MasTec Acquires McKee Utility for $276M

MasTec, Inc. has significantly expanded its footprint in the critical water and wastewater infrastructure sector with the acquisition of McKee Utility Contractors, LLC for an enterprise valuation of $276 million. This strategic move, finalized on March 2, 2026, integrates McKee's specialized capabilities in large-diameter pipeline construction into MasTec's extensive service offerings, particularly across the South-Central United States.

The transaction marks a successful exit for private equity firm Boyne Capital, which partnered with the Oklahoma-based McKee Utility Contractors in December 2022. Under Boyne Capital's stewardship, McKee experienced a period of accelerated expansion. The company, a third-generation family enterprise founded in 1978, saw its revenue more than double between 2022 and 2025, while its EBITDA nearly tripled. This impressive financial growth was underpinned by substantial operational enhancements, including a doubling of crew numbers and the establishment of new regional divisions in key markets like Oklahoma and Texas.

McKee Utility Contractors, headquartered in Prague, Oklahoma, has built a strong reputation for executing complex, large-diameter water and wastewater transmission line projects. Its deep-rooted relationships with municipal clients and utilities across Oklahoma, Texas, and Arkansas were a key draw for MasTec. The acquired company's expertise in laying over 700,000 feet of large-diameter pipe during the ownership period highlights its robust project execution capacity and commitment to infrastructure development.

Boyne Capital actively supported McKee's growth trajectory by investing in operational efficiencies, project management systems, safety protocols, and IT infrastructure. These investments were crucial in enabling McKee to scale its operations effectively and meet the increasing demands of its client base. Shane McKee, CEO of McKee Utility Contractors, commented on the partnership, stating, "Partnering with Boyne Capital allowed us to significantly scale McKee while preserving the core values that have guided our 40-plus year business. We are proud of what the team has accomplished and are excited about the next chapter with MasTec."

This acquisition aligns with the broader market trend of consolidation within the essential infrastructure services industry. Companies with proven track records in delivering mission-critical utility projects and demonstrating strong organic growth are attracting significant investor and strategic acquirer interest. The infrastructure services market, particularly segments focused on water, wastewater, and energy transmission, is experiencing sustained demand driven by aging infrastructure, population growth, and regulatory requirements.

For MasTec, the integration of McKee Utility Contractors is expected to solidify its market position and enhance its competitive advantage in the water infrastructure segment. The deal underscores the strategic value of specialized expertise and established customer relationships in a sector vital to public health and economic development. The combined entity is well-positioned to capitalize on future opportunities in the robust U.S. infrastructure spending environment.