Private equity firm TA Associates has completed an investment in Conservice, a provider of utility management software and billing solutions to property owners and managers.
TA Associates purchased shares from Kayne Anderson Capital Advisors, a Los Angeles-based alternative asset manager, which will remain an investor in Conservice. No new shares were issued and no other owners or management sold shares in conjunction with this transaction. Financial terms of the transaction were not disclosed.
Founded in 2000, Conservice serves the single-unit and multi-unit markets, including apartment communities, student housing, military housing, government-subsidised housing, commercial buildings, homeowner associations and real estate-owned (REO) units. The company’s fully-integrated, customized solutions manage billing and recovery, metering, resident payments and other utility services, and are designed to reduce operating costs, ensure proper allocation of utility fees among residents and lower energy consumption. The Conservice Energy division sells electricity to apartment communities and commercial customers. Conservice has offices in Arizona, California, Florida, Georgia, Illinois, South Carolina, Texas, Utah, Washington and Toronto, Canada. The company is headquartered in Logan, Utah.
“Conservice’s success is fuelled by the value proposition of lower utility and administrative costs, and the environmental benefits of decreased energy consumption,” says Jason P Werlin, a Managing Director at TA Associates. “We are very pleased to complete this investment for TA, and look forward to working closely with the Conservice management team to further the company’s profitable growth.”
“We are excited to partner with TA Associates because of the firm’s significant experience in building value in its portfolio companies,” says David Jenkins, President & CEO of Conservice. “Given the continuing need for utility cost recovery and expense management, we believe there are meaningful new business opportunities for Conservice in the US and globally. We are confident that joining forces with TA will help us further capitalise on our strong organic growth and business momentum.”
“We are thrilled to partner with Dave Jenkins and the entire Conservice management team,” says Jason S. Mironov, a Principal at TA Associates. “The combination of top-tier leadership and market tailwinds amplify our enthusiasm about Conservice’s position and growth prospects.”
