TerraNova Partners announces sale of CARMA Corp. and Spectrum Building Services Co., a leading Canadian submetering and essential building services platform, to CVC DIF

TORONTO, Sept. 15, 2025 /CNW/ – TerraNova Partners (“TerraNova”) today announced it has signed a definitive agreement to sell CARMA Corp. (“CARMA”), a Canadian submetering business, and Spectrum Building Services Co. (“Spectrum”), an essential building services platform to CVC DIF, the infrastructure strategy of leading global private markets manager CVC. The transaction is expected to close during the fourth quarter of 2025, subject to customary closing conditions.

Founded in 1977 and headquartered in Lindsay, Ontario, CARMA is one of Canada’s largest submetering providers, metering over 135,000 units across more than 1,000 multi-residential and commercial buildings in Ontario, Alberta, British Columbia, and Nova Scotia. CARMA delivers exceptional service for its customers under long-term contractual arrangements. The company plays a vital role in decreasing energy consumption and driving sustainability by enabling property owners and tenants to monitor and manage consumption, while lowering overall utility costs for residents.

TerraNova acquired CARMA in 2019 in partnership with CEO, Michael Platt, under whose leadership the company has realized substantial growth.  Beginning with a base of 40,000 meters, CARMA has grown to its current size through a combination of new development wins and submetering company acquisitions. In addition, following CARMA’s acquisition of Spectrum in 2021, and under President Matthew Gray’s leadership, Spectrum has completed three strategic acquisitions, establishing Spectrum as the leading provider of essential and emergency services to multi-residential building owners and residents in the Greater Toronto Area.   

TerraNova Partner Anthony Sigel commented: “It has been exceptionally rewarding working with and supporting Michael and his Team in executing on his vision to make CARMA a true industry leader. We continue to see a bright future for Michael, CVC DIF and the CARMA and Spectrum Teams as they pursue the next stage of CARMA’s expansion across North America.”

Michael Platt, CEO of CARMA, added: “Our partnership with TerraNova over the past seven years has been tremendously valuable and impactful, both for the business and for me personally. TerraNova has added significant value supporting the CARMA and Spectrum Teams in our mission to grow into the extraordinary company we are today. Looking forward, I am very excited to continue to drive CARMA’s growth into its next chapter, and CVC DIF is the ideal partner for our business and our people going forward.”

Jefferies LLC acted as exclusive financial advisor to CARMA Corp. CARMA and TerraNova Partners are also advised by Stuart English and Stikeman Elliott LLP (legal advisors) and MNP (tax and finance). CVC DIF is advised by National Bank Capital Markets (financial advisor), Davies Ward Phillips & Vineberg LLP (legal advisor), and Leo Berwick (financial and tax advisor).

About TerraNova

TerraNova is a Toronto and New York-based private equity firm with a long-standing, well developed track record of successfully collaborating with operational leaders to meaningfully grow their companies, with a particular focus on the business-to-business services sector. TerraNova invests partner and third-party capital, taking a patient, long-term approach to create meaningful value for all stakeholders.

SOURCE TerraNova Partners LP