Valley was founded in 1982 and is headquartered in Everett, Washington. The company, one of the largest 50 electrical contractors in the United States, is a provider of specialty electrical services in the state of Washington.
That’s from a release on the injection of $53 million of capital (debt and equity) — “part of a recapitalization process” — by Prospect Capital. Prospect noted that
The purpose of the recapitalization was to provide an opportunity for the non-management owners of Valley to monetize their ownership interests and provide an opportunity for management to co-invest in Valley. As a result of the recapitalization, Prospect is the controlling shareholder of Valley.
OF NOTE: You can buy stock in Prospect, which means you can (indirectly) now buy an ownership slice of an electrical contractor by purchasing shares of PSEC. ELEBLOG IS NOT RECOMMENDING THAT.
To explore Prospect, see its website — where the company’s self-description includes:
Prospect Capital Corporation (NASDAQ: PSEC) is a leading provider of flexible private debt and equity capital to sponsor-owned and non-sponsor-owned middle-market companies in the United States and Canada. PSEC is a publicly-traded closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. PSEC completed its initial public offering in 2004.
Source: http://electricalcontractor.com/?p=7948
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