World leader in geotechnical, structural and civil construction, Soletanche Freyssinet has invested in Christchurch based March Construction.
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Media release: World's leading construction and concessions company invests in Christchurch family business.
New Zealand company March Construction today announced that Soletanche Freyssinet, a subsidiary of VINCI, a world's leading construction and concessions company, has acquired a 55% shareholding in the firm from the March family.
March Construction Managing Director Guy March says, "This is a significant milestone for our 40-year-old business and the New Zealand civil construction industry."
"The investment by Soletanche Freyssinet will give March Construction access to world-leading experience, equipment and technologies unrivalled in the New Zealand construction business."
"It is also notable that this is the first time a company as significant as VINCI has invested in New Zealand's construction sector. March now has the largest financial backing of any construction company in New Zealand."
VINCI is listed on the CAC-40 in France and is ranked 183 in the Fortune 500 list of global corporations.
Soletanche Freyssinet has been working on joint venture projects with March Construction in the last eight years through its Menard Bachy business unit.
Menard Bachy Oceania Managing Director Paul McBarron says, "This acquisition in New Zealand is an example of how Soletanche Freyssinet has expanded around the world."
The company's business model, groups together more than 180 business units in over 100 countries working in the specialist construction sectors. With a reputation for quality and innovation in geotechnical, environmental and civil engineering construction, it offers local expertise supported by a global network of unparalleled resource and experience.
"Through our previous joint venture relationship with March Construction, we have realised each partners skills, strengths and common interests that has allowed a partnership to develop based upon mutual trust and respect," Paul McBarron says.
"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."
"March, like numerous other businesses in New Zealand, is a multi-disciplined civil construction company whereas Soletanche Freyssinet is the world leader in ground and structural engineering, offering an unparalleled array of specialised civil engineering capabilities."
"Under the new ownership structure, the March business unit will evolve over time into a design and construction solutions contractor," McBarron says.
Guy March continues in his role of Managing Director of March Construction and senior management from Soletanche Freyssinet will join the board of directors.
"March Construction's current and future clients will have access to industry-leading solutions backed by the security of a company with both the technical and financial resources to deliver on small and large-scale construction and infrastructure projects," March says.
About March Construction
March Construction is a leading constructor of water and waste-water infrastructure, foundation piling, and temporary or permanent retaining and dewatering systems for the construction of underground structures. It was founded in 1971 and is one of New Zealand's oldest family-owned construction companies. The company employs more than 80 staff and full-time equivalent contractors.
About Soletanche Freyssinet
Soletanche Freyssinet is part of the VINCI Group, a world's leading construction and concessions company in terms of its global operations. Paris-based VINCI is publicly listed and employs 183,000 people in more than 100 countries.
As the world leader in ground, structural and civil engineering, with 18,000 employees, Soletanche Freyssinet operates around the world under the major brands of Soletanche Bachy, Menard, Terre Armee, Freyssinet and Nuvia. The group companies work on thousands of projects every year to help design, build, maintain and repair a wide variety of structures including bridges, port facilities, transport infrastructure, shopping centres, high-rise buildings, dams, stadiums, mines and tunnels.