REG - B.P. Marsh &Partners - Follow-on equity purchase in and loan to Pantheon

B.P. Marsh & PartnersAnnouncement

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RNS Number : 8613O  B.P. Marsh & Partners PLC  30 June 2025

30 June 2025

 

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

 

Follow-on Equity purchase and Loan funding in Pantheon Specialty Group Limited
("Pantheon")

 

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor
in early-stage financial services businesses is pleased to announce that it
has acquired a further 2% shareholding in Pantheon at an equity value of
£275m, split equally from its founders, Robert Dowman and Michael Lee.

 

Since backing the management team in June 2023, Pantheon has grown rapidly,
with headcount likely to be near 50 by the current year end. Performance has
been exceptional, with Pantheon rapidly becoming a leading independent broker
in the Lloyd's and London insurance market. In its current financial year to
31 December 2025, Pantheon is on track to achieve an adjusted EBITDA of
approximately £18m.

 

Having launched with a major focus on Global Casualty and Professional lines
business, Pantheon has now expanded its product offering into the arenas of
Global Property, Innovation & Technology and Delegated Authorities across
all disciplines.

 

Alongside this further acquisition of shares, B.P. Marsh has agreed a £5m
revolving loan facility with £3.5m being drawn down on completion.

 

This funding provides Pantheon with the flexibility to sustain and accelerate
its strong growth trajectory since inception. This continued expansion will be
driven by organic growth, strategic team hires and opportunistic mergers and
acquisitions.

 

The additional equity purchase and the Group's provision of further loan
funding continues to demonstrate our confidence in Pantheon's future growth
prospects.

 

As reported in the Group's latest full-year results to 31 January 2025, the
valuation of our stake in Pantheon increased by 150% over the past financial
year. The additional growth funding, combined with the share acquisition,
reflects the Group's strong confidence in Pantheon's ability to sustain this
momentum.

 

B.P. Marsh first invested in Pantheon in June 2023, when it subscribed to a
25% shareholding in a newly established company, in partnership with Robert
Dowman. Following this additional 2% investment, B.P. Marsh's total
shareholding in Pantheon now stands at 39%. The transaction has been financed
using the Group's existing cash reserves.

 

Robert Dowman, the Founder and CEO of Pantheon commented:-

 

"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.

 

With strong momentum behind us and an exceptional team in place, we look
forward to capitalising on the significant opportunities ahead."

 

Dan Topping, B.P. Marsh's Chief Investment Officer and nominee Director on the
Board of Pantheon stated:-

 

"We are delighted to increase our shareholding in Pantheon and continue
supporting the business with flexible growth capital.

Since our initial investment, Pantheon has exceeded expectations in terms of
both financial performance and strategic execution.

The leadership team, led by Rob and Mick, has built a business that has
already gained serious traction in the London Insurance Market.

We remain highly confident in Pantheon's continued trajectory and are excited
to support the next phase of its growth."

 

 For further information on B.P. Marsh, its strategy and current portfolio,
 please visit www.bpmarsh.co.uk (http://www.bpmarsh.co.uk/)

 or contact:

 B.P. Marsh & Partners Plc                            +44 (0)20 7233 3112

 Brian Marsh OBE / Alice Foulk

 Nominated Adviser & Joint Corporate Broker:          +44 (0)20 7886 2500

 Panmure Liberum Limited

 Atholl Tweedie / Amrit Mahbubani / Ailsa MacMaster

 Joint Corporate Broker:                              +44 (0)20 7496 3000

 Singer Capital Markets Advisory LLP

 Charles Leigh Pemberton / James Moat / Asha Chotai

 Financial PR & Investor Relations:                   bpmarsh@tavistock.co.uk (mailto:bpmarsh@tavistock.co.uk)

 Tavistock                                            +44 (0)20 7920 3150

 Simon Hudson / Katie Hopkins / Kuba Stawiski

 

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