NEW YORK, May 27, 2026 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ:PSEC) ("Prospect") a leading business development company focused on investing in middle-market businesses, today announced the successful sale of Prospect's portfolio company Valley Electric Company, Inc. ("Valley Electric") to MYR Group Inc. ("MYR"), a leading specialty contractor serving the electric utility infrastructure, commercial, and industrial construction markets.

The closing of the transaction is expected to occur on or about July 1, 2026 for consideration of approximately $328 million, subject to net asset, other post-closing purchase price adjustments and earn-out payment. Over the life of the Valley Electric investment since 2012 and including expected net exit proceeds of approximately $280 million (not including potential adjustments and earn-out payments), together with prior interest on debt, equity distributions, and other cash flow streams, Prospect will have achieved a 20.4% realized gross annualized internal rate of return ("IRR") and 4.8 times multiple of invested capital.

Founded in 1982, Valley Electric is a premier provider of electrical solutions for critical infrastructure across Washington state, California, and the Western United States. Valley Electric provides a comprehensive array of contracting services, including end-to-end installation, design-build, preventative maintenance, and related services for mission critical, transportation, and various industrial and commercial end markets.

During Prospect's investment period, Valley Electric has achieved significant growth and geographical expansion, expanding revenues by 289% while strengthening Valley ...