Pueblo Mechanical & Controls, a portfolio company of Huron Capital, has acquired Innovative Mechanical Systems (IMS), a provider of HVAC installation, replacement, and preventative maintenance services.
IMS’ services include commercial HVAC, packaged rooftop units, chillers, cooling towers, boilers, mechanical piping, controls, low-temperature refrigeration and preventative maintenance. The company is based in Phoenix (www.ims-az.com).
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 commercial, education, municipal, and healthcare end markets throughout Arizona. The company was founded in 2001 and is headquartered in Tucson (www.pueblo-mechanical.com).
“We believe IMS will be another great addition to the Pueblo family,” said Mr. Bueschel. “IMS is a proven installer of commercial HVAC systems and has a roster of experienced technicians as well as a strong customer base.”
The buy of IMS is the fifth add-on acquisition completed by Pueblo. The four earlier add-ons were the Arizona operations of Westover Corporation, an HVAC services provider to municipal, commercial and industrial customers across Arizona (May 2019); Newgaard, a Chandler, AZ-based HVAC services provider to the industrial, commercial office, hospitality, education, and transportation sectors (January 2019); CFM Mechanical, a Phoenix, AZ-based HVAC services provider to commercial properties (January 2019); and Commercial Air, a Phoenix-based HVAC services provider to the commercial office, hospitality, education, and transportation sectors (December 2018).
“IMS has established itself as a provider of high-quality HVAC systems and services,” said Scott Hauncher, a partner at Huron Capital. “We are confident that Dan Bueschel and his team will be able to continue providing the high level of service that IMS customers have grown to rely on while enabling Pueblo to continue to accelerate its track record of rapid growth.”
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 and 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 175 companies (www.huroncapital.com).
© 2019 Private Equity Professional | August 6, 2019