TPG to Acquire Majority Stake in Conservice

Transaction to support continued growth of leading integrated utility management platform

Existing investor Advent International will retain significant minority interest in company; TA will fully exit stake

RIVER HEIGHTS, Utah & SAN FRANCISCO & FORT WORTH, Texas & BOSTON–(BUSINESS WIRE)–TPG, a leading global alternative asset management firm, today announced the signing of a definitive agreement to acquire a majority stake in Conservice (the “Company”), a leading utility management platform for the property management industry. TPG will invest in Conservice through TPG Capital, the firm’s U.S. and European private equity platform, and will join leading global private equity investor Advent International, who will retain a significant stake after first investing in Conservice in 2020. In connection with the transaction, TA Associates (“TA”) will fully exit its stake in the business.

Conservice provides mission-critical, tech-enabled utility management tools to property managers throughout the U.S. Founded in 2000, the Company’s integrated solutions streamline metering, billing, payment, procurement, and analytics workflows across nearly 8 million units nationwide, playing a critical role in linking operators with more than 20,000 utility providers. Conservice’s customizable solutions and highly scalable platform enable effective and accurate utility management, supporting efforts to increase energy efficiency, enhance utility-related operations, and reduce costs.

“Conservice’s utility management offering integrates fragmented workflows to drive better, faster, and more accurate utility administration for residential and commercial property managers,” said Scott Hardy, Chief Executive Officer of Conservice. “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.”

“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,” said Peter Munzig, Partner at 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,” added John Flynn, Partner at 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,” said Eric Wei, Managing Director on Advent’s technology investment team. “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.”

“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,” said Jason Werlin, Managing Director at TA. “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,” added Jason Mironov, Managing Director at TA.

The transaction is expected to be completed in the first quarter of 2026, subject to customary approvals and closing conditions. Terms of the transaction were not disclosed.

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. Goldman Sachs also served as financial advisor. Weil served as legal counsel to Advent International, and Goodwin Procter LLP served as legal counsel to TA and the Company.

About Conservice

At Conservice, we serve property owners and managers with a singular focus: making utilities painless. Whether that means auditing and paying utility bills, handling utility bill back to residents and tenants, driving sustainability compliance and investments, or managing bulk Wi-Fi programs, we are the only national utility management company that focuses entirely and exclusively on utility services. Client utilities are our number one priority; all day, every day of the year. This is why our clients count on us to be The Utility Experts®. Learn more at www.conservice.com.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $286 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $100 billion in assets under management* and have made more nearly 440 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 675+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of June 30, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About TA Associates

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its core sectors – technology, business services, financial services, healthcare and consumer. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 160 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. For more information, visit www.ta.com.

Contacts

For Conservice:

Doug Jentzsch

[email protected]

For TPG:

Courtney Power

[email protected]

For Advent International:

Lauren Testa

[email protected]

For TA:

Maggie Benoit

[email protected]