Mace Consult has completed a carve-out from Mace, to operate as independent business with more than 5,200 people across Europe, the Americas, Asia Pacific and the Middle East and Africa. The move is the latest instance of an investment firm looking to disrupt the advisory space, with Goldman Sachs acquiring a 75% stake in Mace Consult to power the move.
Launched in 1990, as part of the global engineering and professional services firm Mace, Mace Consult has spent three decades creating an expert team. In that time, it has 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 Dubai Expo 2020, to multi-billion dollar infrastructure investments such as the GO Expansion rail programme in Canada and the Reconstruction with Changes in Peru.
Going into 2025, Mace Consult had already become a delivery partner for some of the world’s most complex and marquee infrastructure projects, including the Hudson Tunnel Project in New York, Qiddiya in Saudi Arabia and the New Hospitals Programme in the UK. Having generated £687 million of revenue in 2024, this made it an attractive prospect for investors looking to win a piece of the pie in a consulting sector where many of the top players are enduring a slowdown in demand.
Independent opportunities
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.”
Dabasia will continue to lead Mace Consult’s more-than 5,200 people as CEO of the independent business. As the firm looks to grow across its global hubs in Europe, the Americas, Asia Pacific and the Middle East and Africa, a number of Mace Group’s shareholders, including Executive Chair Mark Reynolds and Mace Group CEO Jason Millett, will also retain a minority stake in Mace Consult. Working closely with Goldman Sachs Alternatives, they will work as members of the new Mace Consult Board – which Reynolds will continue to chair.
Reynolds added, “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. Over the last 34 years, 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.”
Private equity in consulting
Goldman Sachs’ 75% stake will be confirmed for an undisclosed fee, subject to standard regulatory approvals. The deal is expected to close before the end of the year, and has seen Mace Group advised by UBS for M&A, and Linklaters for legal. Goldman Sachs Alternatives was meanwhile advised by Lazard for M&A and financing), Jefferies International Limited for M&A, and White & Case for legal.
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.”
Amid a difficult moment for private equity firms, higher interest rates and macroeconomic volatility are dampening deal activity across the economy. Despite muted results, the professional services sector is bucking this trend – and is still attracting private equity interest.
Other recent deals in the space include Cinven purchasing a majority stake in Grant Thornton in November, and Smith & Williamson receiving a £700 million investment from Apax Partners in the same month. And last month, Goldman Sachs also became a majority owner at AAB, entering into the accounting space in the north of the UK as a result.