Investment funds managed by Morgan Stanley Capital Partners, the middle-market focused private equity team at Morgan Stanley Investment Management, acquired Allstar Services, a Minneapolis, Minn.-based provider of residential exterior replacement, repair and maintenance services.
The amount of the deal was not disclosed.
MSCP is partnering with the current management team led by Chairman Pete Carlson, who will continue to lead the business.
Allstar is a full-service provider of residential exterior replacement, repair and maintenance services across trades including roofing, siding, windows, and gutters. Today, the business primarily operates in the Minnesota, Wisconsin, North Dakota, and South Dakota markets. The company, which was founded in 1979, has grown into a regional platform in the residential exterior services segment through organic growth and strategic M&A. MSCP, in conjunction with management, is seeking to scale the business to be a leading national platform over the coming years.
The investment in Allstar marks MSCP’s third investment in residential services, a focus sub-sector within MSCP’s Business and Consumer Services efforts, following the acquisitions of Fairway Lawns, a provider of recurring residential lawn treatment services, in May 2022 and Sila Heating & Air Conditioning, a provider of residential HVAC, plumbing and electrical services, in May 2021. MSCP intends to accelerate Allstar’s add-on activity and will be seeking to partner with leading companies to support their employee and customer bases, and provide capital and resources to accelerate their growth.