Based in Phoenix, Arizona, Pueblo is a provider of HVAC and plumbing installation, maintenance, retrofit and repair services to customers in multiple end markets, including education, municipal, industrial, commercial and healthcare.
Our journey began in 2017 when we partnered with seasoned industry veteran Dan Bueschel to pursue an ExecFactor buy-and-build strategy in commercial HVAC and plumbing in the Sun Belt and Rocky Mountain regions of the United States.
Since Huron’s initial investment, Pueblo has made significant investments in people, technology, processes, and corporate infrastructure. It expanded the C-suite and developed a regional leadership model, invested in integrated and scalable IT and field technology to drive efficiency and improve service delivery, built a dedicated M&A and integration function, centralized processes, pricing and controls, and standardized human capital management protocols to drive outcomes in recruitment, hiring, training and safety. These efforts propelled Pueblo to become a clear acquirer and partner of choice for founder-owned commercial HVAC businesses in target regions.
Huron, in collaboration with the Pueblo management team, developed an M&A strategy that prioritized contiguous geographic expansion, product and service line extensions across the building lifecycle, and end market diversification with a focus on attractive, large, and inelastic markets such as health care, industrial and government.
During our five-year partnership, Pueblo completed 16 add-on acquisitions (including six in 2022 alone) increasing revenue and EBITDA greater than four-fold and transforming it from a single state HVAC operator to a leading super-regional provider of technical services in five states poised to continue its growth strategy under OMERS ownership.