7 days ago
Mace Group announces majority investment in Mace Consult from Goldman Sachs Alternatives
Mace Group has announced a majority investment in Mace Consult by Private Equity at Goldman Sachs Alternatives through a carve-out from Mace Group. The new partnership will support Mace Consult's ambition to become the world's leading programme management consultant as an independent business.
Mace Consult is a critical delivery partner for the world's most complex and marquee 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. Mace Consult generated AED 3.4bn (£687m) of revenue in 2024 and employs more than 5,200 people across four global hubs: Europe, the Americas, Asia Pacific and the Middle East and Africa. Davendra Dabasia will continue to lead Mace Consult as CEO of the independent business.
Over the last three decades, Mace Consult's expert teams have advised clients on the development and delivery of iconic programmes around the world; from global mega-events such as the London 2012 Olympic and Paralympic Games and Expo 2020 Dubai, to multi-billion dollar infrastructure investments such as the GO Expansion rail programme in Canada and the Reconstruction with Changes in Peru.
A number of Mace Group'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. Mark Reynolds will be appointed Chair.
Building on over a decade of sustained double-digit organic growth and an expansion into delivering major programmes across the Americas, Europe, Asia Pacific and the Middle East and Africa, the new partnership will see Mace Consult target strategic acquisitions to bolster 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, 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 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.
