Mace Consult demerger with Goldman Sachs: delivery and risk takeaways for project teams
Reviewed by Tom Sullivan

First reported on The Construction Index
30 Second Briefing
Mace Group has completed the demerger and sale of its international consultancy arm, Mace Consult, to Goldman Sachs Alternatives, which now holds a majority stake while existing Mace shareholders retain a minority interest and the UK-focused contracting arm prepares to drop the Mace name. Mace Consult reported close to US$1bn revenue in 2025, with Mace Finance’s 2024 accounts showing £687m turnover for Consult versus £2.1bn for Construct, indicating substantial overseas consultancy operations. Chief executive Davendra Dabasia plans to use Goldman Sachs capital to scale particularly in North America and invest in digital tools for programme predictability, automation and lifecycle control.
Technical Brief
- Latest Mace Finance accounts attribute £687m 2024 turnover to Consult versus £2,100m to Construct.
- Companies House filings show only £110m revenue in Mace Consult Limited, evidencing substantial offshore booking.
- Corporate structure previously routed both Consult and Construct through Mace Finance as ultimate UK parent.
- Sale includes rights to the “Mace” brand, forcing the UK contracting arm to rebrand shortly.
- Ownership split now leaves Goldman Sachs Alternatives as majority shareholder, with legacy Mace shareholders holding a minority.
- Demerger required several months of operational separation work before legal completion of the divestment.
- New capital is earmarked for digital tools targeting programme predictability, automation and lifecycle value capture.
Our Take
With Mace Consult’s turnover at £687 million versus £110 million for the statutory consulting entity, the scale suggests a broad mix of framework and programme-management work that will likely be scrutinised closely by UK public-sector clients when assessing continuity post-separation.
In our infrastructure database, UK-based advisory and programme-management businesses approaching the US$1 billion revenue mark often pivot towards more asset-light, higher-margin consulting models, which may signal how Mace Consult positions itself against global peers after the Goldman Sachs Alternatives-led transaction.
Among the 734 Infrastructure stories tracked, relatively few M&A-tagged items involve consulting arms of major contractors in the United Kingdom, so this carve-out of Mace Consult from Mace Group is a notable test case for whether capital markets will ascribe higher valuations to standalone advisory platforms than to integrated build-and-consult groups.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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