Advent International has closed its investment in Logan, Utah-based Conservice, a provider of utility management software and billing solutions to property owners and managers. No financial terms were disclosed. With this investment, Advent joins TA Associates as a shareholder in Conservice.
LOGAN, Utah & BOSTON–(BUSINESS WIRE)–Conservice, a leading provider of utility management software and billing solutions to property owners and managers, today announced the close of a significant strategic investment by Advent International (“Advent”), one of the largest and most experienced global private equity investors. The investment was first announced on March 16, 2020.
With the close of this investment, Advent joins global growth private equity firm TA Associates as an institutional shareholder in the company, in which TA first invested in 2016. Conservice management will remain investors in the company, with Founder and CEO David Jenkins remaining the largest non-institutional investor. Financial terms of the transaction were not disclosed.
“With the support of Advent and TA, we believe Conservice is well-positioned to build on our strengths and continue delivering superior service to our customers at a time when contingency and expense management matter most,” said David Jenkins, Founder and CEO of Conservice. “Together, we plan to drive further momentum in a highly fragmented market and execute on our substantial organic and acquisitive growth initiatives.”
As previously announced, the Conservice Board of Directors will now include Eric Wei, Managing Director on Advent’s technology investment team in Palo Alto, and Ashwin Krishnan, Principal on Advent’s technology investment team in New York. Conservice Founder and CEO David Jenkins, Jason Werlin, a Managing Director at TA Associates, and Jason Mironov, a Director at TA Associates, remain on the Board.
Founded in 2000, Conservice serves the single-unit and multi-unit markets, including apartment communities, student housing, military housing, government-subsidized housing, commercial buildings, homeowner associations and real estate-owned (REO) units. The company’s fully-integrated, customized solutions manage billing and recovery, metering, resident payments and other utility services, and are designed to reduce operating costs, ensure proper allocation of utility fees among residents and lower energy consumption.
Conservice works with property management companies across the United States and Canada, providing comprehensive and customized utility billing solutions that greatly reduce operating costs and promote conservation. Services include utility and ancillary billing, metering equipment installation and maintenance, conservation products and services, daily meter reading, energy procurement, data exchange, contract management and due diligence services. Conservice has operations and sales offices in Arizona, California, Florida, Georgia, Illinois, South Carolina, Texas, Utah, Washington and Toronto, Canada. The company is headquartered in Logan, Utah. For more information, please visit www.conservice.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of December 31, 2019, had $56.8 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit: www.adventinternational.com or www.linkedin.com/company/advent-international.
About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.