TPG has entered into a definitive agreement to buy Irth Solutions, a provider of enterprise software for critical energy and infrastructure sectors. The deal will be executed through TPG Growth, the firm’s middle market and growth equity platform, and marks a strategic exit for Blackstone Energy Transition Partners, Irth’s current owner.
Founded in 1985, Irth Solutions delivers cloud-based software that integrates geospatial data, business intelligence, and AI to provide 360-degree situational awareness for infrastructure operators. Its platform supports over 20,000 daily users, processes more than 130 million work orders, and generates 500 million AI insights annually, helping energy, utility, and telecom providers proactively identify and mitigate operational risks.
The deal is expected to close in late 2025, pending customary closing conditions.
Advisors: Evercore is serving as lead sellside advisor to Blackstone and Irth Solutions, and Lazard is serving as co-advisor. Kirkland & Ellis is serving as legal advisor to Blackstone and Irth Solutions. Cantor Fitzgerald and Lincoln International are serving as financial advisors to TPG, and Weil, Gotshal & Manges is serving as legal counsel.
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“With TPG’s support and extensive software, AI, and infrastructure expertise, we are confident they are the right partner to support our next chapter. This partnership strengthens our ability to deliver even greater value to the energy, utility, and telecommunications providers we serve. We look forward to building on the success we achieved with Blackstone and working with TPG to accelerate innovation to help our customers strengthen resilience, improve reliability, and navigate the rapidly evolving risks they face each day.”
Brad Gammons, CEO of Irth
“Energy and utilities companies face constant pressure to deliver services safely, sustainably, and without interruption for millions each day. Irth’s cloud-based, AI-enabled solutions have proved essential to energy and utility providers in navigating mounting risks by offering data and actionable insights to spot and resolve weaknesses before they escalate and to prevent damages before they occur. TPG has invested behind mission-critical, purpose-built software businesses for decades, and we are excited to partner with Brad and the team to support the continued growth of a company that keeps our infrastructure secure and the world connected.”
Aaron Matto, Business Unit Partner at TPG
“We have been proud to partner with Brad and the entire Irth team since 2021, supporting its continued growth as it serves the ever increasing need for investment, resiliency, and digitalization of critical energy and infrastructure assets. We look forward to Irth’s continued success with TPG under Brad’s leadership moving forward.”
Bilal Khan, a Senior Managing Director, and Alex Lue, a Managing Director, at Blackstone
