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UPDATE 1: Blue Owl, Crescent Expected to Lead Private Credit Financing for Conservice Buyout by TPG
Thu Jan 22, 2026 03:01 PM ET: Blue Owl and Crescent Capital are expected to lead a private credit financing package backing TPG’s majority stake investment in utility contractor Conservice, according to sources close to the deal.
Conservice’s debt package is expected to be more than $1 billion in size, as reported, and has been drawing strong interest from lenders despite its high leverage. Interest in the deal among lenders has continued to go well, one source said, with closing expected imminently.
Proceeds from the private credit offering will back TPG’s majority acquisition of Conservice from TA Associates, which was announced in December 2025 for undisclosed terms, according to a press release.
Conservice’s existing 2030 loan was last indicated in the secondary today at 100/100.50, according to Solve.
TPG and Crescent declined to comment. Blue Owl and Conservice did not respond to requests for comment.
Original Story 1:33 p.m. UTC on Jan. 13, 2026
TPG Lining Up Private Credit Financing for Conservice Buyout; Lender Competition Could Tighten Pricing
A group of private lenders are in talks with TPG to line up a more than $1 billion private debt package to back its majority stake investment in utility contractor Conservice, according to sources.
Lenders for Conservice’s financing are still being determined, according to a source familiar with the deal, and tickets are expected to go out in the next few weeks.
Conservice’s deal is drawing strong interest from lenders despite the firm’s high leverage, the source said, noting that this is expected to lead to competitive pricing.
Potential private lenders to Conservice were pitching leverage of 7.5x to 8x for a unitranche to finance the deal, as reported, while banks were pitching leverage of 7.5x to 7.75x through a first lien and second lien structure.
Proceeds from the financing will back TPG’s majority acquisition of Conservice from TA Associates, which was announced in December 2025 for undisclosed terms, according to a press release. Existing investor Advent will retain significant minority interest in the company. The transaction is expected to be completed in the first quarter of 2026.
Utah-headquartered Conservice provides utility management and billing services to multifamily, student housing, commercial and government properties across the United States, according to its website.
The utility management and billing firm was being marketed on $230 million in EBITDA, as reported, yet sources noted that it likely generates about $175 million to $225 million in EBITDA.
Golub Capital and Silver Point are existing BDC creditors to Conservice, holding a SOFR+275 bps first lien loan maturing in 2030, according to Octus’ BDC Database. A list of its CLO lenders can be found in Octus’ CLO Database HERE.
Conservice’s existing loan was last quoted in the secondary at 100.25/100.75, according to Solve.
TPG declined to comment. Conservice did not respond to requests for comment.
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