TPG, a San Francisco-based global alternative asset management firm, has signed a definitive agreement to acquire a majority stake in Conservice, a utility management platform for the property management industry based in Cache County’s River Heights.
TPG will invest in Conservice through TPG Capital, the firm’s U.S. and European private equity platform, and will join current private equity investor, Boston-based Advent International, which will retain a significant stake after first investing in Conservice in 2020. In connection with the transaction, former investor TA Associates will fully exit its stake in the business.
Conservice provides mission-critical, tech-enabled utility management tools to property managers throughout the U.S. The company’s integrated solutions streamline metering, billing, payment, procurement and analytics workflows across nearly 8 million units nationwide, linking operators with more than 20,000 utility providers. Conservice’s platform enables effective and accurate utility management, supporting efforts to increase energy efficiency, enhance utility-related operations and reduce costs, a TPG release said. Founded in 2000, Conservice has grown to over 4,000 employees who serve over 5.2 million locations across the United States.
“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, CEO of Conservice. “With deep tech-enabled expertise, we are confident TPG is the right partner to support the continued growth of the Conservice platform. We look forward to building on the success we’ve achieved with Advent and TA as we continue to deliver superior solutions for the entire property management industry.”
“Over multiple decades, Conservice has developed a well-earned reputation as the leader in utility management as a result of its best-in-class team, expertise and technology. Its solutions continue to drive the property management industry forward, optimizing workflows and providing the highest levels of accuracy and speed for property managers,” said Peter Munzig, a partner at TPG.
“We are excited to have the opportunity to support Scott and the Conservice team in continuing to invest in the company’s market-leading products, customer experience and technology to drive accelerated growth for the business and its customers,” added John Flynn, also a TPG partner.
Founded in 1992, TPG has $286 billion of assets under management and maintains investment and operational teams around the world.