TPG To Acquire Majority Stake In Conservice; Existing Investor Advent International Will Retain Significant Minority Interest In Company; TA Associates Will Fully Exit Stake; Terms Of Transaction Were Not Disclosed

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.