Private equity specialist B.P. Marsh & Partners Plc has increased its stake in Pantheon by a further 2%, taking its total holding to 39%. The additional shares were acquired in equal proportion from Pantheon founders Robert Dowman and Michael Lee, valuing the independent broker at £275 million.
This latest transaction builds on B.P. Marsh’s initial investment in June 2023, when it acquired a 25% stake in Pantheon. The additional equity purchase was financed through the firm’s existing cash reserves.
Operating within the Lloyd’s and London insurance market, Pantheon has demonstrated strong growth since the initial investment. The company expects to employ around 50 staff by the end of its current financial year, ending December 31, 2025, and is projecting adjusted EBITDA of approximately £18 million for the same period.
Pantheon was established in 2023 with the acquisition of Denison and Partners Limited, a Lloyd’s broker formed in 2022. This early acquisition provided a strategic foundation for Pantheon’s operations in the London market.
Originally focused on global casualty and professional lines, Pantheon has since diversified its offering to include global property, innovation and technology, and delegated authority solutions across a range of sectors.
In conjunction with the equity transaction, B.P. Marsh has extended further support through a £5 million revolving loan facility, of which £3.5 million was drawn at completion. The facility is designed to provide additional capital flexibility to fuel Pantheon’s continued growth through team expansion, organic development, and potential M&A activity.
B.P. Marsh has reported strong portfolio performance in the latest financial year. As of January 31, 2025, the firm held group funds of £74.1 million, up from £40.5 million a year earlier. Over the same period, the company completed two exits and made three new investments.
