Owners of utility-focused Conservice exploring sale at valuation as high as $5 billion, sources say

By Milana Vinn

Advent International and TA Associates are exploring the sale of utility management and billing company Conservice that could value it at between $4.5 billion and $5 billion, people familiar with the matter said.

The private equity firms are working with investment bankers at Evercore on the sale, which is in its early stages, the people said, asking not to be named because the discussions are private.

Advent declined to comment, while TA Associates, Evercore, and Conservice did not immediately respond to requests for comment.