Morgan Stanley Capital Partners (MSCP), Morgan Stanley’s middle-market oriented private equity company, has purchased Allstar Services.

MSCP is collaborating with the present management team, which is led by chairman Pete Carlson and will continue to run the firm.

Allstar is based in Minneapolis that provides services for residential exteriors including roofing, siding, windows, and gutters.

The company primarily serves the markets in Minnesota, Wisconsin, North Dakota, and South Dakota.

The 1979-founded company has become a regional leader in the residential exterior services sector through organic expansion and strategic M&A.

Morgan Stanley Capital Partners and management intend to expand the company into a prominent national platform in the future years.

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Adam Shaw, managing director, and head of business services at MSCP, said: “We are excited to partner with Pete and the Allstar team as they continue building a leading platform across residential exterior services. For MSCP, Allstar marks our continued efforts within residential services, where we plan to execute against our core playbook of investing in focus sub-sectors which we believe will allow us to drive value creation through key strategic and operational initiatives. We look forward to working together to continue accelerating the Company’s exciting growth trajectory.”

MSCP has invested in Allstar, marking their third investment in the residential services sector. They have previously acquired Fairway Lawns and Sila Heating and Air Conditioning.

The private equity plans to increase Allstar’s add-on activity and seek partnerships with other companies to support their employees and customers, as well as provide resources to accelerate their growth.

“For over 40 years, Allstar Services has been focused on delivering best-in-class results, quality, and service to our customers, and we are thrilled to partner with Morgan Stanley Capital Partners in this next chapter in our history,” said Pete Carlson, chairman of Allstar.

“We are excited to leverage MSCP’s depth of experience operating within residential services, and their demonstrated ability to accelerate organic growth and execute complementary acquisitions.”

MSCP’s legal advice was Debevoise & Plimpton, and their financial advisors were TD Cowen and William Blair.

Allstar’s financial advisor was Robert W. Baird & Co.