Latest news with #MaceGroup
Zawya
17 hours ago
- Business
- Zawya
Goldman Sachs Alternatives buys majority stake in Mace unit
Mace Group, a global construction business headquartered in London, has announced majority investment in its key unit Mace Consult by Private Equity at Goldman Sachs Alternatives through a carve-out from Mace Group. 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. The firm had generated AED3.4 billion ($925 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. Following the strategic Goldman Sachs deal, there is no change at the top as Davendra Dabasia will continue to lead Mace Consult as CEO of the independent business. "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," stated Dabasia. "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," he added. 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. Reynolds 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," he added. Jose Barreto, Partner within Private Equity at Goldman Sachs Alternatives, said: "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," noted Baretto. Alex Mass, Managing Director within Private Equity at Goldman Sachs Alternatives, said: "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," he added. 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 expected to close in 2025.-TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Yahoo
09-06-2025
- Business
- Yahoo
Mace Group reports revenue of $3.2bn in 2024
Mace Group, a delivery consultant and construction expert company, has reported a year of strategic progress and growth, achieving a revenue of £2.79bn ($3.2bn) in 2024. The company's operating profit for the year stood at £50.7m. Mace revealed its cash position was £320.2m as of 31 December 2024. The company also boasts a future work pipeline valued at £7.2bn and has seen its headcount exceed 8,000 employees for the first time. Mace stated that it is poised for a new era of expansion and on track to grow its revenue to £3bn by 2026. In 2024, Mace set ambitious targets for its Consult business, aiming to double its scale by 2030. With a 74% increase in profits to £77.7m and a revenue of £686.6m, the business unit is well on its way to achieving an annual revenue of £1.2bn. Notable appointments that have contributed to this success include the Hudson Tunnel Project in New York and the King Salman International Airport in Saudi Arabia. In Asia, Mace Consult's appointment as programme management partner with MTR Corporation is claimed to mark its biggest win in the region. The Construct division, which primarily operates in the UK, faced a more challenging year in 2024. Despite these challenges, it reported a revenue of £2.1bn and a profit before tax of £15.7m. The division completed significant projects like 40 Leadenhall Street and secured new ones such as the London Gatwick Pier 6 extension and The Daubeny Project for The Oxford Science Park. Mace Construct continues to invest in innovative production techniques, as seen at Chapter Living, London Bridge. A new governance structure was implemented on 1 January 2025, introducing a new group chief executive and a group board with six independent nonexecutive directors. This aligns Mace with the principles of the UK Corporate Governance Code, ensuring transparency and independent oversight in decision-making. Mace Group's 2026 Business Strategy, set in 2021, outlined growth targets. The 2024 Annual Report indicates that the company is on course to meet its goal of £3bn in annual revenue by 2026, having already surpassed its employment target two years ahead of schedule. Mace attributes its growth to its strategic focus on diverse and expanding markets across Europe, the Americas, the Middle East and Africa, and Asia-Pacific. Mace Group chief executive Jason Millett said: '2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the group. "We are pleased with our financial performance (particularly in Consult), generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 'We enter 2025 with a strong pipeline and an enhanced leadership team, and are well-positioned as we look towards 2030 and beyond.' "Mace Group reports revenue of $3.2bn in 2024" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
30-04-2025
- Business
- Reuters
UK fraud office investigates Blu-3, Mace Group in bribery probe
LONDON, April 30 (Reuters) - Britain's Serious Fraud Office (SFO) on Wednesday arrested three people as part of an international bribery investigation into British infrastructure provider Blu-3 and former associates of the global construction firm Mace Group. The SFO said in a statement that more than 70 of its staff searched four homes and one commercial property in Britain and Monaco authorities searched another suspect's premises. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. The SFO said individuals at Blu-3 were suspected of paying over 3 million pounds ($3.99 million) in bribes to former associates of the Mace Group relating to the construction of a data centre in the Netherlands for Microsoft. Neither Mace Group, which built London's Shard skyscraper, nor Blu-3 immediately responded to requests for comment. The three suspects were arrested for questioning, the SFO said. "Paying bribes to do business undermines our financial markets, the reputation of British companies and the rule of law and will not be tolerated," said SFO's director Nick Ephgrave. ($1 = 0.7514 pounds)
