We are advising TPG on the transaction

Davis Polk is advising TPG on its acquisition of a majority stake in Conservice. TPG will invest in Conservice through TPG Capital, the firm’s U.S. and European private equity platform, and will join existing investor Advent International, who will retain a significant stake. In connection with the transaction, TA Associates will fully exit its stake in the business. The transaction is expected to be completed in the first quarter of 2026, subject to customary approvals and closing conditions. Financial terms of the transaction were not disclosed.

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

Conservice serves 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, Conservice is the only national utility management company that focuses entirely and exclusively on utility services. 

The Davis Polk corporate team includes partners H. Oliver Smith and Darren M. Schweiger and associates Alexander J. Yang, Lily (Zhifan) Zhou and Michael Allen Nakamura. Partner David H. Schnabel is providing tax advice. Partners Nathaniel L. Asker and Howard Shelanski are providing antitrust and competition advice.  Partner Pritesh P. Shah is providing intellectual property advice. Partner Adam Kaminsky is providing executive compensation advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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