#USA #Miami #MasTec #Boyne Capital #McKee Utility

Boyne Capital Sells McKee Utility to MasTec

In a strategic move to enhance its portfolio, Boyne Capital, a private equity firm based in Miami, announced the sale of its portfolio company, McKee Utility Contractors, LLC, to MasTec, Inc. for an enterprise value of $276 million. This transaction represents a significant milestone for both companies and underscores Boyne's commitment to investment in meaningful growth within the lower middle market.

Founded in 1978 and headquartered in Prague, Oklahoma, McKee Utility is a family-owned business with a long-standing history of successful management within the infrastructure services sector. The company specializes in the installation of large diameter water and wastewater transmission lines, distinguishing itself through a proven track record of handling complex municipal utility projects across various geographies, including Texas, Oklahoma, and Arkansas. The sale, which comes nearly three years after Boyne's initial investment in the company, reflects the successful growth trajectory initiated by Boyne in partnership with McKee's management.

Since Boyne's investment in December 2022, significant developments took place within McKee Utility. Under the collaborative guidance of Boyne and McKee's leadership, the company expanded its crew size considerably, nearing double the initial count, and diversified its operational footprint, establishing regional divisions that allowed them to effectively tap into growing markets. The expansion included substantial investments in personnel, equipment, and operational capabilities to enhance project execution and meet the escalating demands of larger and more complicated infrastructure projects.

Shane McKee, the CEO of McKee Utility, highlighted the benefits of the partnership with Boyne in uniting their corporate values with expansive growth objectives. “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 stated. This collaboration has enabled the company to enhance its operational capabilities, resulting in a substantial increase in revenue and project scope.

During the past three years, McKee Utility has successfully laid over 700,000 feet of large diameter pipe, while revenue grew more than 100% from 2022 to 2025, with EBITDA increasing nearly threefold in that same period. Such achievements are a testament to the efficient execution of the company’s growth strategy, characterized by the strengthening of leadership and systems within the organization.

Derek McDowell, Managing Partner and CEO at Boyne Capital, acknowledged the strong leadership of the McKee family during this transformative phase. He emphasized the fruitful collaboration and the established execution-driven culture that has allowed McKee to thrive in a competitive landscape. “We are proud of what the McKee team accomplished and of Boyne Capital's ability to partner with founder-led businesses to accelerate growth,” he commented.

Roman Krislav, Boyne's Managing Director, expressed pride in the partnership and outlined the transformative impact they have had on McKee to solidify its position as a leader in the water infrastructure sector. The substantial growth attributed to careful planning and resource allocation has rendered McKee a formidable player, recognized by MasTec for its value and operational excellence.

This sale signifies not just a crucial financial transaction, but also highlights the evolving landscape of water infrastructure services in the Southern United States. With the resources and expertise provided by Boyne Capital, McKee is now more equipped to address future challenges and opportunities within the sector as it joins the MasTec family, set to continue its growth under a larger platform capable of supporting its ambitious aspirations.

For further inquiries about the sale or Boyne Capital's operations, those interested are encouraged to reach out to Rob Regan for detailed information.