality asphalt, macadam and specialist surfacing products for use in highway construction, road maintenance, commercial, industrial and domestic applications across South East England. The company’s turnover in the financial year ending 31 March 2016 was £24.8 million. United Asphalt employs 32 staff and operates two asphalt plants, based in Theale and Croydon. The acquisition has provided Conway with rail head access and both plants are able to operate 24 hours a day. In addition to the two asphalt plants, United Asphalt also operates a recycling depot at Colthrop, Berkshire. The locations of the Colthrop recycling depot and the Theale plant complement Conway’s recent acquisition of Berkshire Macadams Limited and provide a stepping stone for Conway into the south west of England.
Commenting on the acquisition, Michael Conway MBE, Conway’s CEO said: “This is an extremely exciting acquisition which supports our self-delivery model and puts us into an excellent position to provide high-quality products on demand for our customers on both the strategic and local road networks. The new plants provide a much wider market spread for all divisions within our organization, supporting both our existing contracts and future projects. The Croydon plant will support our delivery within and to the south of London, while Theale, together with our recently acquired Reading plant, now gives us excellent access to the M4 corridor and to the south-west of England.”
David Donnelly Conway’s CFO said: “I was delighted with the service provided by BWB; the way the teams across several disciplines worked together to provide a seamless service to get the transaction completed in a short period of time”.
The acquisition is BWB’s second strategic acquisition for Conway and was completed just ten days after BWB acted on Conway’s successful acquisition of Berkshire Macadams Limited. The sale of United Asphalt was structured as an auction sale and was completed within three weeks of Conway being granted exclusivity. This acquisition demonstrates our team’s ability to work on complex time critical and high value M&A transactions.
Principal Lawyers: Stephen Callender (Corporate Partner) and Mark Tasker (Head of Corporate) lead the cross-departmental team which also comprised Cordelia Sanger, Viral Kataria and Gemma Boore (Corporate), Mark Traynor, Richard Roberts and Neil Lambert (Real Estate) and Louise Rea and Rachel Mathieson (Employment), and Chetal Patel (Immigration).
Posted on 25/01/2017 in Corporate & CommercialBack to Knowledge