Goldman Sachs takes majority stake in Mace Consult to fuel global growth

Mace Group has carved out its consultancy arm, Mace Consult, in a deal that sees a majority investment from Goldman Sachs Alternatives’ private equity arm.

The transaction, announced today (23 July), will see Mace Consult operate as an independent programme delivery consultancy, with ambitions to grow internationally through acquisitions and organic expansion. The carve-out will leave Mace Construct—Mace’s contracting division—wholly owned by existing shareholders.

The deal value was not disclosed, and completion is subject to regulatory approvals, expected in 2025.

Mace Consult delivered £686.6m in revenue in 2024 and employs more than 5,200 staff across hubs in Europe, the Americas, Asia Pacific, and the Middle East and Africa. It is led by chief executive Davendra Dabasia, who will continue in post.

Goldman Sachs has taken the stake via its alternatives division, which manages more than $500bn globally. Several Mace Group shareholders, including executive chair Mark Reynolds and chief executive Jason Millett (pictured), will retain a minority interest and join the board of the newly independent company.

Reynolds will become chair.

The consultancy has worked on major international projects including the Hudson Tunnel Project in New York (as part of a joint venture), Qiddiya in Saudi Arabia, and the UK’s New Hospital Programme. It previously supported the London 2012 Olympics and Dubai Expo 2020.

Reynolds said the carve-out would enable the business to scale as a specialist consultancy, adding: “We have established a foundation to enable the business to flourish for decades to come.”

Millett, who will remain at the helm of Mace Construct, said the separation would simplify operations and strengthen the contractor’s financial position.

The contracting arm posted £2.1bn revenue in 2024 and employs 2,100 people, mostly in London and the South East.

Advisers on the deal included UBS and Linklaters for Mace, and Lazard, Jefferies and White & Case for Goldman Sachs.

Source: Mace Group announcement