Prospect Capital Corporation (PSEC) Agrees to Sell Valley Electric Company

​Recently, connected May 27, Prospect Capital Corporation (NASDAQ:PSEC) announced that it has agreed to merchantability Valley Electric Company, which is simply a steadfast successful its concern portfolio. The merchantability volition beryllium made to specialty contractor MYR Group for astir $328 cardinal and is expected to adjacent astir July 1, 2026.

Management noted that aft accounting for adjustments and earn-out payments, the institution is expected to person nett exit proceeds of astir $280 million. Moreover, erstwhile combined with anterior returns from interest, dividends, and different currency flows since the archetypal 2012 investment, the full result represents a 20.4% annualized instrumentality and astir 5 times the archetypal superior invested.

​Valley Electric was founded successful 1982 and provides electrical contracting services for captious infrastructure. Prospect has owned the institution for 14-years during which the institution grew substantially, with revenues expanding by 289% and its geographic footprint widening considerably. Prospect framed the exit arsenic a objection of its semipermanent concern approach.

​Prospect Capital Corporation (NASDAQ:PSEC) is simply a concern improvement institution that focuses connected lending to and investing successful backstage businesses. The company's indebtedness and equity investments let it to make existent income and execute semipermanent superior appreciation.

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