LOGAN – Thanks to a recent infusion of venture capital, a Logan business is now positioned for growth both here in the United States and overseas.
Advent International of Boston and Palo Alto announced this week that the global private equity firm has made a “significant strategic investment” in the Logan-based utility management firm Conservice.
“We believe Conservice has unparalleled expertise in the highly complicated regulatory area of utility billing,” said Eric Wei, managing director of Advent International’s technology investment team in Palo Alto. “We were particularly impressed with its Utility Management Platform, a proprietary software application that codifies and automates the constant regulatory changes across state and local jurisdictions, which enables Conservice to have industry-leading accuracy.”
Since its founding 20 years ago, Conservice has become one of Cache Valley’s fastest-growing and most-profitable commercial enterprises. The utility management company employs about 2000 people, the majority of them working in office complexes in Logan and River Heights. Conservice also operates satellite offices in Clearfield and Rexburg, ID as well as sales offices in eight additional states and in Canada.
Conservice facilitates utility management for more than four million corporate property owners through the United States, Canada, Mexico and the Caribbean Islands. From initially providing only basic residential utility billing, Conservice has evolved a wide array of management services, including expense management, utility payments, utility audits, meter-reading analysis, meter installation and consultation, contract management and other services needed by its corporate customers.
Those customers are owners of both single-unit and multi-unit properties, including apartment communities, student housing, military bases, government subsidized housing, commercial buildings, homeowner associations and units held by real estate entities. The company’s fully-integrated customized services manage billing, metering, residential cost distribution and other functions to reduce operating costs, ensure proper allocation of utility fees and lower energy consumption.
“It is a pleasure to welcome Advent as an investor in Conservice,” said David Jenkins, the company’s founder and chief executive officer. “This new investment will support our efforts to continue investing in and growing our portfolio of market-leading products …with the goal of further growing Conservice in the U.S. and internationally.”
Advent International will now join TA Associates of Boston and Menlo Park, another private equity firm, as major investors in Conservice.
“We are pleased to welcome Advent as an investor,” said Jason P. Werlin, a managing director at TA Associates. “We look forward to a close collaboration (with Advent executives) as we work with company management in building further value in Conservice.”
According to a press release, David Jenkins will remain as the largest non-institutional investor in Conservice. As a result of the new investment, Eric Wei and Ashwin Krishnan of Advent International will join Jenkins on the Conservice board of directors. That panel also includes Jason P. Werlin and Jason S. Mironov of TA Associates.