On September 15, 2025, TerraNova Partners has signed a definitive agreement to sell CARMA Corp., a major Canadian submetering company, and Spectrum Building Services Co., a leading building services platform, to CVC DIF, the infrastructure strategy of global private markets manager CVC. The transaction is expected to close in the fourth quarter of 2025, subject to customary conditions. Headquartered in Lindsay, Ontario, CARMA was founded in 1977 and now meters over 135,000 units across more than 1,000 buildings in Ontario, Alberta, British Columbia, and Nova Scotia, supporting sustainability and cost efficiency for property owners and tenants. Under TerraNova’s ownership since 2019 and CEO Michael Platt’s leadership, CARMA has grown from 40,000 meters through organic expansion and acquisitions. Following CARMA’s acquisition of Spectrum in 2021, Spectrum, led by President Matthew Gray, has completed three strategic acquisitions, becoming a top provider of essential and emergency services to multi-residential buildings in the Greater Toronto Area.

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

The transaction value was not disclosed.