Based in Phoenix, Arizona, Pueblo is a provider of HVAC and plumbing installation, maintenance, retrofit and repair services to customers in multiple end markets, including education, municipal, industrial, commercial and healthcare.
Our journey began in 2017 when we partnered with seasoned industry veteran Dan Bueschel to pursue an ExecFactor® buy-and-build strategy in commercial HVAC and plumbing in the Sun Belt and Rocky Mountain regions of the United States.
Based in Phoenix, Arizona, Pueblo is a provider of HVAC and plumbing installation, maintenance, retrofit and repair services to customers in multiple end markets, including education, municipal, industrial, commercial and healthcare.
Our journey began in 2017 when we partnered with seasoned industry veteran Dan Bueschel to pursue an ExecFactor buy-and-build strategy in commercial HVAC and plumbing in the Sun Belt and Rocky Mountain regions of the United States.
Since Huron’s initial investment, Pueblo has made significant investments in people, technology, processes, and corporate infrastructure. It expanded the C-suite and developed a regional leadership model, invested in integrated and scalable IT and field technology to drive efficiency and improve service delivery, built a dedicated M&A and integration function, centralized processes, pricing and controls, and standardized human capital management protocols to drive outcomes in recruitment, hiring, training and safety. These efforts propelled Pueblo to become a clear acquirer and partner of choice for founder-owned commercial HVAC businesses in target regions.
Huron, in collaboration with the Pueblo management team, developed an M&A strategy that prioritized contiguous geographic expansion, product and service line extensions across the building lifecycle, and end market diversification with a focus on attractive, large, and inelastic markets such as health care, industrial and government.
During our five-year partnership, Pueblo completed 16 add-on acquisitions (including six in 2022 alone) increasing revenue and EBITDA greater than four-fold and transforming it from a single state HVAC operator to a leading super-regional provider of technical services in five states poised to continue its growth strategy under OMERS ownership.
In this context, “net worth” means the excess of total assets at fair market value (excluding the value of the primary residence of such natural person) over total liabilities (excluding the amount of indebtedness secured by the primary residence of such natural person but only up to the primary residence’s fair market value, except that if the amount of such indebtedness outstanding at the time of investment exceeds the amount outstanding 60 days before such time (the “additional indebtedness”), other than as a result of the acquisition of the primary residence, the amount of such additional indebtedness shall be included as a liability).
For purposes of this definition, “individual income” means adjusted gross income as reported for U.S. federal income tax purposes, less any income attributable to a spouse or to property owned by a spouse, increased by the following amounts (but not including, in any of the following cases, any amounts attributable to a spouse or to property owned by a spouse): (i) the amount of any interest income received which is tax-exempt under §103 of the United States Internal Revenue Code of 1986, as amended (the “Code”); (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040); (iii) any deduction claimed for depletion under Code §611 et seq.; and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Code §1202 prior to its repeal by the Tax Reform Act of 1986.
