Hidden River Invests in NEC - 10th Investment in its Inaugural Fund

RADNOR, Pa., May 5, 2026 /PRNewswire/ -- Hidden River Strategic Capital ("Hidden River") announced that it has closed its tenth platform investment in its inaugural fund, Hidden River Strategic Capital I, LP, through an investment in Nipples, Elbows & Couplings, Inc. ("NEC"). Headquartered in Houston, TX, NEC is a leading manufacturer of PVC-coated electrical conduit and fittings serving infrastructure end markets including wastewater, midstream energy, and datacenters. NEC's proprietary "BlackGuard" coating is designed to protect critical infrastructure in corrosive environments, and the Company has built a strong reputation for product reliability, competitive lead times, and customer service.

"NEC has built a differentiated position as a niche manufacturer, earning a reputation for quality and service that resonates across mission-critical infrastructure applications," said Kevin Condon, Founding Partner of Hidden River. "We're pleased to provide flexible capital in support of a recapitalization, positioning NEC to continue executing on initiatives such as capacity expansion, geographic growth, and deepening long-standing customer relationships."

Hidden River partnered with Valesco Industries ("Valesco"), GMB Capital Partners ("GMB") and company management in a recapitalization of the business. The transaction provides NEC additional financial flexibility to continue executing on key priorities while maintaining the performance and responsiveness customers rely on in corrosive environments.

Hidden River's investment underscores the firm's flexible, partnership-oriented investing approach. The firm provides customized equity and debt capital to support strategic growth initiatives, pursue add-on acquisitions, and facilitate shareholder recapitalizations.

About Hidden River Strategic Capital: 

Hidden River Strategic Capital is a suburban Philadelphia based private equity firm that provides flexible equity and debt capital to owner-operated lower middle market businesses. Known for its partnership-oriented approach and customized capital solutions, Hidden River invests in a variety of industries, with a strong preference for unique, repeatable, and durable business models. The Fund's investments are typically used to support growth initiatives, add-on acquisitions and recapitalizations. For more information, please visit www.hiddenrivercap.com.

Business and Media Inquiries:
Graham Bachman
Managing Director, Head of Business Development
Hidden River Strategic Capital
Email: [email protected]
Phone: 484-453-3134

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SOURCE Hidden River Strategic Capital