May 13, 2025
Valley Lighting Acquired by Private Equity Firm
PE firm sees bright future in Maryland lighting, controls & shading project house
It’s three miles from the terminals at BWI Airport, but only half a mile from a plate of Maryland’s most debated crab cakes. And now, the headquarters of Valley Lighting is also home to the latest private equity-backed move in the commercial lighting sector.
Caymus Equity Partners, an Atlanta-based PE firm with a track record in specialty industrial distribution, acquired Valley Lighting, a Maryland-based distributor with deep roots in government and commercial projects throughout the Mid-Atlantic. The financial terms weren’t disclosed, but the subtext is clear: this isn’t a distressed play — it’s a bet on sustained relevance in a Baltimore, D.C. and Northern Virginia market often described as recession-resistant.
A Different Breed of Distributor
For those unfamiliar, Valley isn’t your typical counter-and-catalog lighting distributor. Its business model leans heavily on project-driven sales, supporting design-build and specified projects across sectors like healthcare, government, education and data centers. In a region buoyed by federal spending — where the lights tend to stay on even in economic downturns — Valley has built a reputation for long-cycle, high-service work.
While competitors in the area hustle over-the-counter sales, Valley has operated more like a consulting firm in a distributor’s clothing. Its long-standing leadership — Kathy Deppe and Tommy Jones, who will stay on and retain equity stakes — has helped anchor this model. Insiders across the region know their names. Their continued presence signals not just continuity, but also a certain defiance of the churn that sometimes accompanies PE takeovers.
What Caymus Brings, and What It Doesn’t
Caymus is no stranger to the specialty trades. Their prior investments in industrial supply businesses, suggests they understand the nuances — and margin potential — of contractor-driven service models. More notably, Caymus doesn’t appear to traffic in turnaround tales or quick flips of flailing firms. Their portfolio leans toward operationally solid, founder-led companies poised for expansion. That context helps ease some of the reflexive anxiety that can greet private equity headlines in this industry.
Still, these transitions are never without tension. Employees and clients alike often ask: will service change? Will culture survive? For Valley, the PE acquisition echoes New York City’s Chelsea Lighting – Kinzie Capital Partners deal from a few years back — a project-focused lighting business acquired with the intent to scale. If that precedent holds, Valley’s customers may not see much change — except possibly more resources, and a stronger backbone for expansion.
Location, Legacy, and Crab Cakes
Valley’s Linthicum Heights HQ sits in one of the densest clusters of electrical and construction activity in the Mid-Atlantic. Its proximity to government campuses and infrastructure projects has long been a strategic advantage. But its cultural lodestone may be closer to the fryer than the federal building.
G&M Restaurant, just a half-mile away, is a gritty spot known for crab cakes that spark arguments as fierce as any spec bid substitution protest. Rich in crab meat and light on breadiness, some claim they’re the best in Maryland. Others dismiss them as lacking distinctive seasoning. Inside Lighting? We recommend a visit — if not for the crab, then for the character of this time-warp restaurant.
And that’s not a bad metaphor for Valley itself: a seasoned player in a tough market, steeped in local flavor, now entering its next chapter with new backing but the same kitchen staff.
