Huron Capital’s Pueblo Mechanical & Controls Completes Add-on Acquisition
DETROIT – January 2, 2019 – Leading lower-middle-market private equity firm Huron Capital announced today that its HVAC replacement, retrofit and repair services platform, Pueblo Mechanical & Controls (“Pueblo”), has acquired Commercial Air, Inc. (“Commercial Air”).
Commercial Air was founded in 1996 in Phoenix, Arizona. The company designs, installs and maintains air conditioning, refrigeration and heating systems and serves customers across a range of industries including commercial office, hospitality, education, and transportation. Commercial Air’s staff of experienced field technicians will provide the combined company with one of the largest and most highly trained technical service groups in Arizona.
“We are proud to join Pueblo and look forward to growing together with one another,” said Karl Thompson, President of Commercial Air, who will remain with the company. “We believe Pueblo’s management resources and expertise in the HVAC industry are a great fit with our commercial service offerings and will enable us to continue to support our customers at the highest level.”
“Commercial Air is a strong company known for its reliable reputation and excellent service,” Pueblo CEO Dan Bueschel said. “We look forward to uniting our management expertise and sales force with Commercial Air’s capabilities and leveraging our combined resources to support a wide variety of commercial and industrial HVAC services.”
Huron Capital formed Pueblo to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern United States. In addition to Commercial Air, Pueblo is seeking other add-on acquisition opportunities in Arizona and the surrounding states, including Texas, Colorado, New Mexico and Utah, to fuel growth moving forward.
“We believe Commercial Air’s diverse client base and trusted services represent an excellent cultural and regional fit that will deepen Pueblo’s presence in Arizona and help support our expansion strategy,” Huron Capital Vice President Danielle Lalli said. “We are excited to welcome Commercial Air as the first addition to the Pueblo family and to continue to provide exceptional HVAC services to our customer base.”
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. Founded in 1999, Huron Capital has raised over $1.8 billion in capital through six committed private equity funds and invested in over 150 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. 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 Commercial Air
Commercial Air has been designing, installing and maintaining air conditioning, refrigeration and heating systems in the Phoenix area since 1996. The company performs end-to-end HVAC service offerings, including total replacement, preventive maintenance, emergency repair service, energy conservation programs, new construction, and tenant improvements. The company works with all major manufacturers of heating, ventilating and air conditioning equipment and can service and maintain virtually all brands of HVAC systems. For more information, please visit: www.comairinc.com.
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.