TLDR: TPG, a leading global alternative asset management firm, has announced a definitive agreement to acquire Irth Solutions, a provider of enterprise software for critical energy and infrastructure companies, from Blackstone Energy Transition Partners. The acquisition, conducted through TPG Growth, aims to accelerate Irth’s growth and leverage its cloud-based software, which integrates geospatial data, business intelligence, and AI to provide 360-degree situational awareness for proactive risk management. The transaction is expected to close in late 2025, with terms undisclosed.
San Francisco-based TPG, a prominent global alternative asset management firm, has entered into a definitive agreement to acquire Irth Solutions, a leading provider of enterprise software for critical energy and infrastructure companies. The acquisition will see TPG, through its middle-market and growth equity platform TPG Growth, take over Irth Solutions from Blackstone Energy Transition Partners. The announcement was made on August 26, 2025, with the transaction anticipated to conclude in late 2025, though specific financial terms were not disclosed.
Founded in 1985, Irth Solutions, headquartered in Columbus, Ohio, specializes in cloud-based software that integrates geospatial data with business intelligence and artificial intelligence (AI). This sophisticated platform delivers 360-degree situational awareness to operators of critical infrastructure, including energy, utility, and telecommunications providers. Its core function is to enable proactive identification, mitigation, and management of risks, thereby ensuring the safe and reliable delivery of essential services.
Irth’s mission-critical solutions are widely adopted, serving over 20,000 daily users. Annually, the platform processes more than 130 million work orders and generates 500 million AI insights. These capabilities are crucial for detecting emerging weaknesses, facilitating prompt resolutions, and enabling proactive interventions to maintain the operational integrity of critical network infrastructure.
Brad Gammons, CEO of Irth, expressed optimism about the future, stating, “With TPG’s support and extensive software, AI, and infrastructure expertise, we are confident they are the right partner to support our next chapter. 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 to help our customers strengthen resilience, improve reliability, and navigate the rapidly evolving risks they face each day.”
Aaron Matto, Business Unit Partner at TPG, highlighted the strategic importance of Irth’s offerings. “Energy and utilities companies face constant pressure to deliver services safely, sustainably, and without interruption for millions each day,” said Matto. “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. TPG has invested behind mission-critical, purpose-built software businesses for decades, and we are excited to partner with Brad and the team to support the continued growth of a company that keeps our infrastructure secure and the world connected.”
Blackstone, the selling entity, also commented on the successful partnership. Bilal Khan, a Senior Managing Director, and Alex Lue, a Managing Director, at Blackstone, remarked, “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. We look forward to Irth’s continued success with TPG under Brad’s leadership moving forward.”
The acquisition underscores a broader trend in private equity, with firms increasingly targeting niche SaaS providers that offer AI-driven capabilities. This strategic alignment with the urgent need for digital resilience in energy and utility systems positions TPG to capitalize on the convergence of private capital, artificial intelligence, and infrastructure modernization. Irth’s proven ability to reduce excavation-related risks by 30% and optimize pipeline integrity through AI analytics makes it a compelling asset in an era where infrastructure failures carry significant financial and reputational costs.
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Advisors for the transaction included Evercore as lead sell-side advisor to Blackstone and Irth Solutions, with Lazard serving as co-advisor. Kirkland & Ellis provided legal counsel to Blackstone and Irth Solutions. TPG was advised by Cantor Fitzgerald and Lincoln International as financial advisors, and Weil, Gotshal & Manges LLP as legal counsel.
