The Board of Management at VolkerWessels has announced the acquisition of the British civil engineering and building company Fitzpatrick plc. The company, which has a 750-strong workforce, achieved turnover of approximately £225 million last year. No financial details of the transaction have been disclosed.
From its head office in Hoddesdon, Hertfordshire, Fitzpatrick undertakes highway maintenance, civil engineering, commercial building, rail and facility management contracts mainly in the south-east of England. The company started out as Fitzpatrick & Son in 1921 and has since become one of the UK’s largest private construction companies.
”The takeover ties in with VolkerWessels’ strategy to expand in the UK, with companies delivering synergy benefits to the companies we already have there,´´ says Andries de Jong, a member of the Board of Management at VolkerWessels. ”We have come to recognise Fitzpatrick as a robust business, with strong management. We are convinced that in 2004 Fitzpatrick will deliver a significant contribution to the result of VolkerWessels.´´
Patrick Fitzpatrick said, “The acquisition by VolkerWessels ensures that Fitzpatrick plc will become part of a large international company enabling it to further develop and expand the growth strategy that has already been implemented. The acquisition enables VolkerWessels to offer Fitzpatrick the chance to fulfil its ambitions. I am leaving the company in the knowledge that its future will be in good hands.´´
Source: Royal Volker Wessels Stevin