Operator Of Texas Retail Electric Provider Announces Growth Investment From PE Firm

Conservice, a provider of utility management and billing solutions to property owners and managers, and which operates retail electric provider Conservice Energy in Texas, announced the close of a "significant strategic investment" by Advent International (Advent), a global private equity investor.

"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," Conservice said

Financial terms of the transaction were not disclosed.

"We see opportunity for Conservice to utilize its industry-leading platform to continue pursuing a number of exciting growth avenues, including providing utility management to the commercial end market, enabling payments workflows, and serving as the acquirer of choice for smaller providers of utility billing management," Ashwin Krishnan, Principal on Advent’s technology investment team in New York, previously said when the investment was first announced in March

"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."

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.