We advised THL Partners on the transaction

Davis Polk advised THL Partners on its majority investment in PaveMasters. Existing investor Northern Lakes Capital sold its ownership stake as part of the transaction. Financial terms of the transaction were not disclosed.

THL Partners is a private equity firm investing in middle-market growth companies within healthcare, financial technology and services, and technology and business solutions. The firm combines sector expertise with dedicated operating resources to partner with management teams and build companies of lasting value.

PaveMasters is a provider of pavement maintenance services serving residential communities and commercial, industrial and municipal customers across California and Arizona. Through its family of local brands, the company provides asphalt paving, sealcoating, crack filling, concrete repair, striping and related services.

The Davis Polk corporate team included partner William J. Chudd, counsel Rati Ranga and associate Brigitte Desnoes. Partner Jennifer S. Conway and counsel Meir Katz provided executive compensation advice. Counsel David A. Zilberberg provided environmental advice. Partner Pritesh P. Shah provided intellectual property advice. Partner William A. Curran provided tax advice. Counsel Will Schisa provided financial institutions advice. Partner Nathaniel L. Asker provided antitrust and competition advice. Members of the Davis Polk team are based in the New York, Northern California and Washington DC offices.

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