Pavement Maintenance Group has been acquired by Renovo Capital

LKCM Headwater Investments has sold Pavement Maintenance Group (PMG), one of its portfolio companies, to Renovo Capital.

PMG provides comprehensive solutions for the aftermarket repair, maintenance and enhancement of pavement and other specialty surfaces. The company manufactures and distributes sealcoat, crack sealant, pavement markings and traffic management products as well as related equipment, tools and accessories via a unique one-stop shop model. PMG’s business includes franchise locations for SealMaster, the leading pavement maintenance solutions brand in the USA, together with selected proprietary solutions.

Renovo Capital is a Dallas, Texas-based middle market private equity firm focused on control investments in technical businesses that have the potential to generate meaningful value through operational improvements and strategic initiatives.

LKCM is a subsidiary of Luther King Capital Management, a Fort Worth, Texas-based investment firm with over US$27 billion in assets under management. The company has a long history of successfully scaling value-added distributors and other middle market platforms.

Oaklins TM Capital in the USA served as exclusive financial advisor to PMG, a portfolio company of LKCM.