B.P. Marsh increases stake in Pantheon Specialty to 37%

B.P. Marsh & Partners, a specialist private equity investor, has acquired an additional 5% shareholding in Pantheon Specialty Limited (Pantheon) from eight members of Pantheon’s management team for £12.5 million in cash.

This acquisition raises B.P. Marsh’s total shareholding in Pantheon to 37%. Upon completion, these shares will be converted to Preference Shares, along with the Group’s standard shareholder protections. The acquisition was funded from B.P. Marsh’s existing cash reserves.

This transaction allows Pantheon’s management team to cash in part of their shareholding, providing them with personal liquidity, while still retaining a significant majority stake. This arrangement keeps shareholder interests aligned, a key factor that has supported Pantheon’s strong performance to date.

This additional equity purchase also reflects B.P. Marsh’s confidence in Pantheon’s future growth potential. According to the Group’s recent results for the half year to 31 July 2024, the value of B.P. Marsh’s stake in Pantheon grew by 48% over the previous six months.

B.P. Marsh first invested in Pantheon in June 2023, acquiring a 25% stake in a new holding company established in partnership with Robert Dowman, who was later joined by Michael Lee as Managing Director.

In May 2024, B.P. Marsh acquired an additional 7% stake from management, increasing its shareholding to 32%.

Since its founding, Pantheon has quickly established itself as a prominent broker in the London market, driven by Dowman and Lee’s leadership and their recruitment of key talent.

Since B.P. Marsh’s initial investment, Pantheon has performed strongly and is on track to achieve an adjusted EBITDA in excess of £16 million for the financial year ending December 31, 2024. Both the Pantheon team and B.P. Marsh are confident that this positive trend will continue into 2025 and beyond.

Dan Topping, Chief Investment Officer at B.P. Marsh and nominee Director on the Board of Pantheon, stated, “B.P. Marsh has a long-standing relationship with both Robert Dowman and Michael Lee, each of whom has a strong, proven track record in growing businesses. Pantheon’s exceptional performance since its formation just 16 months ago is a clear example of this, as the company has rapidly become a leading independent broker in the London market.

“In line with B.P. Marsh’s mantra, we believe that the acquisition of an additional 5% stake in Pantheon offers a well-earned liquidity event for Pantheon’s management team, while also giving B.P. Marsh the opportunity to increase its investment in a rapidly growing company.
“We are excited to continue our work with Pantheon’s management in the coming year, supporting the company’s ongoing growth, which should, in turn, generate significant returns for our shareholders.”

Robert Dowman, Founder and CEO of Pantheon, commented, “The team here is immensely proud of what Pantheon has achieved since launching the business.

“B.P. Marsh’s support has been instrumental to this success, allowing us to quickly drive growth.

“I see this liquidity event as a continuation of B.P. Marsh’s commitment and support for Pantheon, rewarding management for their achievements while ensuring that all shareholders remain focused on the long-term success of the business for many years to come.”

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