SkyKnight Capital has acquired Force Electrical Services, a provider of repair, maintenance, and construction services for electrical transmission and distribution infrastructure.
Force’s core services include high-voltage powerline repair, substation maintenance, and storm response services, which are used by South/Central-US-located investor-owned utilities and electric cooperatives to maintain reliable grid operations. Force was founded in 2020 and is headquartered in Oklahoma City, Oklahoma.
SkyKnight’s investment in Force was made in partnership with founder and CEO Corey Mahan, who is maintaining an equity interest in the company, along with the current senior management team, who will continue to lead the company.
“We are thrilled to partner with SkyKnight as we continue to scale and deliver essential solutions that power communities across our region,” said Mr. Mahan. “Since founding Force, our goal has been to build a company that stands apart in the electrical infrastructure industry, one defined by its commitment to safety, quality, and the development of skilled professionals who take pride in keeping the lights on for millions of people. Together with SkyKnight, we will continue building Force into the premier partner for utilities across the U.S., and a company where the next generation of lineworkers and utility infrastructure professionals can thrive and grow their careers.”
Force operates in the electrical infrastructure services industry, and several major trends are driving demand in this sector and shaping the operational context. Grand View Research notes that the global electrical grid market is forecast to grow from approximately $268 billion in 2023 to $392 billion by 2030, at a compound annual growth rate (CAGR) of about 5.6%. According to Bank of America, transmission and distribution investment is showing strong acceleration, with utilities’ capital spending on distribution increasing by 160% from 2003 to 2023. In addition, aging infrastructure remains a concern in the sector, with one report showing that nearly 70% of U.S. transmission lines and transformers are over 25 years old, creating a backlog of replacement and upgrade work. Furthermore, according to Deloitte, the electrification of the economy, increased data center loads, smart grid integration, distributed energy resources, and the need for greater resilience in the face of extreme weather are all prompting utilities and contractors to invest heavily in workforce training, safety protocols, equipment upgrades, and digital technologies.
“Force is a leader in the utility services sector, recognized for its technical excellence, operational rigor, and unwavering commitment to safety,” said Victoria Potter, a principal at SkyKnight. “We are honored to partner with the founding team and the entire Force organization to continue to expand its footprint, invest in its exceptional people, and set new standards for quality, safety, and reliability in the power infrastructure industry. We are fully aligned with Force’s vision of delivering best-in-class service in an indispensable sector, while cultivating a company culture grounded in continuous growth, professional development, and long-term partnership. Corey and his team have built something truly special, an organization defined not only by performance, but by purpose, and we are thrilled to be part of the next chapter.”
SkyKnight Capital, based in San Francisco and New York City, invests from $50 million to $250 million in North America-based healthcare, financial services, and tech-enabled services companies. In September 2025, the firm closed its latest fund, SkyKnight Capital Fund IV LP, with $1 billion in hard cap capital commitments. SkyKnight was founded in 2015 and is led by Managing Partner Matt Ebbel, and partners Mara Hunt, Jordan Milich, Dave Parsons, and Robert Bacon.
Stifel was the financial advisor to SkyKnight on this transaction.
© 2025 Private Equity Professional | October 28, 2025
