M&A Deal Summary

F M Conway Acquires Flowline

On May 5, 2023, F M Conway acquired utilities company Flowline from BGF

Acquisition Highlights
  • This is F M Conway’s 1st transaction in the Utilities sector.
  • This is F M Conway’s 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2023-05-05
Target Flowline
Sector Utilities
Buyer(s) F M Conway
Sellers(s) BGF
Deal Type Add-on Acquisition

Target

Flowline

Rayleigh, United Kingdom
Flowline is a commercial environmental services contractor, primarily operating in the Water, Highways, Construction and Rail Sectors. Flowline is providing pipeline renovation through modern UV systems, CCTV pipeline condition surveys and drainage asset mapping & connectivity surveys, using the most advanced technologies, as well as confined space rescue services, high pressure water jetting, gully and catchpit cleaning, waste disposal and liquid waste tankering. Flowline was founded in 1991 and is based in Rayleigh, United Kingdom.

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Buyer(S) 1

Buyer

F M Conway

Sevenoaks, United Kingdom

Category Company
Sector Business Services
Revenue 690M EUR (2024)
DESCRIPTION

FM Conway delivers essential construction and maintenance for public transportation networks and community spaces. The company produces highways materials in the UK, pioneering the use of high recycled asphalt on the local and strategic road networks. FM Conway is based in Sevenoaks, Kent.


DEAL STATS #
Overall 1 of 1
Sector: Utilities M&A 1 of 1
Type: Add-on Acquisition M&A Deals 1 of 1
Country: United Kingdom M&A 1 of 1
Year: 2023 M&A 1 of 1

Seller(S) 1

SELLER

BGF

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 2011
PE ASSETS 2.5B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

Business Growth Fund (BGF) is a private investment firm focused on early and growth-stage investing across the UK. The Firm also invests in publicly traded companies. BGF's growth team looks to invest £1 to £15 million in small to mid-sized companies looking for additional capital to pursue growth. BGF was established in 2011 and is headquartered in London.


DEAL STATS #
Overall 104 of 131
Sector: Utilities M&A 1 of 1
Type: Add-on Acquisition M&A Deals 57 of 70
Country: United Kingdom M&A 99 of 125
Year: 2023 M&A 7 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-04 Paint Shed

Stirling, United Kingdom

Paint Shed sells a wide range of branded trade paints and accessories to independent painters and decorators and retail consumers via its e-commerce site and through its network of 15 stores across central Scotland. Paint Shed was founded in 1995 and is based in Stirling, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-24 RiverRidge

Belfast, United Kingdom

RiverRidge is the most integrated waste management operation in Northern Ireland, offering a broad range of collection, treatment, and diversion from landfill solutions to many local authorities, public bodies, and private operations. RiverRidge is based in Belfast, United Kingdom.

Sell -