Boyne Capital, a Florida-based private equity firm focused on lower middle market companies, announced the sale of its portfolio company, McKee Utility Contractors, LLC, to MasTec at an enterprise value of $276 million. Boyne partnered with management to recapitalize the company in December 2022.
Headquartered in Prague, Oklahoma, McKee is a third-generation, family-operated infrastructure services platform focused on large-diameter water and wastewater transmission lines. Since its founding in 1978, the company has built a track record and qualification set that enables it to pursue large, complex municipal utility projects across its operating regions. McKee has expanded its people, fleet, and capabilities to support growing population centers in Texas, Oklahoma, and Arkansas.
During Boyne’s ownership, the firm partnered with management to significantly expand the business, investing in personnel and equipment to nearly double its crew count over three years. The company expanded its regional footprint across Oklahoma, North Texas, and South Texas, alongside investments in operations, project management, and IT. McKee also strengthened its internal resources across safety, systems, and leadership to enhance operational visibility and increase capacity for larger projects.
Over the past three years, McKee laid more than 700,000 feet of large-diameter pipe. Revenue more than doubled organically from 2022 to 2025, while EBITDA more than tripled over the same period, according to the company.
MasTec, a publicly traded infrastructure construction company, is acquiring the business as part of its broader platform.
KEY QUOTES
“Partnering with Boyne Capital allowed us to significantly scale McKee while preserving the values that have guided our business for more than 40 years. 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.”
Shane McKee, CEO of McKee Utility
“We thank Shane and Tyler McKee for their leadership over the last three years. 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.”
Derek McDowell, Managing Partner and CEO of Boyne Capital
“We are very proud to have supported Shane and Tyler McKee in executing their growth plan. Over the last 3 years, McKee has laid over 700,000 feet of large diameter pipe, as revenue has organically more than doubled from 2022 to 2025 while EBITDA has approximately tripled over that period. The McKee and Boyne teams have worked together in true partnership to help transform the Company into a formidable water infrastructure business and a leader for its type of work in its regions. We are happy to have played a role in this important chapter of the McKee story, and are thrilled that a market leader such as MasTec recognized and valued the platform that has been built. We wish the McKee and MasTec teams all the best in the next chapter of the McKee story.”
Roman Krislav, Managing Director of Boyne Capital
“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 operational platform in place today reflects a forward-looking organization that is well positioned to continue executing on increasingly complex work and to support the next phase of growth.”
Adam Herman, COO of Boyne Capital
