Financial giant Goldman Sachs has acquired a controlling stake in Mace Consult, the consultancy arm of UK-headquartered company Mace.
The deal is described as a “carve-out” from Mace Group, with the independent company aiming to become the “world’s leading programme management consultant”. The financial details of the transaction have not been disclosed.
A press release states that in 2024, Mace Consult generated £687m of revenue and employed 5,200 staff in Asia Pacific, Europe, the Americas, and the Middle East and Africa.
Mace Group’s current executive chair Mark Reynolds will be appointed to chair, while chief executive Jason Millett will retain a minority stake in the consultant.
Jose Barreto, Goldman Sachs Alternatives’ private equity partner, said: “Through the global Goldman Sachs network and value acceleration resources, we see the potential to support Mace in delivering critical client outcomes during this period of heightened uncertainty and transformation.”
Davendra Dabasia, Mace Consult’s chief executive, said: “As a standalone business, we will be positioned to further support our global infrastructure and built environment clients by scaling up at pace in North America and enhancing our digital solution delivery for clients.”
The acquisition is subject to regulatory approvals, which are expected to be completed in 2025.
Mace Consult has previously advised clients on the development of Canada’s GO Expansion rail programme, the London 2012 Olympic and Paralympic Games and Dubai Expo 2020.
In 2020, Mace reorganised its leadership team, combining both its property and infrastructure businesses.
Mace will now operate only in the UK purely as a construction company.
In 2024 Mace Consult’s profits increased 74% from 2023 to £77.7m and revenue grew 10.8% to nearly £686m.
In 2024 Mace construction’s profit before tax fell to £15m from £79m in 2023.
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