Huron Capital, a middle-market private equity firm in Detroit, today announced its HVAC and plumbing installation, retrofit, and repair services platform, Pueblo Mechanical and Controls, has acquired Rock Mountain Mechanical (RMM).
Based in South Salt Lake, Utah, RMM has operated for more than 30 years with the resources of one of the largest mechanical contracting companies in the state. It is a provider of plumbing, controls, HVAC installation, and retrofit, and repair services across the state of Utah.
“The addition of RMM extends our company’s presence into a new geographical market, and allows us to help RMM expand its client base to larger, regional customers while continuing to maintain and grow services with their longtime customers across Utah,” says Dan Bueschel, CEO of Pueblo. “We are eager to work with RMM’s experienced management team — especially former owner Chad Heward — whose business values and goals mirror ours.”
The acquisition of RMM is Pueblo’s fourth add-on acquisition in six months and the 10th overall for the company. Huron Capital acquired Pueblo in 2017 in a partnership with Bueschel to pursue an ExecFactor buy-and-build strategy in the commercial HVAC and plumbing market in the Sun Belt and Rocky Mountain regions of the United States. ExecFactor combines a CEO’s industry expertise with Huron Capital’s extensive investment experience and committed capital.
“I am immensely proud of the company our team has built over more than three decades here in Utah. But the industry is changing, and with it so are our customer’s needs,” says Heward, who will continue to lead as president of the Rocky Mountain division.
“By joining forces with Pueblo, we will have access to greater resources that will allow us to provide a broader range of services with larger geographic reach across the entire Rocky Mountain Region.”
Founded in 1999, Huron Capital has successfully established six private equity funds aggregating nearly $2 billion in committed capital and invested in over 235 companies, and its portfolio companies have employed over 11,000 people throughout North America.
“This acquisition positions Pueblo to grow both organically and through additional acquisitions. We acquired Pueblo Mechanical four years ago because we believed demand for HVAC repair and installation services would increase and the sector was ripe for consolidation,” says Scott Hauncher, a partner at Huron Capital.
“Since then, regional population growth, aging infrastructure and increased demand for cooling systems has driven demand for Pueblo’s services and we expect those industry trends will continue in 2022 and beyond.”