Prospect Capital has funded a $53 million recapitalization of Valley Electric Company of Mt. Vernon, an Everett, WA-based electrical contractor. The financing was made through a combination of debt and equity. Valley offers contracting services primarily for commercial, industrial and transportation infrastructure applications. The recapitalization allowed Prospect to monetize its ownership interests and to provide an opportunity for company management to co-invest in the company. As a result of the recapitalization, Prospect is the controlling stakeholder of Valley.