Business to leave 155 Moorgate for new location within a year after £750m takeover by US bank completes
Mace Consult is set to move out of its London home of the past 12 years in the coming months as the firm today formally inked its deal with Goldman Sachs which will see the US bank take majority ownership of the business.
The firm’s chief Davendra Dabasia said the business has found new and bigger space close to its current home at 155 Moorgate, bringing to an end its time at the address that stretches back to 2013.
He said he expected the company, which has around 250 staff working out of Moorgate, to have moved into the new London home, which will be the firm’s global head office, within a year.
Mace Consult and Goldman Sachs have now formally inked the deal, thought to be worth around £750m, that will see the US bank take a 75% stake in the company which has around 5,500 employees and a turnover of $1bn (£750m) last year.
The remaining 25% of the business will be owned three shareholders including Dabasia with the others thought to be Mace executive chair Mark Reynolds and group chief executive Jason Millett.
Dabasia said: “We are a separate business with no link back to the group. The deal means we can accelerate things that we couldn’t do before.”
He said the business, which is keeping the Mace name while the construction arm will be rebranded, is expecting the US market to eventually outstrip the UK as the firm’s biggest country by revenue.
Around 350 people work in the US out of a total of 500 across the Americas with close to 3,000 people in the UK last year.
It is looking at more office openings in the US as a part of plan to push global revenue to around £1.2bn by 2030. Dabasia said: “Goldman Sachs have amazing client relationships and they want us to grow. They want the management team to run the business and they’re keen on supporting however they can.”
Dabasia said his main point of contract with the new owner will be in London – rather than New York where Goldman Sachs is based.
Jose Barreto, partner within private equity at Goldman Sachs Alternatives, added: “The company’s entrepreneurial culture, focus on client outcomes and commitment to excellence set it apart in the industry. We’re looking forward to supporting Mace Consult as it continues to deliver enduring value for clients and communities worldwide.”
Over £100m from the proceeds of the sale are expected to be pumped into the £2bn construction arm with more details expected to be unveiled in the next few weeks. Mace Construct is also expected to move out of 155 Moorgate in the coming months.
In a statement, Mace Construct said: “Mace Construct is positioning itself to take advantage of new opportunities, sectors and markets. In 2026, the business will be given a new name and a refreshed brand that reflect its heritage and future ambitions.”
Meanwhile, Dabasia said it was mostly business as usual for its Middle East operations despite the ongoing war in the region.
The firm has around 1,200 staff in the area and works out of Saudi Arabia, the UAE, Oman and Qatar. “As soon as things happened on Saturday [when the US and Isreal bombed Iran] we activated our emergency procedures. It’s business as usual at the moment but we’re having twice daily meetings [about the situation].”
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