Valesco Industries and Hidden River Strategic Capital Recapitalize Nipples, Elbows & Couplings, Inc. (NEC)
May 5, 2026
Valesco Industries completed a control recapitalization of Nipples, Elbows & Couplings, Inc. (“NEC”), a Houston-based manufacturer of PVC-coated electrical conduit and fittings used in corrosive infrastructure end markets. Hidden River Strategic Capital and GMB Capital Partners also partnered in the recapitalization, providing subordinated debt alongside a senior term loan and revolver from another investor-lender.
- Targets
- Nipples, Elbows & Couplings, Inc. (NEC)
- Sellers
- Company management, NEC founder/management (Founder & CEO Steve Osborne referenced as partnering in recapitalization)
- Industry
- Industrial Services
- Location
- Texas, United States
- Transaction Type
- Recapitalization
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