TPG to Acquire Majority Stake in Conservice Utility Platform

RIVER HEIGHTS, Utah — TPG announced a definitive agreement to acquire a majority stake in Conservice, a utility management platform serving property managers across the United States. The transaction, disclosed Dec. 22, includes Advent International retaining a significant minority interest and TA Associates fully exiting its position.

TPG will invest in Conservice through TPG Capital, its U.S. and European private equity platform. Advent International, which first invested in Conservice in 2020, will remain a shareholder following the transaction. TA Associates will fully exit its investment. Terms of the deal were undisclosed.

Conservice, founded in 2000 and based in River Heights, Utah, provides integrated utility management solutions for residential and commercial property managers. Its platform manages metering, billing, payment, procurement, and analytics across nearly 8 million units nationwide, connecting operators with more than 20,000 utility providers.

“Conservice’s utility management offering integrates fragmented workflows to drive better, faster, and more accurate utility administration for residential and commercial property managers,” said Scott Hardy, chief executive officer of Conservice. “With deep tech-enabled expertise, we are confident TPG is the right partner to support the continued growth of the Conservice platform.”

Peter Munzig, partner at TPG, said Conservice has developed a strong reputation in utility management through its technology and expertise. John Flynn, partner at TPG, added that the firm looks forward to supporting the company’s continued investment in its products, customer experience, and technology.

The transaction highlights continued private equity interest in utility management and technology-enabled property services. TPG’s investment is expected to support Conservice’s growth and platform development.

Source: TPG press release