Latest news with #MarkReynolds
ME Construction
2 days ago
- Business
- ME Construction
Mace Group announces investment in Mace Consult
Financial 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.
Irish Times
27-06-2025
- Business
- Irish Times
First-time buyers in Dublin now locked out of Help-to-Buy scheme, warns Savills
Homes in Dublin are now beyond the reach of first-time buyers using the Government's Help-to-Buy scheme , estate agents Savills have warned. The property group says the average price of a new home in the capital is now €562,000 overall, citing Central Statistics Office figures. Among first-time buyers, it is €515,000. That is beyond the upper price limit of €500,000 that qualifies buyers for Help-to-Buy. The Government scheme allows people claim back income tax and Dirt paid over the previous four tax years up to a maximum of €30,000 or 10 per cent of the property's price. 'This means more and more new homes are simply out of reach under the current help-to-buy limit,' Mark Reynolds, managing director of Savills Ireland. READ MORE It says the help-to-buy scheme threshold should be aligned with inflation by increasing it from its current €500,000 cap to at least €621,000, reflecting the 24.2 per cent rise in inflation since 2017 and ensuring the scheme 'remains effective'. In its pre-budget submission , Savills also says the Government should reduce commercial stamp duty from 7.5 per cent to 2 per cent. The group warns that persistently high transaction costs are dampening investment in the commercial property sector. A reduction in stamp duty would 'stimulate investment in office, retail, and logistics assets and support FDI', it says. Mr Reynolds said bringing commercial stamp duty back to 2 per cent, as it was between 2011 and 2017, 'would send a strong signal that Ireland remains a competitive, investor-friendly location'. 'At a time when international capital is more selective, cost matters – and so does confidence,' he said. 'This is about restoring Ireland's competitiveness for investment and ensuring we have the modern offices, retail, and logistics spaces needed to support economic growth and jobs.' Savills also outlines additional priority measures that it says are required to remove structural barriers to housing delivery. These include expanding Uisce Éireann's statutory remit to 'enable the proactive delivery' of water and wastewater infrastructure 'rather than focusing solely on regulatory compliance'. 'This should be supported by increased capital funding to ensure timely and co-ordinated infrastructure delivery essential to meeting Ireland's housing needs,' it says. Among other recommendations is a call to fast-track the Shannon to Dublin water pipeline to secure long-term water supply for the Greater Dublin Area. Savills further calls on the Government to update construction labour forecasts in line with the 50,000-unit housing target and invest in construction skills pathways, including guarantees that apprenticeships are completed within four years. It notes there are approximately 62,000 fewer construction workers in the Irish workforce today than there were at the peak in 2007 – a reduction of around 26 per cent. 'We believe this is a fundamental issue that warrants immediate attention,' it says, echoing comments in the quarterly economic commentary published by the Economic and Social Research Institute (ESRI) earlier this week. 'Without action to expand and retain construction talent, we risk setting targets that are unachievable in practice.' Finally, the group is pushing for investment in enhanced housing market data services, including funding for real-time data systems to support better decision-making by policymakers and industry.
Irish Examiner
26-06-2025
- Business
- Irish Examiner
Stamp duty of 2% needed to unlock stalled housing investment, says Savills
The Government need to revert commercial stamp duty from 7.5% back to 2% to unlock stalled investment and accelerate its housing delivery, Savills Ireland has said. Publishing its pre-budget submission, the property advisor warned that persistently high transaction costs are dampening investment in the commercial property sector, while buyer supports that haven't kept pace with inflation are making it harder for first-time buyers to access new homes. It is also recommending the Government update the Help-to-Buy (HTB) scheme threshold from its current €500,000 cap to at least €621,000, reflecting the level it would be today if it had kept pace with inflation since the scheme's introduction in 2017. Consumer inflation has surged by 24.2% in that time, Savills said, but the threshold has remained unchanged which it says has eroded the scheme's effectiveness. "Reverting commercial stamp duty to 2%, as it was between 2011 and 2017, would send a strong signal that Ireland remains a competitive, investor-friendly location," said Mark Reynolds, Managing Director of Savills Ireland. "At a time when international capital is more selective, cost matters, and so does confidence." Ireland currently has one of the highest commercial property transfer taxes in Europe, making it less attractive for investors compared to peer markets, Savills warned. "For example, at a 7.5% rate, an investor acquiring a property yielding just 3.75%, effectively loses two full years of rental income to stamp duty," it added. 'This means more and more new homes are simply out of reach under the current HTB limit,' said Mr Reynolds. 'Updating the threshold to align with inflation will directly support buyers and help maintain a pipeline of viable new housing supply in urban areas where demand is highest." In addition to stamp duty and the HTB scheme, Savills is also calling for Uisce Éireann's statutory remit to be expanded to enable the proactive delivery of water infrastructure, and is urging the Government to update Ireland's construction labour modelling to reflect the reality of the stated 50,000-unit annual housing target, alongside investment in training and guarantees that apprenticeships are completed within four years.
