Bouygues UK has sold Thomas Vale’s UK civil engineering business Fitzgerald to its managers, as the French-owned firm focuses on building and property.
The management buyout was led by the subsidiary’s managing director Nick Coley.
Fitzgerald has a £24m turnover and employs 100 people.
Bouygues said its UK activities were predominantly focused on the building and property development sectors “and a decision has therefore been taken to divest Fitzgerald as their activities are seen as non-core to the ongoing Bouygues UK operations”.
It was founded in 1948 and acquired by Thomas Vale in 1993.
Chairman of Bouygues UK Madani Sow said: “The Fitzgerald management team has developed the business into a strong player, with a proven track record in its sector.
“I am very pleased that we have been able to divest the business to Nick.
“I know he will continue to lead and develop the company and I wish them every success for the future.”
Mr Coley said: “I am delighted to have completed the acquisition of the company and am confident that as an independent company we will be able to offer an even greater top-down commitment and focus to our clients.
“It will also present us with many opportunities to deliver business growth and enhance client care and project delivery.
“It is a great achievement to be celebrating our 65th anniversary and the acquisition will present a new chapter in our history.
“With the strong management team and excellent staff remaining in place, I am confident we will be able to continue to offer our clients an excellent service.”
Mr Coley, who was appointed to the Fitzgerald board in 2008, will continue as managing director and the senior management team will remain in place.
Thomas Vale’s former group finance director David Newcombe will be joining the company in the role of non-executive chairman.
Fitzgerald covers a range of infrastructure, including groundworks, civil engineering structures, roads, car parking, pedestrianisation, hard landscaping and associated specialist areas such as speed cameras and road signage.
Flagship projects include the remodelling of external steps and public areas in The Mailbox shopping centre in Birmingham, a new science garden at the city’s Thinktank science museum, extensive works in West Bromwich for Sandwell Council and the new RSC theatre in Stratford-upon-Avon.
Mr Coley added: “Our financial standing remains extremely strong; we have a strong balance sheet with no borrowings and insurance and bonding facilities have already been arranged and are in place.”