B.P. Marsh & Partners Plc
(“B.P. Marsh”, “the Company” or “the Group”)
Follow-on equity purchase in Pantheon Specialty Group Limited (“Pantheon”)
B.P. Marsh and Partners Plc (AIM: BPM), the specialist private equity investor focused on early-stage financial services businesses, is pleased to announce that it has acquired an additional 2% equity stake in Pantheon, based on an equity valuation of £275m. The shares were purchased from the company’s founders, Robert Dowman and Michael Lee.
Originally launched in 2023 with a primary focus on Global Casualty and Professional Lines, Pantheon has since developed as a full-service London market wholesale insurance broker, having built out the following specialisms: Marine, Global Property, Innovation & Technology, and Delegated Authorities across multiple disciplines.
Pantheon has delivered strong growth and established itself as a high-quality, scalable specialty insurance broking platform, underpinned by an experienced leadership team and long-standing client relationships.
Since investment, Pantheon has:
- Successfully transitioned to an independent platform and built a diversified, multi-division specialty broker
- Expanded into a full-service broker, evolving beyond its core Casualty offering to include Property, Innovation & Technology, and Marine, thereby strengthening earnings diversification.
- Attracted a number of high-quality senior producers, materially strengthening its revenue-generating capability
- Continued to deepen relationships with global brokers, MGAs and carriers, supporting a high level of recurring revenue
- Demonstrated strong momentum through both organic growth and new business wins
Financial highlights:
- Revenue growth from c.£23.8m in the 2025 Financial Year to approaching £30m for the 2026 Financial Year
- EBITDA margins consistently strong, reflecting a highly scalable and capital-light model
- Profit before tax budgeted to be in excess of £15m in the 2026 Financial Year, representing significant growth since inception
- Continued high levels of cash generation supporting reinvestment and growth
The increased shareholding reflects the Group’s continued confidence in Pantheon and its ability to deliver sustained growth and attractive returns.
B.P. Marsh initially invested in Pantheon in June 2023, acquiring a 25% shareholding in the newly established business in partnership with Robert Dowman. Since that time, the Group has made a number of incremental investments to increase its stake. Following this latest acquisition of 2%, B.P. Marsh’s total shareholding in Pantheon will increase to 41%. The transaction has been funded from the Group’s existing cash reserves.
Robert Dowman, the Founder and CEO of Pantheon, commented:-
“B.P. Marsh’s continued support is a strong endorsement of Pantheon’s development since launch.
We have made significant progress in building a diversified specialty broking platform, broadening our capabilities and attracting a high-quality team, which together have driven our growth and performance.
With strong foundations in place and clear momentum across the business, we remain focused on scaling the platform and delivering long-term value for our clients and partners.”
Dan Topping, B.P. Marsh’s CEO, and nominee Director on the Board of Pantheon, stated:-
“We are very pleased to further increase our investment in Pantheon and to continue backing the business.
Since our initial investment, Pantheon has delivered excellent progress, combining strong financial performance with the successful execution of its growth strategy. The business has rapidly scaled its platform, expanded its product offering and demonstrated the strength of its earnings model.
We have strong confidence in Pantheon’s long-term potential and look forward to supporting the business as it continues to scale.”