Follow-on equity purchase in and loan to Pantheon

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."

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