The Star
25-06-2025
- Business
- The Star
Feature: Americans more cautious on spending amid tariffs
WASHINGTON, June 25 (Xinhua) -- Mark Reynolds, 48, a marketing professional outside of Washington, D.C., said he and his family used to take a lot of trips once the lockdowns were lifted after the COVID-19 pandemic -- to Asia, Europe and in the United States. Over the last four years he and his family took about five trips a year. "We've cut that to two trips per year," he told Xinhua. He has also canceled an expensive gym membership and cut his time with a personal trainer in half, and is now focusing on retirement savings. Since U.S. President Donald Trump announced sweeping tariffs in April, Americans have become increasingly cautious about opening their wallets. Consumer spending rose by a sluggish 0.2 percent in April, down from a 0.7 percent rise in the month prior, amid Americans' concerns over how tariffs would impact the economy, according to data released last month by the Bureau of Economic Analysis. Many Americans seek to increase their savings, after splurging for several years after the pandemic. The personal savings rate rose to 4.9 percent in April from 4.3 percent in March, according to data from the Bureau of Economic Analysis. Since taking office, Trump has announced a slew of sweeping tariffs, including a general 10 percent duty on all goods coming into the United States. That has caused some products to go up in price. Gary Clyde Hufbauer, a non-resident senior fellow at the Peterson Institute for International Economics, told Xinhua that he expects Americans to continue making cutbacks. "Late payment rates on credit cards are high, and many households are buying food on short-term credit, housing sales are weak. All these indicate the financial problems average Americans are facing," Hufbauer said. Sharon Erdhart, 68, a retiree in the U.S. state of New Jersey, said she shops at cheaper supermarkets even though she has to drive outside of her area a little further. "I don't dine out anymore because of price increases. I have curtailed my credit card use," she told Xinhua. U.S. retail sales declined 0.9 percent in May, exceeding the 0.6 percent drop that economists had forecast, according to data released by the U.S. Department of Commerce. Accounting firm KPMG's recent consumer pulse report showed that in response to tariffs, "50 percent are cutting back on purchases, and 49 percent are actively seeking deals and discounts." "We're seeing a more selective and cost-conscious summer travel season," said Duleep Rodrigo, KPMG's consumer and retail leader. Joe Chance, a retired security professional in Philadelphia, told Xinhua he continues to take his family on vacation, but is taking bargain airlines now. "They don't get movies or anything on board even like meals, but it's cheap," he said. Meanwhile, discount stores, such as Dollar Tree, Walmart, and TJX Companies -- the firm that owns T.J. Maxx and Marshalls -- have been gaining steam in the retail sector. Shoppers are opting toward lower prices, and consumers are more likely to seek bargains on goods ranging from beauty products to clothing. Hufbauer said he expects discount stores to do well in this environment. Dean Baker, a senior economist at the Center for Economic and Policy Research, told Xinhua: "Wage growth seems to have slowed, so that will slow spending and cause people to look to discount stores."
Yahoo
08-05-2025
- Yahoo
Fallen South Carolina officers inducted into law enforcement Hall of Fame
COLUMBIA, S.C. (QUEEN CITY NEWS) — The South Carolina Law Enforcement Officers Hall of Fame formally inducted seven fallen officers Wednesday. One of the officers honored was South Carolina State Transport Police Officer First Class Mark Reynolds, who experienced a medical emergency during training and died hours later in 2024. 'Each year, we come together on this solemn occasion to pay tribute to those who made the ultimate sacrifice in service to their communities,' said SCDPS Director Robert G. Woods IV. 'This ceremony is especially personal for DPS because one of our own, Officer First Class Mark Reynolds, lost his life last year in the line of duty. And while we can never repay Officer First Class Reynolds and the other brave men for their courageous acts, we offer a humble recognition of their lives and legacies by permanently inducting them into the Hall of Fame.' Sheriff Elijah Nunn of the Chester County Sheriff's Office was also honored. Sheriff Nunn was remembered as a Revolutionary War veteran and a devoted family man. On March 17, 1809, Nunn was attempting to serve a bail writ on Samuel Floyd, who had reportedly been carrying a firearm and threatening to use deadly force against anyone who attempted to arrest him. When Nunn approached Floyd in a field, Floyd fatally shot him. Sheriff Max Dorsey, along with two of Sheriff Nunn's great-granddaughters were there for the ceremony. South Carolina Department of Public Safety Pictured: Sheriff Dorsey and Sheriff Nun's great-granddaughters Other officers honored were: Deputy Sheriff Elias Grantham : Marion County Sheriff's Office End of Watch: July 11, 1864 Sheriff William P. Campbell : Marion County Sheriff's Office End of Watch: November 17, 1864 Deputy Sheriff William B. Page : Marion County Sheriff's Office End of Watch: December 12, 1873 Special Agent James F. 'Jimmy' Grayson III : Bureau of Alcohol, Tobacco, Firearms and Explosives End of Watch: January 10, 1976 Patrolmen Sammie Lee McCoy Jr .: Lancaster Police Department End of Watch: February 29, 1980 Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to Queen City News.
