B.P. Marsh & Partners Plc has acquired an additional 2% shareholding in Pantheon, bringing its total stake to 39%.
The transaction, which values Pantheon at £275 million, saw the shares acquired in equal proportion from the company's founders, Robert Dowman and Michael Lee.
The private equity firm, which specialises in early-stage investments within the financial services sector, first backed Pantheon in June 2023, acquiring a 25% stake at the time. This latest acquisition has been financed through existing cash reserves.
Pantheon, an independent broker operating within the Lloyd’s and London insurance market, has expanded its operations significantly since the initial investment. Headcount is expected to reach approximately 50 by the end of the current financial year, which ends on December 31, 2025. The company is also forecasting adjusted EBITDA of around £18 million for the same period.
Upon its formation in 2023, Pantheon also acquired Denison and Partners Limited, a Lloyd’s broker that had been established in 2022. The acquisition formed part of the broker’s initial strategic setup, providing an operating platform from which to build out its proposition in the London market.
Pantheon launched with a focus on global casualty and professional lines business. It has since extended its product range to include global property, innovation and technology, and delegated authorities across various areas.
“B.P. Marsh has been a true partner to Pantheon since day one, sharing our vision for building a best-in-class specialist broker. Their ongoing support, both in equity and growth capital, enables us to remain agile and opportunistic as we continue expanding our capabilities and strengthening our market position,” Pantheon CEO and founder Robert Dowman (pictured above) said.
Alongside the equity purchase, B.P. Marsh has agreed a £5 million revolving loan facility with Pantheon, of which £3.5 million was drawn down at completion. The facility is intended to provide additional flexibility to support continued growth, including through team hires, organic expansion, and potential M&A activity.
B.P. Marsh’s overall investment portfolio has seen marked growth in the latest financial year. As of January 31, 2025, the firm reported group funds of £74.1 million, up from £40.5 million the previous year. During this period, the firm completed two disposals and added three new investments.
B.P. Marsh reported in its recent full-year results that the valuation of its holding in Pantheon had increased by 150% over the past financial year. The company said that the combination of further capital support and the additional equity stake reflected its ongoing belief in Pantheon’s growth potential.
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