Latest group results for the the year to December 31 2024 revealed that the consulting arm was the main profit driver as a problem job blew a hole in the books of the construction division.

The “carve-out” of  Mace Consult will see 5,200 global staff come under the control of Private Equity at Goldman Sachs Alternatives.

The business generated £687m of revenue in 2024 and Davendra Dabasia will continue to lead Mace Consult as CEO of the independent business.

A number of Mace’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. Reynolds will be appointed as Chair.

Mace Construct, the Group’s London-based contracting business, will continue to be owned by Mace’s existing shareholders.

Led by Mace Group’s CEO Jason Millett, Mace Construct generated £2.1bn of revenue in 2024 and employs more than 2,100 people, primarily in London and the South East of England.

As a result of the Goldman deal Mace said Construct “will be debt free and even more financially resilient, and will have a secure foundation for future growth.”

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.”

Jason Millett, Mace Group’s Chief Executive, said:  “This represents a hugely significant moment for Mace, our clients and all of our colleagues. I am personally exceptionally proud of the Consult team and the growth we’ve delivered together over the past decade. I know that Davendra will do an exceptional job leading the business into the future.

“For Mace Construct, this represents an important opportunity to refresh and simplify how we operate the business so that we can continue to provide the best possible delivery services to our clients. We’ll be working closely with our teams over the coming months on the smooth and orderly separation of the two businesses.”