On April 30^th, 2026, Valesco closed its sixth platform investment in Valesco Fund III. Headquartered in Houston, TX, Nipples, Elbows & Couplings, Inc. (“NEC”) is a leading manufacturer of PVC-coated electrical conduit and fittings for infrastructure projects including wastewater, midstream energy, and datacenter end-markets. NEC’s proprietary “BlackGuard” coating protects critical infrastructure in corrosive environments, with the Company establishing its premium brand on product reliability, competitive lead-times, and customer service.

Valesco looks forward to working with NEC’s management team through the next stage of growth in the PVC-coated conduit market. “The NEC leadership team is very excited for Valesco’s investment in our Company," shared NEC Founder & CEO Steve Osborne. “NEC has bold growth aspirations, and we feel that the Valesco team is a perfect partner for this stage of our growth.”

Valesco completed a control recapitalization of the Founder, partnering with management and our investment partners, Hidden River Strategic Capital (“Hidden River”) and GMB Capital Partners (“GMB”) to continue NEC’s legacy and capitalize on the Company’s long-standing reputation, favorable industry tailwinds, and growth opportunities. Subordinated debt was provided by Valesco, Hidden River, and GMB, and a senior term loan & revolver were provided by a senior lender who is also an investor in Valesco Fund III. Crutchfield Capital acted as exclusive financial advisor to NEC.

Valesco continues to seek investment opportunities in the form of both equity and subordinated debt for control buyout, recapitalization, minority, management buyout, and mezzanine situations for Valesco Fund III. NEC is the epitome of an investment candidate for our fund as we look for optimal solutions to satisfy the business, founder, and Valesco. We are excited to welcome NEC and the management team into our portfolio and are delighted to see the continued growth and success of the business.

About Valesco

Valesco is a Dallas, Texas based private equity firm that focuses on making control and non-control investments in select growth-oriented small- and lower- middle-market businesses engaged in manufacturing, distribution, and business-to-business services. Valesco specializes in partnering with a company’s management team to support its growth objectives. As long-term industry veterans, the principals have capitalized and built numerous successful businesses, serving those companies in varying roles as investors, managers, advisors, and directors.

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