Business
Follow on Investment – Pantheon Specialty Group
Follow on Investment – Pantheon Specialty Group.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n\n29 October 2024\n \nB.P. Marsh & Partners Plc\n(\"B.P. Marsh\", \"the Company\" or \"the Group\")\n \nFollow on Investment - in Pantheon Specialty Group Limited (\"Pantheon\")\n \nB.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 5% shareholding in Pantheon Specialty Limited (\"Pantheon\") from eight members of Pantheon's Management team, for cash consideration of £12.5m.\n \nB.P. Marsh first invested in Pantheon in June 2023, when it subscribed for a 25% stake in a new holding company established in partnership with Robert Dowman. Following launch, Robert Dowman was joined by Michael Lee, as Managing Director. \n \nFollowing initial investment, B.P. Marsh acquired a further 7% from Management in May 2024, increasing our shareholding to 32%.\n \nSince Pantheon was established, just over one year ago, Robert Dowman and Michael Lee have hired a number of key individuals, with Pantheon quickly being recognised as a leading London market broker.\n \nSince the Group's investment, Pantheon has delivered strong performance, and in its current financial year to 31 December 2024, Pantheon is forecast to produce an adjusted EBITDA in excess of £16m. Both the Pantheon team and B.P. Marsh remain confident that this positive momentum will continue into 2025 and beyond.\n \nThe acquisition of an additional 5% stake in Pantheon will raise the Group's total shareholding to 37%. Upon completion, these shares will be converted into Preference Shares, accompanied by the Group's standard shareholder protections. The transaction has been financed using the Group's existing cash reserves.\n \nThis transaction enables Pantheon's Management team to partially liquidate a portion of their shareholding, providing them with personal liquidity, while still retaining a significant majority stake. This structure ensures continued alignment of interests across the shareholder base, a key factor that has been central to Pantheon's strong performance to date.\n \nThis additional equity purchase demonstrates the Group's confidence in Pantheon's future growth prospects. As announced in the Group's most recent set of results for the half year to 31 July 2024, the valuation...