DETROIT — Private equity firm Huron Capital announced that its HVAC installation, retrofit, and repair services platform — Pueblo Mechanical & Controls — has acquired two additional businesses, Newgaard Mechanical Inc. and CFM Mechanical LLC. Following the December 2018 acquisition of Commercial Air, these transactions represent the second and third add-on acquisitions completed by Pueblo.
Based in Chandler, Arizona, Newgaard designs, installs, and services HVAC systems across the industrial, commercial office, hospitality, education, and transportation industries. Newgaard provides a full spectrum of services, including mechanical system installation, maintenance, fabrication, controls, plumbing, and piping.
Based in Phoenix, CFM Mechanical is the recognized market-leader in HVAC solutions for tenant improvement customers. CFM provides service, retrofit, and installation of HVAC systems to Arizona’s commercial properties industry. The company has deep and long-standing direct customer relationships with many property owners and managers.
“We are excited to have these market-leading companies join the growing Pueblo family,” Pueblo CEO Dan Bueschel said. “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. Consistent with Pueblo’s values, these businesses are known for their trusted reputations 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.”
Huron Capital formed Pueblo in December 2017 to pursue a buy-and-build strategy in the commercial HVAC market in the Southwestern U.S.
“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,” Huron Capital Partner Scott Hauncher said. “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.”
Financial details of these transactions were not disclosed and the existing owners of both businesses will remain involved in operations of the business.
Publication date: 2/5/2019