PaveMasters Announces Majority Investment from THL Partners
Northern Lakes Capital Exits Following a Successful Founding Partnership
PaveMasters, a leading provider of pavement maintenance services across the Western United States, today announced a majority investment from THL Partners (“THL”), a premier private equity firm investing in middle market growth companies. Existing investor Northern Lakes Capital (“NLC”) has sold its ownership stake as part of the transaction. With the backing of THL, PaveMasters will build on the company's founding strategy to create the preeminent destination for high-quality asphalt maintenance operators in the Western U.S.
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Founded by 30+ year industry veteran Joel Batule and led by CEO Craig Weems, PaveMasters operates through local brands with heritage and community roots in California and Arizona.
