Huron Capital has acquired Pueblo Mechanical & Controls in partnership with the senior management team of the company and industry veteran Dan Bueschel.
Pueblo Mechanical & Controls provides a full spectrum of HVAC replacement, retrofit and repair services primarily for facilities in the education, municipal, and healthcare end markets throughout Arizona. The company was founded in 2001 by Steve Barry and Arlene Bleakney and is headquartered in Tucson (www.pueblo-mechanical.com).
Mr. Barry will remain a significant shareholder and continue to work at Pueblo in an active business development role. “Arlene and I are happy to be partnering with Huron Capital and Dan Bueschel,” said Mr. Barry. “Huron Capital has extensive experience helping companies grow through acquisition, and we are excited about where Pueblo can go from here.”
Mr. Bueschel is assuming the CEO role at Pueblo, partnering with Huron Capital to pursue a buy-and-build strategy in the commercial HVAC market. Pueblo will be seeking add-on acquisition opportunities locally and in surrounding states, including Texas, Colorado, New Mexico, and Utah.
Most recently, Mr. Bueschel was CEO of Sodexo’s U.S. Healthcare division, a $3 billion enterprise providing facility management services to the healthcare sector. Earlier, he led Johnson Control’s Western US HVAC, construction, and performance contracting business. “I’m excited to take on the CEO role at Pueblo,” said Mr. Bueschel. “The company has a history of providing great service to its customers, and I look forward to working with Huron Capital and Steve Barry to pursue the next stages of growth for Pueblo.”
“Huron Capital has made a number of investments in business services companies like Pueblo, and we see a lot of potential here,” said Nick Barker, Partner at Huron Capital. “We view this as a fragmented market with plenty of opportunity for growth both organically and through acquisition, and with a well-established name and reputation, we think Pueblo is a great platform from which to build.”
Huron Capital invests up to $70 million per transaction in middle-market companies that have revenues up to $200 million and EBITDAs of $5 million or more. Sectors of interest include specialty manufacturing, business services, consumer goods & services, and healthcare. Huron was founded in 1999 and has offices in Detroit and Toronto (www.huroncapital.com).
© 2018 Private Equity Professional | January 12, 2018