Vinci acquires stake in New Zealand contractor
By Helen Wright05 September 2012
Vinci has acquired a 55% stake in privately-owned New Zealand contractor March Construction - a deal which comes amid reconstruction activity in the country in the wake of the February 2011 earthquake in Christchurch.
Vinci subsidiary Soletanche Freyssinet bought the shareholding from the March family. Soletanche Freyssinet has worked on joint venture projects with March Construction over the last eight years through its Menard Bachy business unit.
Menard Bachy Oceania managing director Paul McBarron said, "We are presently involved in Christchurch earthquake recovery works, however Soletanche Freyssinet is investing in New Zealand for the long term. This acquisition is an opportunity for us to grow the company regionally and particularly into Auckland market."
Mr McBarron added that the new ownership structure would see the March business evolve over time into a design and construction contractor.
The companies confirmed that Guy March would continue in his role of managing director of March Construction, while and senior management from Soletanche Freyssinet would join the contractor's board of directors.