MYR Group announced it has entered into a definitive agreement to acquire all issued and outstanding shares of Valley Holdings, Inc. and its subsidiaries, including Valley Electric Company and Comet Electric, for approximately $328 million, 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. The transaction is expected to close on or about July 1, 2026, subject to regulatory approvals and customary closing conditions.
Valley Electric, founded in 1982 and headquartered in Everett, Washington, is one of the largest full-service electrical contractors in the Western United States, serving commercial, industrial, transportation/heavy civil, and marine markets. Comet Electric, founded in 1976 and headquartered in Chatsworth, California, is a commercial and industrial contractor serving Southern California.
Over the last two years, the combined average annual revenues of Valley Electric and Comet Electric exceeded $400 million.
MYR Group said the acquisition is expected to strengthen its Commercial & Industrial segment by expanding service offerings, geographic reach, and market position. The company believes the addition of Valley Electric and Comet Electric will enhance its ability to pursue a broader range of projects through their design expertise, project capabilities, and established customer relationships.
The transaction has been approved by seller Prospect Capital Corporation and MYR Group’s Board of Directors. Stifel served as the exclusive financial advisor to Valley in the transaction.
MYR Group operates through two business segments, Transmission & Distribution and Commercial & Industrial, providing electrical infrastructure services across the United States and Canada. Its work includes transmission and distribution networks, substations, clean energy projects, electric vehicle charging infrastructure, data centers, airports, hospitals, manufacturing facilities, transportation systems, and other large-scale infrastructure projects.
KEY QUOTES:
“Valley Electric and Comet Electric each bring high-quality workforces and strong management teams with decades of experience, who share our culture, values and commitment to delivering superior service to our customers through operational excellence. We expect their diverse project portfolio, strong reputation, design skills, and other services will enhance our ability to capture projects. We are excited to welcome the employees of Valley Electric and Comet Electric to the MYR Group organization and look forward to making this a smooth transition.
The addition of Valley Electric and Comet Electric to MYR Group is expected to continue to strengthen our Commercial & Industrial segment service offerings and geographic reach, while expanding our market position as we continue to provide additional services to both new and existing customers.”
Rick Swartz, President and CEO, MYR Group
