OMERS Private Equity has picked up a majority stake in Huron Capital‘s commercial HVAC and plumbing services portfolio company Pueblo Mechanical & Controls.
Huron bought into the Arizona-headquartered business four years ago, and has since made 16 bolt-on acquisitions to scale the business across the US Southwest and Rocky Mountain regions.
The firm said Pueblo had recorded a greater than four-fold increase in revenue and EBITDA during its ownership.
Pueblo providers HVAC and plumbing installation, maintenance, retrofit and repair services to customers in end markets including education, municipal, industrial, commercial and healthcare.
Huron partner Scott Hauncher said, “We acquired Pueblo because we believed demand for HVAC repair and installation services would increase and the sector was ripe for consolidation.
“Since then, regional population growth, aging infrastructure, energy efficiency and sustainability have driven demand for Pueblo’s services.”
The sale is Huron’s fourth platform exit in the last twelve months.
Huron has raised almost $2bn over the years across six private equity funds. It collected $550m for Fund V in 2017, and $142m for its non-control Flex Fund a year later.
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