Private equity firm Huron Capital Partners LLC has added to its string of investment exits.

The Detroit-based firm on Wednesday announced the sale of Phoenix-based Pueblo Mechanical and Controls to OMERS Private Equity, a Toronto and New York investment fund with nearly $20 billion in assets under management, according to its website.

Terms of the sale were not disclosed, but the exit marked Huron’s fourth exit over the past 12 months, according to a news release.

“We acquired Pueblo because we believed demand for HVAC repair and installation services would increase and the sector was ripe for consolidation,” Scott Hauncher, a Huron Capital partner, said in a news release. “Since then, regional population growth, aging infrastructure, energy efficiency and sustainability have driven demand for Pueblo’s services.”

A 20-year-old company, Pueblo was acquired by Huron Capital in 2017.

“We have a clear focus to become one of the largest independent technical services operators in the US by leveraging a scalable platform with an experienced and aligned management team,” stated Dan Bueschel, Pueblo CEO. “Due in large part to the investments we made in the systems and team, in addition to leveraging Huron’s demonstrated M&A playbook, we executed and integrated numerous acquisitions including six in 2022 alone.”

Moelis & Co. served as financial adviser for the deal, and Perkins Coie LLP served as legal advisor to Huron and Pueblo.

Huron Capital, which has managed as much as $1.8 billion since its founding in 1999, lists three core areas of focus on its website: commercial and industrial services, professional services and consumer services, primarily focused around residential services.

A news release from Huron Capital late last year said the PE firm completed eight exits in 2021, which included the majority sale of San Francisco-based Sciens Building Solutions to funds managed by global investment firm Carlyle.

Amid increasing uncertainty in economy — driven primarily by inflation, rising interest rates and other factors — private equity executives have said they’ve become more cautious in recent months. James Mahoney, Huron Capital’s managing partner, last month described the feeling to Crain’s as sleeping “with one eye open.”

That sense of hesitation on the part of private equity firms has shown shown up in recent data. Citing numbers from data service Prequin, a new report from PwC says PE deal volumes fell by 26 percent in the first half of 2022 when compared with the same time period last year.

“However, we expect activity to recover given record-high levels of dry powder (US PE totals $975 billion),” reads the PwC report. “Due diligence will be a key safeguard against volatility and possible regulatory action.”

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