Private equity firms Advent International and TA Associates are exploring a potential sale of utility management and billing company Conservice, with sources suggesting a valuation in the range of $4.5bn to $5bn, according to a report by Bloomberg.
The firms are working with Evercore on the early-stage process, which has reportedly drawn interest from both other buyout groups and strategic buyers.
Conservice, headquartered in Logan, Utah, is the largest US utility management company, providing billing, administration, and expense optimisation for water, gas, electricity, and waste services across residential and commercial properties. The company is on track to generate approximately $650m in revenue and $200m in EBITDA in 2025, implying a potential sale price of more than 20 times earnings.
Advent acquired a significant stake in Conservice from TA Associates in 2020, while TA first invested in the business in 2016.
