Huron Capital’s Pueblo Mechanical & Controls Completes Second and Third Add-on Acquisitions
Addition of Newgaard Mechanical and CFM Mechanical boosts Pueblo’s scale; Company has expanded to over $100 million of annual revenue
DETROIT – January 29, 2019 – Leading lower-middle-market private equity firm Huron Capital announced today that its HVAC installation, retrofit and repair services platform, Pueblo Mechanical & Controls (“Pueblo”), has acquired two additional businesses, Newgaard Mechanical Inc. (“Newgaard”) and CFM Mechanical LLC (“CFM”). Following the December 2018 acquisition of Commercial Air, these transactions represent the second and third add-on acquisitions completed by Pueblo within the last forty days.
Based in Chandler, AZ, Newgaard designs, installs, and services HVAC systems across a range of industries including industrial, commercial office, hospitality, education, and transportation. Newgaard provides a full spectrum of services including mechanical system installation, maintenance, fabrication, controls, plumbing, and piping. The company’s staff of experienced technicians and system design expertise will enhance Pueblo’s capability and capacity to design, build and maintain complex systems for sophisticated customers across Arizona.
Based in Phoenix, AZ, CFM Mechanical is the recognized market-leader in HVAC solutions for tenant improvement customers. CFM provides service, retrofit and installation of HVAC systems to Arizona’s commercial properties industry. The company has deep and longstanding direct customer relationships with many property owners and managers. CFM’s team of highly skilled technicians and expertise in the tenant improvement area broadens Pueblo’s offering and resources in the expanding Arizona market.
“We are excited to have these market leading companies join the growing Pueblo family. 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,” Pueblo CEO Dan Bueschel said. “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 United States.
“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,” Huron Capital Partner Scott Hauncher said. “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.”
Financial details of these transactions were not disclosed and the existing owners of both businesses will remain involved in operations of the business.
About Huron Capital
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Celebrating its twentieth anniversary in 2019, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 160 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both control and non-control equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty industrials. For more information, please visit: www.huroncapital.com.
About Pueblo Mechanical & Controls
Pueblo Mechanical & Controls performs a broad offering of HVAC maintenance, replacement, retrofit, repair, and installation services for commercial facilities, school districts, governmental agencies, and municipalities throughout Arizona. The company was founded in 2001 with a focus on delivering the highest quality execution and customer service. Pueblo has an over 15-year history of consistently performing work while demonstrating honesty, dedication and integrity, resulting in strong, long-lasting customer relationships. For more information, please visit: www.pueblo-mechanical.com.
About Newgaard Mechanical
Founded in 1999 by Dave Newgaard, Jeri Newgaard and Steve Dyal, Newgaard Mechanical Inc. is an experienced provider of HVAC system solutions and services including mechanical system installation, maintenance, fabrication, controls, plumbing, piping, and sheet metal. For more information, please visit: www.newgaardmechanical.net.
About CFM Mechanical
Founded in 2005 by George and Cynthia Barutha, CFM Mechanical LLC is a market leader of HVAC system solutions and services focused on tenant improvement, retrofit and preventative maintenance. With a core group of committed long-term employees, CFM has grown to become one of the premier mechanical contractors in the Phoenix region. For more information, please visit: www.cfm-mechanical.com.