Valley Electric Acquired by MYR Group | Industrials M&A Deal

MYR Group has acquired Valley Electric, a electrical contracting business in Washington, for $328.0 million. MYR Group acquisitions also include Comet Electric, a commercial and industrial electrical contractor in Chatsworth, California, expanding MYR’s utility infrastructure and industrial construction capabilities. Valley Electric, founded in 1982 and headquartered in Everett, Washington, provides full-service electrical contracting across commercial, industrial, transportation/heavy civil, and marine markets. MYR Group acquisitions are structured as an add on acquisition, funded with cash on hand and revolving credit borrowings, and valued at approximately $328.0 million subject to net asset and post-closing purchase price adjustments, with combined average annual revenues exceeding $400 million over the last two years.