Advent International and TA Associates are preparing to sell Conservice, a US-based utility management and billing firm, in a transaction that could value the business at between $4.5bn and $5bn, according to people familiar with the matter cited by Reuters.

The private equity owners have engaged Evercore to advise on the potential sale, which is at an early stage. Sources said the process has already attracted interest from other buyout firms and strategic acquirers.

Headquartered in Logan, Utah, Conservice is the largest utility management company in the US, providing billing, administration, and expense-optimisation services for property owners across water, gas, electricity, and waste. The company is projected to generate $650m in annual revenue and $200m in EBITDA next year, implying a valuation of more than 20x earnings if sold within the expected range.

TA Associates first invested in Conservice in 2016, before Advent International acquired a significant ownership stake from TA in 2020. The potential sale comes amid strong investor appetite for asset-light, tech-enabled services businesses that offer recurring revenue and operational efficiency.

If completed at the indicated valuation, the deal would rank among the largest US private equity exits in the utility management sector in recent years, marking another significant monetisation for Advent and TA Associates.

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