Marathon Capital Announces the Successful Sale of groSolar to EDF Renewable Energy
Marathon Capital is pleased to announce the successful sale of Global Resource Options, Inc. (dba: groSolar), one of the nation’s leading distributed generation solar firms, to EDF Renewable Energy (EDF RE). groSolar, a privately owned company with SJF Ventures and NGP Energy Technology Partners as major owners, has developed, designed, and constructed more than 150 MW of solar PV systems across the U.S. with more than 2,000 installations. Marathon Capital acted as exclusive financial advisor to groSolar.
Together with groSolar, Marathon Capital developed materials to present groSolar’s strategic business plan to the market. Marathon Capital then conducted a comprehensive process to explore financial and strategic investor interest in partnering with groSolar to further accelerate its growth in the distributed marketplace and was pleased to help facilitate the transaction between two strongly aligned players with a great strategic fit. “We believe groSolar’s successful distributed generation business combined with EDF RE’s financial acumen and market presence will enable the platform to expand significantly in the years ahead,” stated David Kirkpatrick, of Marathon Capital who led the M&A process for groSolar.
“We were very pleased with Marathon Capital’s expertise in the renewable energy sector and their ability to manage a thorough and confidential process,” said groSolar CEO Jamie Resor. groSolar will continue to operate throughout the U.S. as a wholly owned subsidiary of EDF RE.