PaveMasters has secured a majority investment from THL Partners, giving the pavement maintenance company fresh capital to expand across the Western United States and continue acquiring regional operators. Financial terms were not disclosed.
The deal also marks the exit of Northern Lakes Capital, which backed PaveMasters during its early years. The company said the transaction will support further acquisitions and geographic growth while keeping its network of local brands in place.
Founded by Joel Batule and led by Chief Executive Officer Craig Weems, PaveMasters has assembled a portfolio of pavement maintenance businesses serving residential communities, commercial customers, industrial facilities, and municipalities in California and Arizona. Its brands include JB Bostick, Eagle Paving, AMS Paving, and Weems Asphalt, which provide asphalt paving, sealcoating, crack filling, striping, concrete repair, and related infrastructure maintenance services.
The investment comes as private equity firms continue to target fragmented infrastructure services markets, where established local operators can be combined into broader platforms while maintaining customer relationships. PaveMasters plans to keep building what it describes as a leading destination for high-quality asphalt maintenance companies throughout the Western U.S.
PaveMasters CEO, Craig Weems, commented:
"PaveMasters’ mission is to serve our branches and our teams in the field so they can do their best work. THL shares our servant leadership mentality, and their experience helping founder-led businesses scale complements our capabilities as quality paving maintenance operators. THL is the right partner for PaveMasters’ next phase of growth."
THL said it was drawn to PaveMasters’ management team, regional brands, and service reputation. The firm expects to use its experience scaling middle-market services businesses to support both organic growth and strategic acquisitions, while keeping the company’s decentralized operating model. THL Managing Directors Cliff Longley and Rob Spies, said:
"PaveMasters’ brands have been built over decades with reputations for service, professionalism and craftsmanship. 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."
Batule, of PaveMasters, said the company will remain focused on partnering with established regional pavement maintenance businesses and preserving its culture.
"Since day one of starting PaveMasters with NLC, our focus has been partnering with the highest quality, ‘one of one’ pavement operators and outworking our competitors with a service-first mentality. THL understands that culture and shares our commitment to sustaining it."
Northern Lakes Capital expressed excitement for PaveMasters continued growth, as it goes under its new ownership.
"We are proud to have partnered with Joel, Craig and the entire PaveMasters team during the founding years of the business", said Joel Grebenick, partner at Northern Lakes Capital. "Together, we built a great business with a reputation for quality and service, and we are confident the company is well positioned for continued success with THL."
Baird was financial advisor to PaveMasters, and Fredrikson & Byron served as legal counsel to PaveMasters and Northern Lakes Capital. Schwartz & Co. and Jefferies advised THL financially, while Davis Polk & Wardwell provided legal counsel.
The transaction highlights ongoing investor interest in infrastructure service businesses tied to recurring maintenance needs and fragmented market structures. The source article said asphalt preservation and pavement maintenance remain essential services for commercial properties, municipalities, and residential communities seeking to extend the life of transportation and parking infrastructure while avoiding more costly reconstruction projects.
