Goldman Sachs has acquired a 75% stake in Mace Consult for an undisclosed price.
Mace’s consulting business generated £687m of revenue in 2024 and employs more than 5,200 people across four global hubs. Davendra Dabasia will continue to lead Mace Consult as CEO of the independent business.
A number of Mace’s shareholders, including executive chair Mark Reynolds and Mace Group CEO Jason Millett, will retain a minority stake in Mace Consult and will work closely with Goldman Sachs Alternatives as members of the new Mace Consult board. Reynolds will be appointed as chair of the board.
Reynolds said: “This transaction is a key milestone in securing the long-term future of Mace Consult, enabling the next phase of growth for our global consultancy practice. The shareholders, the board and I are extremely proud of the progress we’ve made collectively to achieve this outcome.
“Since 1990, and accelerating since the success of the London 2012 Olympics, Mace Consult has transformed the industries it serves, delivering to exceptional standards and redefining the boundaries of ambition. We have established a foundation to enable the business to flourish for decades to come
Jose Barreto, partner within private equity at Goldman Sachs Alternatives, added: “We are delighted to invest in Mace Consult and accelerate the company’s growth trajectory as an independent business both organically and through strategic acquisitions. 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.”
Dabasia said: “I am excited to lead Mace Consult on this next stage in our journey, working in close partnership with Goldman Sachs Alternatives. Our teams around the world have delivered exceptional growth over the past few years, and our new partnership will enable us to build on that to become the world’s leading delivery consultant. 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.”
Alex Mass, managing director within private equity at Goldman Sachs Alternatives, added: “The long-dated trends of climate change, technological disruption, demographic shifts and urbanisation represent one of the fundamental project delivery challenges in history, requiring innovative management approaches, as demonstrated by Mace Consult over the years. As an independent business, Mace Consult is distinctly positioned to support clients in unlocking the full potential of every project around the world – and we are proud to support the employees of Mace Consult in this journey.”
Mace Construct, the group’s London-based contracting business, will continue to be owned by Mace’s existing shareholders. As a result of the transaction, Construct will be debt-free and even more financially resilient, according to Mace.
Jason Millett, Mace Group’s chief executive, said: “This represents a hugely significant moment for Mace, our clients and all of our colleagues. I am personally exceptionally proud of the Consult team and the growth we’ve delivered together over the past decade. I know that Davendra will do an exceptional job leading the business into the future.
“For Mace Construct, this represents an important opportunity to refresh and simplify how we operate the business so that we can continue to provide the best possible delivery services to our clients. We’ll be working closely with our teams over the coming months on the smooth and orderly separation of the two businesses.”
Mace Group was advised by UBS and Linklaters. Goldman Sachs Alternatives was advised by Lazard, Jefferies International and White & Case.
