Blackstone's Irth Solutions Acquired by TPG for Undisclosed Terms

TPG has agreed to acquire Irth Solutions, a provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners. The terms of the transaction were not disclosed. Irth provides cloud-based software solutions that help energy and infrastructure companies manage their operations and meet regulatory requirements.

TPG, a leading global alternative asset management firm, has agreed to acquire Irth Solutions, a provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners. The terms of the transaction were not disclosed. Irth provides cloud-based software solutions that help energy and infrastructure companies manage their operations and meet regulatory requirements [1].

Irth Solutions, founded in 1985, offers software solutions that integrate geospatial data with business intelligence and AI to offer 360-degree situational awareness for infrastructure operators. These solutions enable proactive risk identification, mitigation, and management, ensuring the safe and reliable delivery of essential services. The platform serves more than 20,000 daily users, processing over 130 million work orders and 500 million AI insights annually [1].

TPG, with $261 billion in assets under management and a broad investment strategy, has a history of investing in mission-critical, purpose-built software businesses. The acquisition of Irth Solutions aligns with TPG's focus on supporting companies that keep infrastructure secure and the world connected [1].

Brad Gammons, CEO of Irth, expressed confidence in TPG as the right partner to support Irth's next chapter. He stated, "This partnership strengthens our ability to deliver even greater value to the energy, utility, and telecommunications providers we serve. We look forward to building on the success we achieved with Blackstone and working with TPG to accelerate innovation" [1].

Aaron Matto, Business Unit Partner at TPG, highlighted the significance of Irth's solutions in navigating mounting risks for energy and utility providers. He noted, "Irth’s cloud-based, AI-enabled solutions have proved essential to energy and utility providers in navigating mounting risks by offering data and actionable insights to spot and resolve weaknesses before they escalate and to prevent damages before they occur" [1].

Bilal Khan and Alex Lue, Senior Managing Director and Managing Director at Blackstone, respectively, expressed pride in their partnership with Irth and looked forward to Irth's continued success with TPG. They stated, "We have been proud to partner with Brad and the entire Irth team since 2021, supporting its continued growth as it serves the ever increasing need for investment, resiliency, and digitalization of critical energy and infrastructure assets" [1].

The transaction is subject to customary closing conditions and is expected to close in late 2025. Advisors Evercore, Lazard, Kirkland & Ellis, Cantor Fitzgerald, Lincoln International, and Weil, Gotshal & Manges LLP are involved in the transaction [1].

References:
[1] https://www.blackstone.com/news/press/tpg-to-acquire-irth-solutions-from-blackstone/