Private investment firm TPG has agreed to acquire a majority stake in Conservice, a leading US-based utility management platform serving the property management industry, in a transaction designed to support the company’s next phase of growth.
The investment will be made through TPG Capital, the firm’s US and European private equity platform. Existing investor Advent International, which first backed Conservice in 2020, will retain a significant minority interest, while TA Associates will fully exit its stake following nearly a decade-long investment.
Founded in 2000 and headquartered in River Heights, Utah, Conservice provides technology-enabled, mission-critical utility management services to property managers across the US. Its integrated platform supports metering, billing, payments, procurement and analytics for nearly eight million residential and commercial units nationwide, connecting operators with more than 20,000 utility providers. The company’s services are designed to simplify complex utility workflows, improve accuracy, enhance energy efficiency and reduce costs for property owners and managers.
Conservice chief executive Scott Hardy said the partnership with TPG would help accelerate the company’s growth as demand increases for scalable, technology-driven utility management solutions. He added that the company was building on the strong foundation established alongside Advent and TA, while continuing to invest in its platform and customer offering.
TPG partner Peter Munzig said Conservice has built a leading position in a fragmented and increasingly important segment of the property management ecosystem, supported by its technology, expertise and long-standing customer relationships. Fellow TPG partner John Flynn said the firm plans to back continued investment in product development, technology and customer experience to drive further expansion.
Advent managing director Eric Wei said the firm was pleased to continue its partnership with Conservice, noting the company’s differentiated, tech-forward approach to solving complex utility management challenges for property owners, managers and tenants.
The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions. Financial terms were not disclosed.
UBS Investment Bank and Union Square Advisors acted as financial advisers to TPG, with Davis Polk serving as legal counsel and Ropes & Gray as financing counsel. Evercore served as lead financial adviser to Advent, TA and Conservice, alongside Goldman Sachs, while Weil advised Advent and Goodwin Procter advised TA and the company.
