NEW YORK (Reuters) -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. 

Conservice has attracted interest from other buyout firms and strategic buyers, they added.

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

Logan, Utah-based Conservice is the largest U.S. utility management company. It handles services such as billing, administration and expense optimization of utility services, including water, gas, electricity and trash for property owners.

Conservice is on track to generate $650 million in annual revenue and $200 million in earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2025, the people said. A sale of Conservice will likely value the business at more than 20 times EBITDA, with the sources indicating a valuation in the range of $4.5 billion and $5 billion.

Advent acquired a significant ownership stake in Conservice from TA Associates in 2020, while TA first backed the company in 2016.