The Daily Dig
MYR Group has signed a definitive agreement to acquire Valley Holdings, Inc. and its subsidiaries, including Valley Electric Company, Inc., Comet Electric, Inc., and their respective affiliates, for approximately $328 million. The deal is expected to close on or about July 1, 2026, subject to required regulatory approvals and other customary closing conditions.
Valley Electric, founded in 1982 and based in Everett, Washington, is one of the largest full-service electrical contractors in the Western U.S. Its work spans commercial, industrial, transportation and heavy civil, and marine markets, with capabilities that include design-build, BIM, prefabrication, and low-voltage systems.
Comet Electric, founded in 1976 and headquartered in Chatsworth, California, is a commercial and industrial contractor operating in Southern California. Its sector work includes commercial, transportation, aviation, mission critical and data centers, water and wastewater, industrial, education, and healthcare, among others.
Together, the two companies generated average annual revenues in excess of $400 million over the past two years. MYR Group plans to fund the deal through a combination of cash on hand and borrowings under its revolving credit facility. The seller is Prospect Capital Corporation. Stifel is serving as exclusive financial advisor to Valley on the transaction.
MYR Group expects the acquisition to strengthen its Commercial and Industrial segment service offerings and expand its geographic reach.
Snapshot:
Acquirer: MYR Group Inc. (NASDAQ: MYRG)
Target Companies: Valley Electric Company, Inc. and Comet Electric, Inc.
Parent Entity Being Acquired: Valley Holdings, Inc.
Seller: Prospect Capital Corporation
Deal Value: Approximately $328 million (subject to post-closing adjustments)
Funding: Cash on hand and revolving credit facility
Combined Annual Revenue: In excess of $400 million (two-year average)
Valley Electric Founded: 1982
Valley Electric HQ: Everett, Washington
Valley Electric Markets: Commercial, industrial, transportation/heavy civil, marine
Comet Electric Founded: 1976
Comet Electric HQ: Chatsworth, California
Comet Electric Markets: Commercial, transportation, aviation, mission-critical/data centers, water/wastewater, industrial, education, healthcare
Geography: Western U.S. (Valley Electric); Southern California (Comet Electric)
MYR Segment Impacted: Commercial and Industrial (C&I)
Expected Close: On or about July 1, 2026
Financial Advisor to Valley: Stifel
TheJobWalk Thoughts
The announcement dropped May 27 with a target close of July 1. That is a tight window, and suppliers and material vendors with active relationships at either Valley or Comet should be watching the transition closely. Post-acquisition integrations often bring changes to approved vendor lists and procurement contacts, so existing vendors will want to stay engaged and visible to new ownership before those decisions get made.
For subcontractors working in the Western U.S., this deal is worth paying attention to. Valley Electric already covers a broad Western footprint and Comet Electric runs Southern California, and folding both into a publicly traded national contractor with significant resources behind it could shift how work gets packaged and bid in those markets. Subs who have worked alongside either company should be thinking now about how that relationship looks under new ownership.
