CHRISTCHURCH REBUILD » March Construction
8
Business South / December 2012
French giant takes stake in March Jo Bailey The acquisition of over half of longstanding Canterbury firm March Construction by French construction giant VINCI, is a significant milestone for the family-owned business, said managing director Guy March in a recent press release. “The investment by Soletanche Freyssinet (a subsidiary of VINCI) 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 civil construction sector. March now has the largest financial backing of any construction company in New Zealand.” In early September March Construction’s owners, Buzz March and his sons Guy and Andrew announced the sale of 55 percent of their company. The business was founded by Buzz and his brother Sam 41 years ago and is one of New Zealand’s oldest family-owned civil construction operations. March Construction will become part of the Soletanche Freyssinet group within VINCI - one of the 40 biggest companies on the French stock market with revenues of NZ$94 billion.
It is currently ranked 183 in the Fortune 500 list of global corporations. The relationship between the companies was secured on joint venture projects over the last eight years through Soletanche Freyssinet’s Australian business unit Menard Bachy. Menard Bachy and March Construction are currently working in a joint venture to rebuild the levies at the Bromley Sewage ponds to prevent further liquefaction. Menard Bachy Oceania managing director Paul McBarron said the joint venture relationship had allowed the companies to realise each partner’s skills, strengths and common interests. “This has allowed a partnership to develop based upon mutual trust and respect.” However he says the acquisition of the stake in March Construction is not just focused on Christchurch earthquake recovery works and that 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.” Soletanche Freyssinet is a world leader in ground, structural and civil engineering, with 18,000 employees worldwide. The group works on thousands of project each year to design, build, maintain and repair a
The investment by Soletanche Freyssinet (a subsidiary of VINCI) will give March Construction access to world-leading experience, equipment and technologies unrivalled in the New Zealand construction business.” wide variety of structures including bridges, port facilities, transport infrastructure, shopping centres, high-rise buildings, dams, stadiums, mines and tunnels. March Construction is a multi-disciplined civil construction company, and 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. Paul McBarron says the acquisition of the holding in March Construction is an example of Soletanche’s business model of teaming up with local companies. It has more than 180 business units in more than 100 countries working in specialist parts of the construction sector.
“Under this new ownership structure, the March business unit will evolve over time into a design and construction solutions contractor,” McBarron says. March Construction would keep its name, with Guy March continuing as its managing director. Senior managers of Soletanche will join the March board. Guy March says the new ownership will open up opportunities for the company and staff to take part in more complex projects. “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.
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