French-based contractor Eiffage has acquired the Chris Vuylsteke group, a company specialising in construction and property development based in Meulebeke, Belgium.
The acquisition, which is subject to Belgian Competition Authority approval, is through Eiffage Benelux, a subsidiary of the Eiffage construction division.
Founded in 1969, Chris Vuylsteke is a general construction company with 160 employees and an annual turnover of approximately €45 million.
Eiffage said the acquisition was part of its international development strategy. It said the purchase of the Chris Vuylsteke group, with management continuity, would enable Eiffage Benelux to strengthen its position and expand its activities in West Flanders, in particular for design and build, property development and public-private partnerships (PPP).
The Vuylsteke group said that retaining the present management and staff would allow a high degree of autonomy to achieve its growth plans under the financially strong Eiffage Benelux. Turnover in 2015 for Eiffage Benelux was €520 million.