Construction Acquisitions in Minnesota
Minnesota Construction Deal Themes
Acquisitions in Minnesota’s construction sector show a clear focus on specialty contracting and exterior services, with buyers frequently building regional platforms through add-on deals.
Across the transactions, bidders range from private equity–backed builders and roofing/exteriors platforms to specialty contractors expanding into adjacent capabilities. Common themes include strengthening restoration and repair offerings, scaling into new Midwest or national markets, and keeping founders or management teams in place after closing.
The most recent notable transaction also highlights industrialized construction demand: Kava Equity Partners (the direct private equity investment arm of the Southern Ute Indian Tribe Growth Fund) acquired The Berg Group, a Minnesota-based contractor focused on industrialized construction, prefabrication and modular systems—aimed at high-performance environments such as data centers, cleanrooms, and advanced manufacturing facilities.
What Stands Out
- Roofing and residential exteriors are repeatedly targeted, including platform building and expansion into the Twin Cities and surrounding areas (e.g., acquisitions involving Aligned Exteriors Group and Ridgeline Roofing & Restoration).
- Restoration and repair—including facade, masonry/concrete repair, waterproofing, and storm damage restoration—appears across multiple deals (e.g., Blue Point Capital Partners’ recapitalization of Restoration Systems (RSI) and Accuserve Solutions acquiring Aspen Exteriors).
- MEP and electrical capability expansion shows up in Minnesota contracting: Horwitz acquired Preferred Electric to broaden electrical coverage for commercial, healthcare, and industrial clients.
- Platform investors often pursue add-on acquisitions and keep leadership involved (founders/owners remain in operational roles in several transactions).
| Buyer / Platform | Recurring strategy seen in Minnesota deals |
|---|---|
| Aligned Exteriors Group (backed by River Sea Network and Pearl Street Capital Partners) | Residential roofing/exteriors footprint expansion via partnerships and acquisitions |
| Dunes Point Capital, LP | Platform growth through roofing/exterior add-ons (e.g., via Roofing Services Solutions) |
| Lake Street Capital Partners, LP | Majority recapitalization paired with acquisition-driven expansion |
| Percheron Capital | Launching a specialty foundation repair/waterproofing platform (via SafeBasements) |
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February 26, 2026
- Buyer
- Kava Equity Partners, Southern Ute Indian Tribe Growth Fund
- Target
- The Berg Group
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
Kava Equity Partners, the direct private equity investment arm of the Southern Ute Indian Tribe Growth Fund, has acquired The Berg Group, a Minnesota-based specialty contractor focused on industrialized construction, prefabrication and modular systems. The Berg will retain its existing management team and operate with added resources from Kava and the Southern Ute Indian Tribe Growth Fund to expand nationwide capabilities in high-performance environments such as data centers, cleanrooms and advanced manufacturing facilities.
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- Buyer
- Ridgeline Roofing & Restoration, Bertram Capital
- Target
- Bold North Roofing and Contracting LLC
- Seller
- Erik McLaughlin, Ryan Emmerich
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Ridgeline Roofing & Restoration, a Bertram Capital-backed roofing platform, has acquired Bold North Roofing and Contracting, a roofing and exterior services provider serving the Twin Cities and western Wisconsin. The add-on expands Ridgeline's Midwest footprint; founders Erik McLaughlin and Ryan Emmerich will continue to lead Bold North and are reinvesting in the platform. Financial terms were not disclosed.
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- Buyer
- Blue Point Capital Partners
- Target
- Restoration Systems (RSI)
- Seller
- Restoration Systems owners (including Blake Dronen)
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Recapitalization
Blue Point Capital Partners has completed a recapitalization of Restoration Systems (RSI), a Minneapolis-based provider of facade, masonry and concrete repair and waterproofing services. RSI founder/owner Blake Dronen will remain in his leadership role as the partnership provides capital to support organic growth, geographic expansion across the Midwest and add-on acquisitions.
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December 23, 2024
- Buyer
- Roofing Services Solutions, Dunes Point Capital, LP
- Target
- Midwest Roofing, Siding & Windows, LLC
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Roofing Services Solutions (RSS), a portfolio company of Dunes Point Capital, LP, has acquired Midwest Roofing, Siding & Windows, LLC, a Blaine, Minnesota-based provider of re-roofing and building exterior services. Midwest operates one location and employs approximately 15 people; RSS is a multi-location roofing platform with about 12 locations and ~200 employees.
