Mace Group announces majority investment in Mace Consult from Goldman Sachs Alternatives

Rhea-AI Summary

Goldman Sachs Alternatives (NYSE:GS) has announced a majority investment in Mace Consult through a carve-out from Mace Group. Mace Consult, which generated £687 million ($859 million) in revenue in 2024 and employs over 5,200 people globally, will become an independent business under the continued leadership of CEO Davendra Dabasia.

The company has a strong track record in managing complex infrastructure projects worldwide, including the Hudson Tunnel Project, Qiddiya, and the New Hospitals Programme. The partnership aims to accelerate Mace Consult's growth through strategic acquisitions in key markets, leveraging Goldman Sachs' global network. Mace Group's Executive Chair Mark Reynolds and other shareholders will retain a minority stake and continue their involvement through board positions.

Positive

• None.

Negative

• Transaction subject to regulatory approvals with closing uncertainty
• Potential integration and transition risks as Mace Consult becomes independent
• Execution risks associated with planned strategic acquisitions

Insights

Private Equity Analyst

Goldman Sachs' acquisition of Mace Consult strengthens its alternatives portfolio with a profitable infrastructure consultancy showing strong growth potential.

This strategic carve-out by Goldman Sachs Alternatives represents a significant addition to their private equity portfolio. Mace Consult brings £687 million ($859 million) in annual revenue and over 5,200 employees across global markets, making it a substantial acquisition in the infrastructure consulting space.

The transaction structure is particularly noteworthy - while Goldman gains majority control, key Mace Group executives including Executive Chair Mark Reynolds and CEO Jason Millett will retain minority stakes and board positions, ensuring continuity of leadership expertise and institutional knowledge. This hybrid approach reduces transition risks typically associated with complete ownership changes.

Mace Consult's impressive track record on high-profile infrastructure projects (Hudson Tunnel, Qiddiya, London Olympics) demonstrates proven execution capabilities in complex environments. The mention of "sustained double-digit organic growth" over a decade indicates this isn't merely an established business but one with significant momentum, making the timing strategic for Goldman's entry.

The stated focus on "strategic acquisitions to bolster presence in key growth markets" signals this isn't merely a standalone investment but a platform play. Goldman clearly sees Mace Consult as a foundation for consolidating fragmented portions of the global infrastructure consulting market, leveraging their capital access to accelerate inorganic growth beyond what Mace Group could accomplish independently.

With infrastructure spending accelerating globally due to aging systems, climate adaptation needs, and economic stimulus initiatives, this positions Goldman advantageously in a sector with strong secular tailwinds and relatively predictable cash flows - characteristics highly valued in private equity portfolios.

Corporate Strategy Expert

The carve-out of Mace Consult represents a classic private equity growth acceleration strategy. By separating the consulting business from Mace Group, Goldman Sachs creates a focused entity that can pursue specialized growth avenues while maintaining strategic alignment through board representation from original leadership.

This transaction demonstrates sophisticated market-entry timing. The infrastructure consulting sector is experiencing significant demand growth driven by four converging mega-trends explicitly mentioned: climate change adaptation, technological disruption, demographic shifts, and urbanization. These forces create sustained demand for specialized program management across both developed markets (addressing aging infrastructure) and emerging economies (building new capacity).

The geographic footprint is particularly compelling - Mace Consult's established presence across four global hubs (Europe, Americas, Asia Pacific, Middle East/Africa) provides immediate scale that would take years to build organically. This global platform enables rapid deployment of Goldman's capital into diverse infrastructure markets simultaneously, rather than sequential expansion.

From Mace Group's perspective, this transaction likely represents value realization for shareholders while securing growth capital that might have been constrained within the larger organization. The retained minority stake creates ongoing participation in future upside while deploying capital to other strategic priorities.

The emphasis on digital solution delivery aligns with broader industry digitization trends, suggesting Goldman sees opportunity in technological transformation of traditional infrastructure delivery methods. This technology modernization angle potentially creates differentiation in a sector often characterized by commoditized services and fee pressure.

The regulatory approval requirement indicates potential national security or competition considerations given infrastructure's strategic importance, but represents standard process rather than exceptional concern.

LONDON and NEW YORK, July 23, 2025 /PRNewswire/ -- 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 £687 million (US$859 million) 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 Dubai Expo 2020, to multibillion-dollar infrastructure investments such as the Metrolinx GO and Subways rail programmes in Canada and the National Infrastructure Reconstruction programme 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.

About Private Equity at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programmes.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals. Goldman Sachs has approximately $3.3 trillion in assets under supervision globally as of June 30, 2025.

Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios. Follow us on LinkedIn.

About Mace Group

Mace Group is a global company of programme and project delivery consultants and construction experts.

Through its two engines – Consult and Construct – it provides a range of delivery-focused services across the property and infrastructure sector, bringing to life iconic skyscrapers, hyper-scale regeneration projects, state-of-the-art data centres, life science facilities, and social infrastructure that supports communities across the world.

Mace Group has an annual turnover of £2.79 billion (US$3.49 billion) and employs over 8,100 people across four global hubs in the UK and Europe; the Middle East and Africa; the Americas; and Asia Pacific. Find out more at www.macegroup.com.

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SOURCE Mace Group

FAQ

What is Goldman Sachs' (NYSE:GS) investment in Mace Consult?

Goldman Sachs Alternatives is making a majority investment in Mace Consult through a carve-out from Mace Group, with the transaction expected to close in 2025.

How much revenue did Mace Consult generate in 2024?

Mace Consult generated £687 million (US$859 million) in revenue in 2024 and employs more than 5,200 people globally.

Who will lead Mace Consult after Goldman Sachs' investment?

Davendra Dabasia will continue as CEO of Mace Consult, while Mark Reynolds will be appointed as Chair. Key Mace Group shareholders will retain a minority stake.

What are Mace Consult's major current projects?

Major projects include the Hudson Tunnel Project in New York, Qiddiya in Saudi Arabia, and the New Hospitals Programme in the UK.

What is the strategic rationale for Goldman Sachs' investment in Mace Consult?

The investment aims to support Mace Consult's growth through strategic acquisitions, market expansion, and leveraging Goldman Sachs' global network to become the world's leading programme management consultant.