WYG has bought FMW in a move that enables it to gain a stronger foothold in the transport market across the South West and Wales.
It comes as the result of a strategic review of WYG finds that an “appropriately funded independent group” is the best option for its future. WYG under chief executive Paul Hamer has a strategy to grow through acquisitions and said that FMW’s range of expertise, clients and services complements its own.
“This acquisition is a significant boost to our capability and excellent news for our clients across the south and south west of England and Wales,” said WYG head of transport Peter Blair.
Earlier this year, WYG appointed merchant bank Lazard & Co find potential suitors.
In a statement at the time, it said: “WYG is enjoying strong growth in its project pipeline and is creating almost more opportunities than it can readily service directly using its existing model of organic growth, supplemented by smaller bolt-on acquisitions and partnerships.
“Against this background, the board of WYG recognises that this strategic review may or may not conclude that, given its current relative scale, being part of a larger business or expanding the scale of its current operating platform would provide significant advantages and better position the company to take full advantage of its growth potential.”
However, today announcing its financial results for the year to March 2015, it said the strategic review had concluded that an appropriately funded independent group is the best option. It added that it now has a developing pipeline of identified acquisition opportunities.
For the year, WYG reported pretax profits of £5.7M, up 34%. Revenue was up 3% to £130.5M.
FMW employs 17 staff and operates mainly from offices in Bristol, Cardiff and Manchester. Its clients include Persimmon, Barratt Homes, Redrow, Dyson, and retailers and commercial developers.
Updated 10.30am, 09/06/15