Mace Group announces investment in Mace Consult
By
In addition to the investment, several Mace Group shareholders, including Executive Chair Mark Reynolds and Mace Group CEO Jason Millett, will retain a minority stake in Mace Consult
Mace Group has announced a significant investment in Mace Consult, a program management consulting firm. This investment, facilitated by Goldman Sachs Alternatives through a carve-out from Mace Group, aims to support Mace Consult's goal of becoming independent program management consultant. Mace Consult plays a crucial role as a delivery partner for some of the complex infrastructure and built environment projects, including the Hudson Tunnel Project in New York, Qiddiya in Saudi Arabia, and the New Hospitals Programme in the UK, said a statement.
In 2024, Mace Consult generated substantial revenues of US $926mn and employs over 5,200 people across four global hubs, Europe, the Americas, Asia Pacific, and the Middle East and Africa. In addition to the investment, several Mace Group shareholders, including Executive Chair Mark Reynolds and Mace Group CEO Jason Millett, will retain a minority stake in Mace Consult. They will actively collaborate with Goldman Sachs Alternatives as members of the newly formed Mace Consult Board, with Mark Reynolds being appointed as the Chair.
Building on over a decade of consistent double-digit organic growth and a strategic expansion into delivering major programs across the Americas, Europe, Asia Pacific, and the Middle East and Africa, the new partnership will enable Mace Consult to further strengthen its presence in key growth markets.
Mark Reynolds, Mace Group's Executive Chair 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 its 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.'
Davendra Dabasia, Mace Consult's CEO commented, '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 Group was advised by UBS (M&A) and Linklaters (Legal). Goldman Sachs Alternatives was advised by Lazard (M&A and Financing), Jefferies International Limited (M&A) and White & Case (Legal). The transaction is subject to regulatory approvals (amongst other conditions) and is expected to close in 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
8 hours ago
- Gulf Today
Arada completes issuance of $450 million Sukuk
Arada Developments, rated B1 by Moody's and B+ by Fitch, has successfully completed the issuance of a $450 million Sukuk, which has been listed on the London Stock Exchange and the Nasdaq Dubai. The five-year fixed rate RegS Sukuk issuance, rated BB- by Fitch and B1 by Moody's, was priced with a coupon of 7.150 per cent, tightening 47.5bps- 60bps from the initial price guidance of 7.625 per cent-7.750 per cent for a spread of 317 bps over US Treasuries, for the tightest reoffer yield ever achieved by Arada. The proceeds of the issuance will be used for a tender offer of up to US$100 million on Arada's existing Sukuk maturing 2027, with the balance for general corporate purposes. The Sukuk issuance saw strong demand from both regional and international investors with a subscription order book peaking above $2 billion (excluding Joint Lead Managers), equivalent to over four times the offer size. Prince Khaled Bin Alwaleed Bin Talal, Executive Vice Chairman of Arada, said, "Our latest successful return to the global markets reflects once again the trust being placed by regional and international investors in Arada's track record, robust financial position and growth prospects. This issuance serves as a platform of our next phase of growth as we continue target growth opportunities both at home in the UAE and abroad.' Investor interest for the Sukuk was diversified geographically, coming from Europe, the Middle East and Asia. The investors for this issuance include banks, private banks, asset and fund managers, and hedge funds. The Joint Global Coordinators for the Sukuk were Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq and Standard Chartered Bank, while Arab Bank, Arqaam Capital, Bank ABC, RAK Bank, Sharjah Islamic Bank and Warba Bank acted as Joint Lead Managers and Bookrunners. Since its launch in 2017, Arada has launched nine successful projects in both Sharjah and Dubai, and has a pipeline of existing and future projects in the UAE and Australia valued at over DhsD90 billion. In total, Arada has sold over 17,000 units since inception, valued at over Dhs29 billion, with over 10,000 units completed. WAM
Gulf Today
8 hours ago
- Gulf Today
China seeks reduction of US tariffs and tech export controls
US and Chinese officials began a second day of talks in Stockholm on Tuesday to resolve longstanding economic disputes and step back from an escalating trade war between the world's two biggest economies. The meetings may not yield immediate large breakthroughs but the two sides could agree to another 90-day extension of a tariff truce struck in mid-May. It may also pave the way for a potential meeting between US President Donald Trump and Chinese President Xi Jinping later in the year, though Trump on Tuesday denied going out of his way to seek one. The delegations met for more than five hours on Monday at Rosenbad, the Swedish prime minister's office in central Stockholm. US Treasury Secretary Scott Bessent was seen arriving at Rosenbad on Tuesday morning after a separate meeting with Swedish Prime Minister Ulf Kristersson. China's Vice Premier He Lifeng also arrived at the venue. Neither side made statements after the first day of talks. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration, after reaching preliminary deals in May and June to end weeks of escalating tit-for-tat tariffs and a cut-off of rare earth minerals. Without an agreement, global supply chains could face renewed turmoil from US duties snapping back to triple-digit levels that would amount to a bilateral trade embargo. The Stockholm talks follow Trump's biggest trade deal yet with the European Union on Sunday for a 15 per cent tariff on most EU goods exports to the United States, and a deal with Japan. The Financial Times reported on Monday that the United States had paused curbs on tech exports to China to avoid disrupting trade talks with Beijing and support Trump's efforts to secure a meeting with Xi this year. Trump pushed back against suggestions he was seeking a meeting with Xi. 