PE firm acquires further stake in broker Pantheon Specialty

Private equity investor BP Marsh has increased its shareholding in broker Pantheon Specialty.

BP Marsh first invested in the broker in June 2023 for a 25% stake, with this increasing to 32% in May 2024. It then acquired a further 5% share from eight members of Pantheon’s management team last October.

The PE investor said it had now acquired a further 2% shareholding in Pantheon at an equity value of £275m, split equally from its founders Robert Dowman and Michael Lee.

This takes BP Marsh’s total shareholding in Pantheon to 39%.

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

Dan Topping, BP Marsh’s chief investment officer, said: “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 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.”

‘Ongoing support’

The new investment will help Pantheon with its organic growth, strategic team hires and opportunistic mergers and acquisitions.

Dowman said: “BP Marsh has been a true partner to Pantheon since day one, sharing our vision for building a best in-class specialist broker.

“Its 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.”