Deal Details

PaveMasters Is Acquired by THL

Technology & Services

PaveMasters, a portfolio company of NLC, sale to THL

Summary

PaveMasters, LLC (“PaveMasters” or the “Company”), a portfolio company of Northern Lakes Capital (“NLC”), has recently been acquired by THL Partners (“THL”). Terms of the transaction were not disclosed.

Baird served as exclusive financial advisor to PaveMasters on this transaction.

About

Founded by 30+ year industry veteran Joel Batule and led by CEO Craig Weems, PaveMasters, LLC operates through local brands with heritage and community roots in California and Arizona. PaveMasters is a family of "one of one" pavement maintenance companies serving residential communities, commercial, industrial and municipal customers. PaveMasters provides asphalt paving, sealcoating, crack filling, concrete repair, striping and related services that help customers preserve and extend the life of critical paved infrastructure, backed by an industry-leading employee retention rate and a shared commitment to quality, reliability and on-time, on-budget delivery. PaveMasters is headquartered in Poway, California.

Northern Lakes Capital, a private equity firm formed in 2021, targets control investments in lower middle-market companies across North America, with a focus on fragmented sectors including manufacturing, distribution, business services and specialty services. The firm invests in market-leading family-owned and private businesses, leveraging its operator-led model, regional insight and broad national network to accelerate growth and build long-term value. NLC is headquartered in Minneapolis, Minnesota.

THL Partners is a premier private equity firm investing in middle-market growth companies exclusively within Healthcare, Financial Technology & Services and Technology & Business Solutions. THL couples deep sector expertise with dedicated operating resources to build great companies of lasting value in partnership with management teams. THL is headquartered in Boston, Massachusetts.

Technology & Services

PaveMasters, a portfolio company of NLC, sale to THL