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TPG, a leading global alternative asset management firm based in Fort Worth and San Francisco, has signed a definitive agreement to acquire a majority stake in Conservice, a leading utility management platform serving the property management industry.
Under the agreement, TPG will invest through TPG Capital, the firm’s U.S. and European private equity platform, and will join global private equity investor Advent International, which first invested in Conservice in 2020 and will retain a significant stake. In connection with the transaction, TA Associates will fully exit its investment.
Founded in 2000, Conservice provides tech-enabled, mission-critical utility management tools to property managers across the United States. The company’s integrated solutions streamline metering, billing, payment, procurement, and analytics workflows across nearly 8 million units nationwide, linking operators with more than 20,000 utility providers. Its customizable and highly scalable platform supports 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.”
“Over multiple decades, Conservice has developed a well-earned reputation as the leader in utility management,” said Peter Munzig, partner at TPG. “We are excited to have the opportunity to support Scott and the Conservice team,” added John Flynn, partner at TPG.
Eric Wei, managing director on Advent’s technology investment team, said Advent is “thrilled to be able to continue supporting Scott and the entire Conservice team in close collaboration with TPG.”
The transaction is expected to close in the first quarter of 2026, subject to customary approvals and closing conditions. Financial terms were not disclosed.