TA Associates Announces Investment in Conservice
BOSTON – TA Associates, a leading global growth private equity firm, today announced it has completed an investment in Conservice, a leading provider of utility management software and billing solutions to property owners and managers.
TA Associates purchased shares from Kayne Anderson Capital Advisors, a Los Angeles-based alternative asset manager, which will remain an investor in Conservice. No new shares were issued and no other owners or management sold shares in conjunction with this transaction. Financial terms of the transaction were not disclosed.
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. The Conservice Energy division sells electricity to apartment communities and commercial customers. Conservice has offices in Arizona, California, Florida, Georgia, Illinois, South Carolina, Texas, Utah, Washington and Toronto, Canada. The company is headquartered in Logan, Utah.
“Conservice’s success is fueled by the value proposition of lower utility and administrative costs, and the environmental benefits of decreased energy consumption,” said Jason P. Werlin, a Managing Director at TA Associates. “We are very pleased to complete this investment for TA, and look forward to working closely with the Conservice management team to further the company’s profitable growth.”
“We are excited to partner with TA Associates because of the firm’s significant experience in building value in its portfolio companies,” said David Jenkins, President & CEO of Conservice. “Given the continuing need for utility cost recovery and expense management, we believe there are meaningful new business opportunities for Conservice in the U.S. and globally. We are confident that joining forces with TA will help us further capitalize on our strong organic growth and business momentum.”
“We are thrilled to partner with Dave Jenkins and the entire Conservice management team,” said Jason S. Mironov, a Principal at TA Associates. “The combination of top-tier leadership and market tailwinds amplify our enthusiasm about Conservice’s position and growth prospects.”
Goodwin Procter provided legal counsel services to TA Associates. Perkins Coie served as legal counsel to Conservice.
Founded in 2000, 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 TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. The firm has invested in more than 460 companies around the world and has raised $24 billion in capital. With offices in Boston, Menlo Park, London, Mumbai and Hong Kong, TA Associates leads buyouts and minority recapitalizations of profitable growth companies in the business services, consumer, financial services, healthcare and technology industries. More information about TA Associates can be found at www.ta.com.
About Kayne Anderson Capital Advisors
Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit and growth private equity. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. Kayne manages over $21 billion in assets for institutional investors, family offices, high net worth and retail clients and employs more than 300 professionals in eight offices across the U.S.