Whitehall & Company Research
Advisory Approach
Whitehall & Company is an infrastructure-focused investment banking firm founded in 2010 that provides M&A advisory and capital placement services across the energy, power, infrastructure, and real estate sectors. The firm operates with a clear thesis: delivering bulge bracket expertise combined with senior-level attention throughout every phase of a transaction. Whitehall's approach is characterized by objective advice, unwavering commitment to client interests, and the highest ethical standards.
The firm's professionals bring decades of experience from major financial institutions including WestLB, Royal Bank of Scotland, Credit Suisse, Donaldson Lufkin & Jenrette, and J.P. Morgan Securities. This background enables Whitehall to offer sophisticated transaction structuring and execution capabilities typically found at larger institutions, while maintaining the personalized service of a boutique firm.
Sector Focus
Whitehall specializes in infrastructure-intensive industries with complex capital structures and regulated environments:
Energy & Power: The firm has deep expertise across conventional power generation (natural gas-fired plants, combined-cycle facilities), renewable power (wind, solar, battery storage), and oil & gas infrastructure. Their transactions page shows extensive involvement in power generation facility development, financing, and M&A.
Infrastructure: Whitehall advises on transmission systems, midstream energy assets, and other critical infrastructure projects requiring specialized project finance expertise.
Real Estate: The firm has experience with real estate-backed structured products and real estate-intensive transactions.
Deal Track Record
Whitehall's professionals have advised clients on and arranged over $125 billion in transaction volume since the firm's founding in 2010. The firm's transaction history demonstrates deep capabilities in both M&A advisory and capital raising:
Recent Transactions (2020-2024):
- Gateway Fleets (2024): Equity placement agent for electrification solutions provider
- Trumbull Energy Center (2022): $1.2 billion debt and equity placement as financial advisor
- Blue Mound Energy Center (2022): Sell-side M&A advisory
- Tenaska Gateway (2022): Sell-side M&A advisory
- FGE Goodnight I (2022): Development capital equity placement
Significant Prior Transactions:
- Indeck Energy Services (2019): $1.2 billion equity and debt placement for Niles energy center
- Advanced Power South Field Energy (2018): $1.3 billion sell-side M&A advisory for 100% share interest sale
- Sunnova Rays (2019): $400 million debt placement
- SunEast Development (2018): Financial advisor on development capital investment from New Energy Capital Partners for 105 MW AC solar portfolio
- Northwestern Mutual (2014): Exclusive financial advisor to Starwood Energy on sale of 25% interest in Neptune Regional Transmission System
The firm's website lists over 75 closed transactions spanning M&A sell-side and buy-side advisory, equity placements, debt placements, and financial advisory mandates. Transaction values range from mid-market deals in the $40-100 million range to large-scale infrastructure projects exceeding $1 billion.
Process & Fee Structure
Whitehall provides institutional-quality execution across sell-side M&A, buy-side M&A, recapitalizations, and capital raising (debt and equity). Their process emphasizes:
- Senior-level attention: Managing Partners and Managing Directors are actively involved in all phases
- Extensive buyer relationships: Longstanding relationships with strategic buyers, sellers, and large institutional investors
- Capital markets expertise: Deep experience in project finance, structured finance, tax and lease finance, and securitization
- Objective advice: Commitment to placing clients' interests above all
Fee information is not publicly disclosed on the firm's website. Infrastructure and energy investment banks typically use retainer-plus-success-fee structures, often with modified Lehman or negotiated percentages based on transaction complexity and size.
Buyer Network
Whitehall maintains relationships with:
Private Equity Buyers: The firm's transactions include sales to Macquarie Infrastructure Partners, York Capital Management, Starwood Energy Group, BlackRock, Sumitomo, and other institutional investors.
Strategic Buyers: Deal history shows sales to large corporate acquirers including Dräxlmaier Group, Sumitomo, and multinational energy companies.
Institutional Investors: The Whitehall Institutional Project Finance Program (established 2014) provides connections to first-class institutional investors for development capital and permanent capital placements.
Competitive Positioning
Whitehall differentiates through:
- Infrastructure specialization: Deep expertise in energy, power, and infrastructure transactions with complex regulatory and project finance requirements
- Bulge bracket backgrounds: Senior bankers with decades of experience at major institutions (WestLB, RBS, Credit Suisse, DLJ, JPMorgan)
- $125+ billion track record: Substantial transaction volume across M&A and capital raising
- Institutional program: The Whitehall Institutional Project Finance Program provides efficient access to institutional capital
- FINRA registered: Securities offered through Whitehall Capital Markets, LLC, member FINRA/SIPC
Not a Fit If
Based on the firm's infrastructure focus and transaction history, Whitehall is likely not a fit for:
- Small businesses under $50 million in enterprise value
- Non-infrastructure sectors (retail, technology, healthcare, etc.)
- Companies without significant asset bases or cash flow
- Clients seeking purely strategic advisory without transaction execution
Team
Jonathan Cody – Managing Partner & Head of Investment Banking: 25+ years of experience structuring energy transactions across U.S., Asia, and Latin America. Completed over $30 billion of transactions. Previously Managing Director at WestLB AG (Global Energy Group), Senior VP at Royal Bank of Scotland (Financial Advisory Group), and Director at Credit Suisse First Boston (Structured Products Group). BA Economics magna cum laude, Wheaton College.
Timothy Page – Managing Partner & Head of Capital Markets: Nearly 20 years of investment banking experience. Previously team leader for U.S. Private Placements at WestLB and spent first 10 years of career at J.P. Morgan Securities. BS Finance, University of Delaware.
Matthew Cody – Managing Director: 21 years of experience in structured products capital markets. Spent career at Donaldson Lufkin & Jenrette (Fixed Income Trading Group), Credit Suisse, and Auriga USA (Structured Products Group). BS Accountancy, Bentley University.
Chase Page – Vice President: Joined Whitehall in 2019, promoted to Analyst in 2021. Participated in more than $3 billion of successfully closed transactions. BS Informatics, Indiana University.
Geographic Coverage
Primary offices: 1 World Trade Center, 84th Floor, New York, NY 10007; additional presence in Miami Beach, FL. The firm's transaction history shows activity across the United States with particular concentration in:
- Northeast (New York, Pennsylvania, New Jersey, Connecticut)
- Midwest (Ohio, Michigan, Illinois)
- Texas
- National footprint for power generation and infrastructure projects