Huron Capital has added two new companies to its HVAC services platform, Pueblo Mechanical & Controls, with the buys of Newgaard Mechanical and CFM Mechanical.
Huron launched Pueblo Mechanical in December 2017 in partnership with industry veteran Dan Bueschel. The company 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 is headquartered in Tucson (www.pueblo-mechanical.com).
Newgaard designs, installs, and services HVAC systems across a range of industries including industrial, commercial office, hospitality, education, and transportation. The company was founded in 1999 by Dave Newgaard, Jeri Newgaard and Steve Dyal and is based in Chandler, AZ (www.newgaardmechanical.net).
CFM Mechanical provides service, retrofit and installation of HVAC systems to Arizona’s commercial properties industry. The company was founded by George Barutha and Cynthia Barutha in 2005 and is based in Phoenix, AZ (www.cfm-mechanical.com).
With the acquisitions of Newgaard and CFM Mechanical, Pueblo Mechanical’s annual revenues now exceed $100 million. In December 2018, Pueblo Mechanical completed its first add-on acquisition with the buy of Phoenix-based Commercial Air, a provider of HVAC services to the commercial office, hospitality, education, and transportation sectors.
“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,” said Mr. Bueschel.
“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,” said Scott Hauncher, a partner at Huron. “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.”
Huron Capital makes control and non-control investments in companies with revenues of $20 million to $200 million and EBITDAs of $5 million or more. Sectors of interest include business services, consumer goods & services, and specialty industrials. Founded in 1999, the Detroit-based firm has raised over $1.8 billion in capital through six private equity funds and invested in over 160 companies (www.huroncapital.com).
© 2019 Private Equity Professional | January 31, 2019