'This is not correct, I am not SEEKING anything! I may go to China, but it would only be at the invitation of President Xi, which has been extended. Otherwise, no interest!' he wrote on Truth Social. Meanwhile, in Washington, US senators from both major parties plan to introduce bills this week targeting China over its treatment of minority groups, dissidents, and Taiwan, emphasizing security and human rights, which could complicate the talks in Stockholm. Taiwan President Lai Ching-te is also set to delay an August trip his team had floated to the Trump administration that would have included stops in the United States, sources familiar with the matter told Reuters on Monday. The potential visit would have infuriated Beijing, possibly derailing the trade talks. China claims Taiwan as its own territory, a position Taiwan rejects, and denounces any show of support for Taipei from Washington. Previous US-China trade talks in Geneva and London in May and June focused on bringing US and Chinese retaliatory tariffs down from triple-digit levels and restoring the flow of rare earth minerals halted by China and Nvidia's H20 AI chips, and other goods halted by the United States. Among broader economic issues, Washington complains that China's state-led, export-driven model is flooding world markets with cheap goods, while Beijing says US national security export controls on tech goods seek to stunt Chinese growth. Bessent has already flagged a deadline extension and has said he wants China to rebalance its economy away from exports to more domestic consumption − a decades-long goal for US policymakers. Analysts say the U.S.-China negotiations are far more complex than those with other Asian countries and will require more time. China's grip on the global market for rare earth minerals and magnets, used in everything from military hardware to car windshield wiper motors, has proved to be an effective leverage point on US industries. China stocks ended higher on Tuesday as a new round of Sino-US trade talks continued, while the Hong Kong benchmark declined with some investors booking profits near the month-end. China's blue-chip CSI300 Index and the Shanghai Composite Index reversed morning session's losses, closing up 0.39 per cent and 0.33 per cent, respectively. Hong Kong benchmark Hang Seng dropped 0.34 per cent, while Hang Seng Tech fell 0.35 per cent. Market sentiment cooled slightly as investors awaited details from the ongoing US-China trade talks that started on Monday in Stockholm. China faces an August 12 deadline to reach a durable tariff agreement; both China and US are expected to push for an extension of the trade truce. 'A truce extension would calm markets... a confrontational tone or vague outcomes could reignite fears of renewed tariffs down the line, resulting in a risk-off sentiment,' Charu Chanana, Saxo chief investment strategist, said in a note on Tuesday. Reuters
Al Etihad
8 hours ago
- Al Etihad
IMF lifts 2025 growth forecast on 'fragile' easing in trade tensions
29 July 2025 18:21 WASHINGTON (AFP)The IMF raised its global growth forecast Tuesday as efforts to circumvent US President Donald Trump's sweeping tariffs sparked a bigger-than-expected surge in International Monetary Fund still sees growth slowing this year, however, even as it lifted its 2025 projection to 3.0 percent -- up from 2.8 percent in April -- in its World Economic Outlook 2024, global growth came in at 3.3 ahead, the IMF expects the world economy to expand 3.1 percent next year, an improvement from the 3.0 percent it earlier the upward revisions, "there are reasons to be very cautious," IMF chief economist Pierre-Olivier Gourinchas told AFP."Businesses were trying to frontload, move stuff around, before the tariffs were imposed, and so that's supporting economic activity," he said."There is going to be payback for that. If you stock the shelves now, you don't need to stock them later in the year or into the next year," he means a likelihood of reduced trade activity in the second half of the year and into imposed a 10 percent levy on almost all trading partners this year, alongside steeper duties on autos, steel, and paused higher tariffs on dozens of economies until August 1, a significant delay from April when they were first and Beijing also agreed to lower for 90 days triple-digit duties on each other's goods, in a halt expiring August 12. Talks that could lead to a further extension of the truce are actions have brought the US effective tariff rate to 17.3 percent, significantly above the 3.5 percent level for the rest of the world, the IMF said. If deals unravel or tariffs rebound to higher levels, global output would be 0.3 percent down next year, Gourinchas said. Growth FiguresUS growth for 2025 was revised 0.1 percentage points up, to 1.9 percent, with tariffs anticipated to settle at lower levels than initially announced in country is also set to see a near-term boost from Trump's flagship tax and spending area growth was adjusted 0.2 percentage points higher to 1.0 percent, partly reflecting a jump in Irish pharmaceutical exports to the United States to avoid fresh European economies, Germany is still expected to avoid contraction while forecasts for France and Spain remained unchanged at 0.6 percent and 2.5 percent the IMF anticipates global inflation to keep declining, with headline inflation cooling to 4.2 percent this year, it warned that US price increases will remain above in the world's number-two economy China, however, was revised 0.8 percentage points upwards to 4.8 reflects stronger-than-expected activity in the first half of 2025, alongside "the significant reduction in US-China tariffs," the IMF said. Russia's growth was revised 0.6 percentage points down, to 0.9 percent, partially due to Russian policies but also oil prices, which are set to remain relatively subdued compared with 2024 levels, Gourinchas said.
