Huron Capital, a Detroit private equity firm, today announced Pueblo Mechanical and Controls, its Arizona-based HVAC installation, retrofit, and repair services platform, has acquired two additional businesses — Newgaard Mechanical Inc. and CFM Mechanical. Details of the transactions were not disclosed.
The companies, both of which are based in Arizona, are the second and third add-on acquisitions completed by Pueblo within the last 40 days – the company acquired Commercial Air in December 2018.
Newgaard designs, installs, and services HVAC systems across a range of industries including industrial, commercial office, hospitality, education, and transportation. CFM Mechanical provides service, retrofit, and installation of HVAC systems to Arizona’s commercial properties industry.
“The additions of CFM and Newgaard Mechanical, and their outstanding staff, further establish Pueblo as the go-to partner for comprehensive HVAC services in multiple industries,” says Dan Bueschel, CEO of Pueblo. “Consistent with Pueblo’s values, these businesses are known for their trusted reputations, and commitment to quality and excellent service delivery, and we look forward to bringing the benefits of our growing organization to all of our customers.”
Huron Capital formed Pueblo in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.
“With these two additional acquisitions, Pueblo has annual revenue of over $100 million and is one of the largest, most diverse HVAC service providers in Arizona,” says Scott Hauncher, a partner at Huron Capital. “We are excited by the progress Dan Bueschel and his team have made since Huron Capital acquired Pueblo. Moving forward, we believe Pueblo is extremely well-positioned as Arizona’s market-leading HVAC services and solutions business.”
Existing owners of both businesses will remain involved in the operations.