TPG Acquires Irth Solutions from Blackstone in Late 2025 Deal

TPG to acquire Irth Solutions from Blackstone for an undisclosed amount. The transaction is expected to close in late 2025 and will be completed through TPG Growth. Irth Solutions provides enterprise software for critical energy and infrastructure companies.

Private equity giant TPG has agreed to acquire Irth Solutions from Blackstone Energy Transition Partners, a move that signals a shift in the energy technology sector toward AI-driven infrastructure software. The transaction, which includes an undisclosed amount, is expected to close in late 2025 and will be facilitated through TPG Growth, the middle-market and growth equity platform of TPG. Irth Solutions provides enterprise software solutions for critical energy and infrastructure companies, integrating geospatial data with business intelligence and AI to offer 360-degree situational awareness.

Irth Solutions, founded in 1985, offers cloud-based software solutions that help energy and infrastructure companies manage their operations and meet regulatory requirements. The platform serves more than 20,000 daily users, processing over 130 million work orders and 500 million AI insights annually. TPG, with $261 billion in assets under management, has a history of investing in mission-critical, purpose-built software businesses. The acquisition of Irth aligns with TPG's focus on supporting companies that keep infrastructure secure and the world connected [1].

The acquisition is significant as it reflects growing private capital investment in AI-infrastructure convergence. Irth's platform integrates geospatial data and AI to optimize energy systems, processing 500 million insights annually for 20,000+ users. This deal underscores TPG's strategic alignment with the urgent need for digital resilience in energy and utility systems, a trend that is expected to accelerate due to regulatory and climate pressures [2].

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/
[2] https://www.ainvest.com/news/tpg-strategic-acquisition-irth-solutions-implications-energy-tech-sector-2508/