Huron Capital has added to its HVAC services platform, Pueblo Mechanical & Controls, with the buy of the Arizona operations of Westover Corporation which provides HVAC services to municipal, commercial and industrial customers across Arizona. This transaction represents the fourth add-on acquisition completed by Pueblo.
Huron launched Pueblo Mechanical in December 2017 in partnership with industry veteran Dan Bueschel. The company provides a full spectrum of HVAC maintenance, replacement, retrofit, repair, and installation services to facilities in the education, municipal, and healthcare end markets throughout Arizona. The company is headquartered in Tucson (www.pueblo-mechanical.com).
“We believe the Arizona operations of Westover represent a strong addition to the growing Pueblo business,” said Mr. Bueschel. “Consistent with Pueblo’s values, this business is known for its trusted reputation 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.”
The buy of the Westover operations will increase Pueblo’s reach and service offerings in the Phoenix market. “Westover has a history of maintaining and growing long-term relationships with its customers,” said Danielle Lalli, a vice president 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.”
Pueblo’s three earlier add-on acquisitions included the January 2019 buy of Chandler, AZ-based Newgaard, an HVAC services provider to the industrial, commercial office, hospitality, education, and transportation sectors (www.newgaardmechanical.net); the January 2019 buy of Phoenix, AZ-based CFM Mechanical, an HVAC services provider to commercial properties (www.cfm-mechanical.com); and the December 2018 buy of Phoenix-based Commercial Air, an HVAC services provider to the commercial office, hospitality, education, and transportation sectors (www.comairinc.com).
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).
Westover Corporation provides building services to commercial, industrial and governmental clients. The company’s services include HVAC controls, industrial process controls, HVAC mechanical construction, and security systems. The company is headquartered in Denver (www.westover-usa.com).
© 2019 Private Equity Professional | May 21, 2019