MasTec Acquires McKee Utility for $276M in Major Infrastructure Play

MIAMI, FL – March 02, 2026 – In a significant move underscoring the surging value of critical infrastructure services, construction giant MasTec, Inc. has acquired McKee Utility Contractors for an enterprise value of $276 million. The deal marks a highly successful exit for private equity firm Boyne Capital, which sold its portfolio company just over three years after partnering with the Oklahoma-based family business.

The acquisition transfers a specialized leader in water and wastewater infrastructure to one of the nation's largest infrastructure builders, reflecting a broader industry trend of consolidation as companies position themselves to tackle America's massive infrastructure renewal needs. For McKee Utility, a third-generation firm, the sale represents the culmination of a period of explosive, strategically managed growth.

The Private Equity Blueprint for Growth

Boyne Capital's partnership with McKee Utility, initiated in December 2022, serves as a case study in private equity's role in scaling founder-led businesses. Over a three-year period, the Miami-based firm worked with McKee's leadership to transform the company from a respected regional player into a formidable force in the utility construction sector.

The strategy was rooted in aggressive, targeted investment. Boyne Capital and McKee management focused on expanding core capabilities, effectively doubling the company's crew count. This expansion was supported by significant capital injection into equipment and the establishment of a broader geographic footprint, with new regional divisions in North and South Texas to complement its Oklahoma headquarters. The result was a dramatic increase in operational capacity, allowing McKee to pursue and execute significantly larger and more complex projects.

This physical growth was underpinned by a modernization of the company's internal structure. Boyne implemented meaningful investments in project management, IT systems, safety protocols, and leadership development. Adam Herman, Boyne's COO, noted the strategic intent behind these moves: "Our focus was on building an operational organization that could support McKee not just for today, but for the long term. By strengthening leadership, support functions, systems and metrics tracking, the Company developed the structure needed to continue to scale."

The financial results of this partnership were striking. According to Boyne Capital, McKee's revenue more than doubled from 2022 to 2025, while its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) approximately tripled over the same period. Roman Krislav, Boyne's Managing Director, quantified the firm's output, stating, "Over the last 3 years, McKee has laid over 700,000 feet of large diameter pipe."

Derek McDowell, Boyne's Managing Partner and CEO, praised the collaboration. "The Company's growth is a testament to the execution driven culture established by the McKee family, and the collaborative partnership we formed together. We are proud of what the McKee team accomplished and of Boyne Capital's ability to partner with founder-led businesses to accelerate growth."

Underground Solutions for a Growing Nation

Founded in 1978 in Prague, Oklahoma, McKee Utility Contractors carved out a niche in a highly specialized and essential field: the installation of large diameter water and wastewater transmission lines. This is the heavy-duty, unseen work that underpins community life, enabling growing population centers in Texas, Oklahoma, and Arkansas to function.

The company's deep expertise has allowed it to tackle complex municipal projects that many competitors cannot, developing what the original announcement called a "unique track record and qualification set." This specialization is becoming increasingly vital as much of the nation's water infrastructure, built decades ago, reaches the end of its functional life and requires urgent upgrades to prevent failures and ensure water quality.

Shane McKee, CEO of McKee Utility, reflected on the recent growth phase while looking toward the future. "Partnering with Boyne Capital allowed us to significantly scale McKee while preserving the values that have guided our business for more than 40 years," he said. "Together, we expanded our crews, equipment fleet, and project capabilities, positioning the business to take on larger and more complex water infrastructure projects across the Southern United States. I am incredibly proud of our team and what we have accomplished, and we are excited for continued growth as part of the MasTec platform."

This transition to the MasTec platform equips McKee with even greater resources and backing to address the critical infrastructure deficit in the Southern U.S., a region experiencing rapid population and economic expansion that puts immense strain on existing utility systems.

MasTec's Strategic Expansion in Essential Services

The acquisition is a calculated strategic move for MasTec. The publicly traded behemoth has a well-documented history of growing through key acquisitions that bolster its capabilities in high-demand sectors. Integrating McKee aligns perfectly with MasTec's stated focus on structurally growing themes, with water infrastructure being a prime example.

During a recent earnings call, MasTec's leadership expressed confidence that its recent acquisitions, including McKee, would be immediately accretive, projecting they would contribute approximately $500 million in revenue during 2026 at high single-digit EBITDA margins. This indicates that MasTec's due diligence confirmed the robust financial performance and operational strength built up at McKee.

By acquiring McKee, MasTec not only gains a market leader in a specialized field but also deepens its geographic penetration in Texas, Oklahoma, and Arkansas. This move strengthens its portfolio of essential utility services, providing a valuable hedge against cyclicality in other construction sectors. MasTec's CEO, Jose Mas, has specifically highlighted the water infrastructure sector as a key area for long-term growth, and the addition of the McKee family and their team is a direct execution of that vision. The acquisition is not just about buying assets, but about acquiring deep, generational expertise and a culture of execution that is difficult to build from scratch.