Is Logan-based Conservice for Sale at $5 Billion?

Two leading media sources report that the Private Equity owners of Conservice have decided to put the U.S.-leading utility-billing and expense-management platform on the market at up to 20× its expected earnings of $200 million

24 October 2025 — Logan, Utah — The owners of Conservice, Utah’s quietly massive utility-billing and expense-management platform, are reportedly exploring a sale that could value the company at up to $5 billion, according to Reuters and Private Equity Wire.

If completed at that level, the transaction would rank among the largest PE–backed exits ever tied to a Utah-headquartered firm, part of an ongoing global surge in investor appetite for cash-flow-heavy, tech-enabled business-service platforms.

{AUTHOR’S NOTE: If you live in Utah and haven’t heard of Conservice, don’t feel bad. Most Utahns haven’t, which is ironic, considering the company may soon headline one of the largest PE transactions in state history.}

A Quiet Powerhouse with National Reach

Founded more than two decades ago in Cache Valley, Conservice has become the largest utility-billing and expense-management company in the United States, processing millions of payments and data points monthly for multifamily housing operators, commercial landlords, and institutional clients nationwide.

Behind the scenes, two global investment heavyweights — Advent International and TA Associates — control the Logan-based firm. The pair have reportedly hired Evercore to advise on “strategic options,” including a potential full sale, according to people familiar with the matter cited by Reuters.

Conservice expects approximately $650 million in revenue and $200 million in EBITDA for 2025.

At a valuation between $4.5 billion and $5 billion, that equates to an enterprise multiple exceeding 20× EBITDA, well above the 14×–18× range typical for comparable business-services firms.

That premium underscores Conservice’s combination of long-term client contracts, sticky relationships, and resilient margins, the holy trinity of private equity appeal.

Another Multibillion-Dollar Player Hidden in Plain Sight in Utah

Despite its national prominence, Conservice remains a mystery to many Utahns.

Yet by revenue, it ranks among the five largest privately held firms in the state; it's also one of the few headquartered outside the Wasatch Front.

Should a sale close near the rumored valuation, it would join Qualtrics, Pluralsight, and HealthEquity among Utah’s most significant liquidity events.

Market observers expect any buyer to be another private equity sponsor, not a strategic acquirer. This is emblematic of a broader “PE-to-PE” secondary buyout trend sweeping mid-market platforms worldwide.

Such deals allow existing owners to cash out while enabling new investors to extract further value via leverage and operational expansion.

Why It Matters

To me the bottom line is this:

If Conservice achieves a $5 billion valuation, it will confirm that Utah has reached a new tier in national capital markets, one capable of producing global-scale service enterprises, not just software startups.

It also elevates Cache Valley as a serious node in America’s financial infrastructure, where precision, data, and billing intersect with scale.

And when global investors “follow the money” to northern Utah, it’s not luck ... it’s validation.

WHAT’S NEXT: Who Might Buy, What It Means, and Why Utah Should Care

Potential buyers: Look for bids from megafunds such as Blackstone, KKR, Brookfield, and EQT, each of which have active mandates in infrastructure, utilities, and recurring-revenue platforms.

Valuation drivers: Sustained growth in multifamily housing and continued automation within Conservice’s proprietary billing platform justify its current pricing premium. Any softening in property markets or regulatory shifts could trim that multiple, but demand for data-driven utility management remains strong.

Local impact: A successful transaction could release tens of millions in liquidity across Utah’s capital ecosystem, from executive equity payouts to regional reinvestment and philanthropy. Retaining operations in Logan will determine whether the state captures the long-term economic value beyond the sale proceeds.

Follow the money: As one of the nation’s quietest cash engines prepares for what could be a record-setting sale, Conservice illustrates exactly why Utah Money Watch chronicles not just who’s getting paid, but why it matters.

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