From its humble beginnings in 1977 as a small family-run company headquartered in Lindsay, Ontario, CARMA Corp. grew into one of Canada’s largest submetering providers. Submetering allows landlords and property managers to track and bill individual tenants for their utility consumption, rather than calculating utilities as part of a flat building-wide fee. Early on, the technology was primarily used in commercial settings such as shopping malls and office towers. Starting in the late 1990s, developers increasingly adopted submetering in multi-residential buildings, allowing individual condo owners to be billed directly for their own electricity usage.
Over the next two decades, CARMA became a major player in the multi-residential sector, helping property owners and tenants better monitor consumption while lowering utility costs and improving energy efficiency. In 2017, Michael Platt saw a significant opportunity in the business as the condo market appeared poised for rapid expansion. A former tax lawyer who had transitioned into utilities consulting, Platt was searching for a company in the utilities space that he could acquire and operate himself. He connected with CARMA founder Rick Williams and secured an agreement to purchase the company. To complete the acquisition, however, he needed a financial backer.
That backer became TerraNova Partners LP, a Toronto-based private equity investment firm led on the deal by Anthony Sigel. Although Sigel was initially unfamiliar with the submetering sector, he quickly recognized its potential. “What stood out immediately was the stability of the business,” says Sigel. “CARMA already had 40,000 meters under contract, creating a highly dependable stream of recurring revenue, with significant room for growth as the condo market gained momentum.”
The two parties completed the acquisition in 2019, with Platt taking over as CARMA CEO. “My aspiration was to preserve Rick Williams’s legacy while building a nationally recognized submetering company serving both commercial and multi-residential properties,” says Platt. “At the same time, we wanted to improve energy conservation in the sector and drive excellent returns for investors.”
Building a Broader Services Platform
True to Platt and TerraNova’s projections, the condo market kept accelerating through the pandemic, driving a surge in CARMA’s revenues. Within three years of the acquisition, the company increased its residential meters under contract from 40,000 to well over 100,000.
To capitalize on that momentum, Platt developed an ambitious vision for the business. Rather than limiting CARMA to submetering alone, his strategy centered on acquiring complementary companies so CARMA could provide a wider suite of operational and maintenance services to multi-residential properties. Kevin Braiden, Principal at TerraNova, worked closely with Platt throughout those acquisitions. “Once Michael identified an acquisition target, we would step in and provide the resources needed to evaluate the opportunity, conduct due diligence and work with lenders and investors to complete the transaction,” says Braiden. One notable acquisition was Spectrum Building Services, a Markham-based firm that provides specialized maintenance, cleaning and emergency services for condo buildings across the Greater Toronto Area.
As CARMA matured, the business also faced the challenges that come with drastic operational change. Evolving from a family-run company into a private equity-backed organization required new systems, higher performance expectations and the integration of larger teams across multiple acquisitions. Sigel supported Platt in navigating those organizational shifts. “TerraNova and I had a phenomenal relationship,” says Platt. “Any challenge we faced, we were able to discuss openly and work through them together. That made it much easier to address risks and keep the business moving forward.”
A New Owner and a Much Larger Footprint
In 2023, one of CARMA’s similarly sized competitors was acquired by a major infrastructure fund, drawing increased attention to the submetering industry. Soon afterward, Platt and the TerraNova team began receiving interest from other infrastructure investors eager to gain a foothold in the sector. After more than a year of discussions, the company chose CVC DIF, a leading global mid-market infrastructure equity fund manager, as its buyer. CVC DIF already had a significant presence in Canada’s multi-residential space and shared Platt’s long-term optimism about the industry’s future. The transaction closed in December 2025, with Platt remaining on as CEO—ending a six-year partnership with TerraNova that is now being recognized with the PE Deal of the Year Award, sponsored by CIBC Innovation Banking.
For Platt, what started as a bold career pivot from consulting into corporate leadership has become one of the defining experiences of his professional life. He credits much of his success to TerraNova’s support throughout that journey. “At the beginning, the TerraNova team showed a tremendous amount of patience as I learned the ins and outs of the job, and not everyone would have had that patience,” laughs Platt. “Over time, that relationship became one built on encouragement, trust and autonomy. They were always there when I needed them.”
To date, CARMA has installed approximately 350,000 meters across North America, including 135,000 condominium suites, and plans to continue expanding its footprint across both the commercial and multi-residential sectors.
For Sigel, one of the most satisfying aspects of the investment was watching Platt develop into the role. “Michael was unproven as he stepped into his first CEO position, so seeing him grow into a highly effective leader was extremely rewarding,” he says. “The business performed exceptionally well throughout our partnership, which has ultimately developed into a genuine friendship today.”