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November 20, 2024
- Buyer
- Horwitz, Svoboda Capital Partners
- Target
- Preferred Electric
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Horwitz, a Midwest mechanical, electrical, and plumbing (MEP) contractor backed by Svoboda Capital Partners, has acquired Preferred Electric, a Twin Cities–based electrical contractor founded in 2008. Founder Clint Kruger will join Horwitz as general manager, and the acquisition expands Horwitz's electrical capabilities to better serve commercial, healthcare, and industrial clients.
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October 28, 2024
- Buyer
- Aligned Exteriors Group, River Sea Network, Pearl Street Capital Partners
- Target
- Trinity Exteriors
- Seller
- Ted Swanson
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Aligned Exteriors Group (AEG), a residential exteriors platform backed by River Sea Network and Pearl Street Capital Partners, announced a partnership to acquire Trinity Exteriors, a Minneapolis-region residential roofing services company. Trinity owner Ted Swanson will remain in his current role to manage day-to-day operations as the business joins AEG's Midwest portfolio.
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September 17, 2024
- Buyer
- Aligned Exteriors Group, River Sea Network, Pearl Street Capital Partners
- Target
- Perfect Exteriors of Minnesota
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Aligned Exteriors Group (AEG), a residential exteriors platform backed by River Sea Network and Pearl Street Capital Partners, has partnered with Perfect Exteriors of Minnesota to expand AEG's footprint into the greater Minneapolis market. Tyler Arrell, owner of Perfect Exteriors, will remain in his current role to manage day-to-day operations. The deal adds a values-driven residential roofing and exterior services provider to AEG's Midwest portfolio.
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August 28, 2024
- Buyer
- Lake Street Capital Partners, LP, Concrete Science Holdings, LLC
- Target
- Concrete Science Holdings, LLC, MD Concrete, LLC
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Recapitalization
Lake Street Capital Partners completed a majority recapitalization and partnership with Concrete Science Holdings, a Minneapolis-based concrete installation and coatings services platform. Concurrently, Concrete Science completed an add-on acquisition of MD Concrete to expand its geographic reach and service capabilities.
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June 14, 2024
- Buyer
- Accuserve Solutions, Inc.
- Target
- Aspen Exteriors, Inc.
- Seller
- Aspen Exteriors, Inc. owners (Joe Jelinek, Matt LaBine, Andy LaBine)
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
Accuserve Solutions, a managed-repair and property restoration company, acquired Minnesota-based Aspen Exteriors, Inc., a storm damage restoration and exterior contracting business. The transaction (closed June 14, 2024) expands Accuserve's restoration capabilities and geographic footprint; financial terms were not disclosed.
-
- Buyer
- Percheron Capital
- Target
- SafeBasements
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
Percheron Capital has acquired SafeBasements, a Minnesota-based foundation repair and basement waterproofing services company, as the first investment in a new platform focused on foundation repair and waterproofing. Percheron named industry veteran Deb Dulsky as CEO to lead growth and expansion across the Midwest, leveraging SafeBasements' vertically integrated products and experienced team.
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November 22, 2022
- Buyer
- Great Day Improvements, LLC
- Target
- Your Home Improvement Company, LLC
- Seller
- Your Home Improvement Company, LLC
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Great Day Improvements, LLC has acquired Minnesota-based Your Home Improvement Company, a full-service home improvement business headquartered in St. Cloud, MN. The acquisition expands Great Day's footprint across the northern United States and strengthens its bathroom remodeling and full-service offerings; Steve Little will remain leading Your Home Improvement Company's executive team and Angle Advisors served as the seller's exclusive advisor.
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October 13, 2022
- Buyer
- Apple Roofing, Gauge Capital
- Target
- NMC Exteriors
- Seller
- NMC Exteriors, Molly Mortenson, Nick Mortenson
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Apple Roofing, a Plano-based roofing platform backed by Gauge Capital, has acquired Plymouth, Minnesota–based NMC Exteriors. The add-on expands Apple Roofing's footprint and capabilities in the Upper Midwest, adding residential and commercial insurance restoration services and the NMC leadership team.
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August 29, 2022
- Buyer
- Capital Construction Holdings, O2 Investment Partners
- Target
- Options Exteriors
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Capital Construction Holdings, a portfolio company of O2 Investment Partners, has partnered with Options Exteriors, a residential roof replacement and repair provider headquartered in Eden Prairie, Minnesota. The deal is an add-on to the Capital Construction Holdings platform intended to expand the platform's Midwest footprint and strengthen its residential roofing capabilities and sales engine.
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August 3, 2022
- Buyer
- Northstar Capital, Soundcore Capital Partners, Mars Equity Partners
- Target
- ACI Asphalt & Concrete, Inc.
