Mace Consult said Aug. 19 it has purchased cost and project management firm Turton Bond in a move it described as its first strategic acquisition since announcing it will be spun off from U.K.-based Mace Group, with a new majority investment by private equity firm Goldman Sachs Alternatives.
According to the announcement, Mace Consult inked the deal to buy New York City-based Turton Bond to boost operations in the Americas as it looks to shore up capacity and distinguish itself from its former parent. Terms of the deal, set to close in the third quarter, were not disclosed.
Mace Consult CEO Davendra Dabasia said the purchase reflects the company’s “long-term strategy of investing in four service lines, building our market exposure outside the UK and our growth in the U.S.” Having “worked closely” with Turton Bond partners Chris Bond, Will Turton, Joe Stevens and Darren Flood on the deal over the past few months, Dabasia said the two firms have a “shared focus on innovation and exceptional delivery.”
With offices in New York City, Houston, San Francisco and Los Angeles, the 50-employee Turton Bond works in technology, data centers and manufacturing sectors and is expected to drive Mace Consult revenue to double-digit growth in 2025, according to Growjo, which reported Turton Bond’s revenue at about $19.1 million last year.
“We feel that our agile and dynamic approach to cost and project management, alongside our willingness to embrace new and emerging technologies, will perfectly compliment the established global reach and expertise of Mace Consult,” said Turton Bond founding partners Turton and Bond.
A Mace Consult spokesperson said all four partners are expected to remain when the acquisition is completed. The company’s carve out from Mace Group is subject to regulatory approvals and is expected to close before year-end.
Last year, Mace Consult reported $859 million in revenue, employing more than 5,200 across Europe, the Americas, Asia Pacific and the Middle East and Africa.
“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,” said Mark Reynolds, Mace Group executive chair, in a July 23 statement. Dabasia said the firm “will continue to explore further M&A opportunities to accelerate growth in North America.”
