MYRG News & Events

Prospect Capital (PSEC) announced the sale of Prospect's portfolio company Valley Electric to MYR Group (MYRG). The closing of the transaction is expected to occur on or about July 1 for consideration of approximately $328M, subject to net asset, other post-closing purchase price adjustments and earn-out payment. Over the life of the Valley Electric investment since 2012 and including expected net exit proceeds of approximately $280M, together with prior interest on debt, equity distributions, and other cash flow streams, Prospect will have achieved a 20.4% realized gross annualized internal rate of return and 4.8 times multiple of invested capital.

MYR Group announced that it has entered into a definitive agreement to acquire all issued and outstanding shares of capital stock of Valley Holdings, Inc. and its subsidiaries, including Valley Electric and Comet Electric and their respective affiliates, for consideration of approximately $328M, subject to net asset and other post-closing purchase price adjustments. The company expects to fund the acquisition through a combination of cash on hand and borrowings under its revolving credit facility. Over the last two years, the combined average annual revenues of Valley Electric and Comet Electric were in excess of $400M. The transaction has been approved by the seller and the board of directors of MYR Group and is expected to close on or about July 1, subject to receiving required regulatory approvals and the satisfaction of other customary closing conditions.