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
Soundcore Capital Partners formed a commercial paving platform and acquired ACI Asphalt & Concrete, Inc., a Minneapolis-area asphalt and concrete contractor. Northstar Capital provided flexible capital to help finance the transaction (with reported co-investor participation from Mars Equity Partners).
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- Buyer
- VESTA Modular, Kinderhook Industries
- Target
- Modular Office Trailers (a division of Hilltop Trailer Sales)
- Seller
- Hilltop Trailer Sales
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
VESTA Modular, a Kinderhook Industries portfolio company, acquired modular office trailer assets from Hilltop Trailer Sales' Modular Office Trailers division in Minnesota to expand its nationwide fleet for sale and lease. The transaction adds inventory and capabilities to VESTA's modular space leasing and installation offering and supports the company's fleet-investment growth strategy.
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November 2, 2021
- Buyer
- O2 Investment Partners
- Target
- Capital Construction, LLC
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
O2 Investment Partners has partnered with Capital Construction, LLC and CEO Andy Oakes in a platform investment to support the company's growth; terms were not disclosed. Capital Construction, headquartered in Burnsville, Minnesota, provides roof replacement and exterior restoration services to single-family and multi-family residential customers and will work with O2 to scale operations and pursue strategic M&A and geographic expansion.
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August 9, 2021
- Buyer
- Bessemer Investors LLC
- Target
- Legacy Restoration
- Seller
- Selling shareholders
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Buyout
Bessemer Investors, a New York-based investment firm, has acquired Legacy Restoration, a Plymouth, Minnesota-headquartered provider of exterior restoration and remodeling services. The deal provides liquidity to selling shareholders and growth capital to support Legacy's organic expansion and M&A strategy while founder and CEO Scott Mullins and management remain in place; financial terms were not disclosed.
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- Buyer
- Mad City Windows & Baths, Titan Home Improvement
- Target
- New Windows for America
- Seller
- Jim Steffes, Rhonda Steffes
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Mad City Windows & Baths, a subsidiary of Titan Home Improvement, acquired Minnesota-based home improvement company New Windows for America from owners Jim and Rhonda Steffes. The acquisition, completed March 12, 2021, expands Mad City's footprint into the Minneapolis market as part of its broader Midwest growth strategy.
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November 20, 2019
- Buyer
- Groundworks Companies, Succession Capital Partners
- Target
- Innovative Basement Systems (now Innovative Basement Authority)
- Seller
- Ross and Keith Johnson (founders/owners of Innovative Basement Systems)
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Groundworks Companies, a portfolio company of Succession Capital Partners, has acquired Innovative Basement Systems (rebranded as Innovative Basement Authority). The acquisition brings Innovative's ~80 employees and regional footprint in Minnesota, North Dakota and eastern Montana into Groundworks' national foundation services platform as an add-on to accelerate growth and service expansion.
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September 5, 2016
- Buyer
- Viking Automatic Sprinkler Company, APi Group
- Target
- Olsen Fire, Total Life Security
- Industry
- Construction
- Location
- Minnesota, United States
- Type
- Addon
Viking Automatic Sprinkler Company, part of the APi Group family, announced it has welcomed Olsen Fire and Total Life Security into the Viking/APi Group family effective September 1, 2016. The Minneapolis-based businesses provide fire sprinkler design, installation and fire alarm monitoring/services and will expand Viking’s customer base and service capabilities in the Twin Cities market as an add-on to Viking/APi’s platform.
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Frequently Asked Questions
What types of construction services are being acquired in Minnesota?
Recent Minnesota construction deals include residential exteriors and roofing, restoration and repair services (facade/masonry/concrete repair, waterproofing, storm damage restoration), electrical/MEP contracting, foundation repair and basement waterproofing, and industrialized construction (prefab/modular).
Which recurring buyer groups show up in these Minnesota acquisitions?
Several repeat across transactions, including O2 Investment Partners, Aligned Exteriors Group, River Sea Network, Pearl Street Capital Partners, Dunes Point Capital, LP, Northstar Capital, Soundcore Capital Partners, and Mars Equity Partners.
Are acquisitions in Minnesota focused only on single-location contractors?
No. The deals include both smaller, local operators and larger multi-location platforms—for example, Midwest Roofing, Siding & Windows (one location) was acquired by a multi-location roofing platform (Roofing Services Solutions).
Do founders or leadership teams typically stay after acquisition?
In multiple transactions, founders or owners are described as remaining in leadership roles (for example, Bold North Roofing and Contracting’s founders, Trinity Exteriors’ owner, and Restoration Systems (RSI)’s founder/owner).