TPG announced it has signed a definitive agreement to acquire a majority stake in Conservice, a utility management platform used by the property management industry, in a transaction aimed at supporting the company’s continued growth. Advent International, which first invested in Conservice in 2020, will retain a significant minority interest following the deal, while TA Associates will fully exit its stake.
Conservice provides tech-enabled utility management services that support property managers across the U.S., spanning metering, billing, payments, procurement, and analytics. Founded in 2000 and based in River Heights, Utah, the company said its platform serves nearly 8 million units nationwide and connects operators to more than 20,000 utility providers. The company positions its tools as mission-critical infrastructure for utility administration, designed to help property managers improve accuracy and speed, reduce costs, and support energy-efficiency and utility operations initiatives.
TPG said it will invest through TPG Capital, the firm’s U.S. and European private equity platform, and expects to partner with Conservice management and Advent to continue investing in products, customer experience, and technology. Advent described Conservice as differentiated by its tech-forward approach to utility management and said it expects to continue supporting the business alongside TPG.
The transaction is expected to close in the first quarter of 2026, subject to customary approvals and closing conditions. Financial terms were not disclosed.
Support: UBS Investment Bank and Union Square Advisors LLC served as financial advisors to TPG. Davis Polk served as legal counsel to TPG and Ropes & Gray served as financing counsel. Evercore served as lead financial advisor to Advent International, TA, and the company, with Goldman Sachs also serving as a financial advisor. Weil served as legal counsel to Advent International, and Goodwin Procter LLP served as legal counsel to TA and the company.
KEY QUOTES:
“Conservice’s utility management offering integrates fragmented workflows to drive better, faster, and more accurate utility administration for residential and commercial property managers. 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.”
Scott Hardy, Chief Executive Officer, Conservice
“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.”
Peter Munzig, Partner, 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.”
John Flynn, Partner, TPG
“Conservice continues to stand apart for its innovative, tech-forward utility-management solutions that solve the most complex challenges for property owners and managers, as well as their tenants. We have been fortunate to partner with the Company over the past six years, and are thrilled to be able to continue supporting Scott and the entire Conservice team in close collaboration with TPG. We are confident that the Company is well-positioned to continue its expansion and offerings in a growing and increasingly critical industry.”
Eric Wei, Managing Director, Advent’s Technology Investment Team
“Since our initial investment in 2016, we have been privileged to partner with the Conservice team as the Company has expanded its platform, deepened its technology capabilities, and solidified its leadership position in utility management. We are proud of all we have accomplished together and look forward to seeing the Company build on its momentum in its next chapter with TPG and Advent.”
Jason Mironov, Managing Director, TA
