Gray Reed represented Nipples, Elbows & Couplings, Inc., doing business as NEC Inc. (“NEC”), a Houston-based manufacturer of PVC-coated electrical conduit and fittings, in connection with a control recapitalization by Valesco Industries. The transaction closed on April 30, 2026.

Headquartered in Houston, Texas, NEC manufactures PVC-coated conduit systems under its proprietary “BlackGuard” brand, which is designed to protect electrical infrastructure in corrosive environments. The company serves infrastructure end markets including wastewater, midstream energy and data centers, and has built its market position on product durability, lead-time reliability and customer service.

Valesco completed a control recapitalization in partnership with NEC founder and Chief Executive Officer Steve Osborne and the company’s management team, alongside co-investors Hidden River Strategic Capital and GMB Capital Partners. The investment represents the sixth platform investment for Valesco Fund III. Crutchfield Capital served as exclusive financial advisor to NEC.

“We are proud to have represented NEC in connection with this majority investment by Valesco Industries,” said Michael Overstreet, partner in Gray Reed’s Corporate/M&A Practice. “This transaction is a testament to the strength of NEC’s market position and the dedication of its management team.”

The Gray Reed deal team was led by M&A Partner Michael Overstreet, with support from Lynsey Hyde, Savannah Warner, Allie Moulton and Mona Deo (M&A); Colin Cox (Real Estate); Austin Carlson, Max Van Benschoten and Caleb O’Donnell (Tax); and Brock Niezgoda and Travis Johnson.

About Gray Reed

Gray Reed is a full-service Texas law firm with a comprehensive range of litigation and transactional practices. With more than 160 attorneys, the firm focuses on understanding its clients' businesses and industries to deliver practical, strategic legal solutions for companies and high-net-worth individuals. Through its subsidiary, Gray Reed Advisory Services, the firm also provides strategic business consulting tailored to each client's objectives. Learn more at grayreed.com and grayreedadvisory.com.