PaveMasters has received a majority investment from THL Partners to accelerate the expansion of its pavement maintenance platform across the Western United States. Existing investor Northern Lakes Capital sold its ownership stake as part of the transaction. Financial terms were not disclosed.
Founded by pavement industry veteran Joel Batule and led by CEO Craig Weems, PaveMasters operates through established local brands across California and Arizona.
The company plans to use THL’s support and experience scaling service businesses to expand its network of asphalt maintenance operators while preserving the local identities and operating cultures of its businesses.
PaveMasters’ brands include JB Bostick, Eagle Paving, AMS Paving and Weems Asphalt. Together, the businesses have more than 50 years of experience serving customers across San Diego, Los Angeles, Sacramento, the Inland Empire, Palm Desert and Phoenix.
The company provides asphalt paving, sealcoating, crack filling, concrete repair, striping and related maintenance services to residential communities and commercial, industrial and municipal customers.
Support: Baird served as financial adviser to PaveMasters. Fredrikson & Byron acted as legal counsel to PaveMasters and Northern Lakes Capital. Schwartz & Co. and Jefferies served as financial advisers to THL, while Davis Polk & Wardwell acted as legal counsel.
KEY QUOTES:
“THL shares our servant leadership mentality, and their experience helping founder-led businesses scale complements our capabilities as quality paving maintenance operators.”
Craig Weems, CEO of PaveMasters
“We are excited to support the PaveMasters team with our expertise in scaling services businesses as we partner to build the highest-quality paving maintenance provider across the Western United States.”
Cliff Longley and Rob Spies, Managing Directors at THL Partners
“THL understands that culture and shares our commitment to sustaining it.”
Joel Batule, Founder of PaveMasters
