THL Partners has acquired PaveMasters, LLC, a platform company that consolidates leading firms in the paving and asphalt maintenance industry across the United States. The transaction, completed for an undisclosed amount, brings PaveMasters under the private equity firm’s ownership, marking a direct purchase of the company rather than a capital investment.
PaveMasters operates as a family of companies that includes Eagle Paving, Inc. in San Diego, California; JB Bostick Company with locations in Los Angeles and Sacramento, California; AMS Paving in the Inland Empire, California; and Weems Asphalt in Phoenix, Arizona. These businesses provide asphalt paving, maintenance, and related services to commercial and municipal clients, with a focus on delivering consistent quality and competitive pricing through a unified operational approach.
For THL Partners, the acquisition represents an entry into the fragmented paving sector, where regional players often operate independently. By acquiring PaveMasters, THL gains a platform with established operations across California and Arizona, allowing the firm to support further consolidation in a market that has seen steady demand from infrastructure upkeep and commercial development. The deal aligns with THL’s history of investing in service-oriented businesses with potential for operational improvement.
The combined entity is expected to benefit from shared resources, including procurement, safety protocols, and back-office functions, which could enhance margins across the PaveMasters portfolio. Clients of the acquired companies may see more streamlined project management and broader geographic coverage, while existing leadership teams are likely to remain in place to preserve local relationships.
With THL’s backing, PaveMasters is positioned to pursue additional acquisitions in adjacent regions, potentially expanding its footprint beyond the current West and Southwest markets. The focus will be on integrating the existing operations smoothly while evaluating new targets that fit the platform’s service model.