MYR Group to acquire Valley Electric and Comet Electric for $328M Proactive uses images sourced from Shutterstock
MYR Group Inc. (NASDAQ:MYRG) has agreed to acquire all outstanding capital stock of Valley Holdings Inc and its subsidiaries, including Valley Electric Company and Comet Electric, for approximately $328 million, expanding the specialty contractor’s footprint in the Western US and Southern California.
The Thornton, Colorado-based electric utility infrastructure and commercial construction contractor will fund the purchase through a combination of cash on hand and borrowings under its revolving credit facility, with the consideration subject to net asset and other post-closing purchase price adjustments.
Valley Electric, founded in 1982 and headquartered in Everett, Washington, serves commercial, industrial, transportation, heavy civil and marine markets across the Western US.
Comet Electric, established in 1976 and based in Chatsworth, California, operates as a commercial and industrial contractor focused on Southern California.
The acquisition broadens MYR Group’s reach in two regions where data center expansion, electrification, transportation infrastructure and utility upgrade work have driven demand for specialty electrical contractors.
The deal adds two operating platforms with established customer relationships in commercial and industrial construction and extends MYR Group’s exposure to the marine and heavy civil segments.