Marathon Capital

Marathon Capital
Marathon Capital
Type Private Company
Industry investment banking
Financial Services
Founded 1999
Headquarters Chicago (Bannockburn)
Key people

Ted Brandt
(Principal-Chief Executive

Gregg Elesh
(Principal-Chief Investment

Bob Braasch

Financial Officer)
Services Investment Banking

Marathon Capital, LLC is an independent investment bank focused on delivering financial advice to the global energy and infrastructure markets. Marathon specializes in the sale and financing of companies, portfolios and assets within these markets and is recognized for its leadership in the field of renewable energy investment banking.

Marathon Capital, founded in 1999, is privately held. Investment banking is conducted through wholly owned subsidiary Marathon Capital Markets, LLC and regulated by the Financial Industry Regulatory Authority (FINRA) in the United States and by the Ontario Securities Commission (OSC) in Canada where the firm operates as an Exempt Market Dealer.

Marathon Capital, LLC employs 15 investment bankers bringing together deep experience in the areas of renewable energy, mergers, acquisitions, restructuring, project finance and capital raisings.

The firm has offices in Chicago (Bannockburn), New York City and San Francisco (Mill Valley).



In 1999, Richard T. Brandt II and Gregg Elesh co-founded Marathon Capital. Both have backgrounds in commercial finance, leasing, and structured finance. During 2001, Marathon began its focus on alternative energy. The firm competes with “bulge bracket” firms for its engagements. Marathon Capital periodically acts as a co-manager with other investment banks to facilitate client transactions. Marathon Capital has been involved in several high profile wind power wind power mandates from SkyPower Corp. (Canada), Allco Finance Group (Australia) and Greenlight Energy (USA).


Marathon clients include deregulated subsidiaries of large utilities, independent power producers, and entrepreneurial companies focused around power production, and other infrastructure projects. Marathon Capital has completed transactions involving district energy, cogeneration, geothermal power, wind power, solar power, landfill gas, demand-side energy conservation and has interest in additional transactions focusing on alternative fuel and chemicals, biomass power, energy management system, fuel cell, hydro, and energy-efficiency.

The firm handled the transactions for the following clients: the restructuring and sale of Middlesex Generation to General Electric (landfill gas to electric); Steamboat II/III to Ormat Technologies (Geothermal); the sale of Greenlight Energy to BP[1], plc (Wind), AMP Resources to Enel (Geothermal)[2][3][4][5], CPV Wind to Iberdrola (Wind)[6], SkyPower Corp. to Lehman Brothers (Wind and Solar)[7][8] and Ridgeline Energy to Veolia Environment (Wind). The sale of the project by Allco Finance Group generated cash proceeds of $A346 million[9].


  1. ^ [1]; SNL Financial
  2. ^ [2]; PRWeb
  3. ^ [3]; Biz Toolbelt
  4. ^ [4]; Milbank
  5. ^ [5]; HCP
  6. ^ [6]; Power Finance & Risk
  7. ^ [7]; Power Finance & Risk
  8. ^ [8]; Quantum Leap
  9. ^ Allco Finance

External links

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