The sale process for Lindsay, Ontario-based submetering business Carma Corporation (Carma) has attracted interest from infrastructure funds and strategics, sources familiar with the situation told Infralogic.

The sale process, led by Jefferies, advanced to the second round last week, the sources said.

Operationally focused private equity investment firm TerraNova Partners LP and management consultant and corporate tax lawyer Michael Platt acquired majority control of what was then Carma Industries Inc. and Carma Billing Services Inc. on 20 August 2019 from previous owners, the Williams family.

Platt has acted as CEO of Carma since the August 2019 takeover.

TerraNova, which is headquartered in Toronto, Canada, and has an office in New York City, invests growth capital into companies’ treasuries or by way of a full or partial buyout, according to its website.

Carma is a Canadian manufacturer of utilities’ sub-metering equipment and a provider of utility billing solutions to multi-residential, condominium, commercial and institutional clients. Its sub-metering systems and billing solutions enable customers to monitor energy consumption, save money and improve sustainability, according to the company. 

Later, in July 2021 Carma acquired Priority Submetering Solutions Inc, a local utility billing solutions provider to condominiums, apartments and commercial buildings that serves tens of thousands of customers across Canada and the United States.

Neither Carma, TerraNova, nor Platt responded to requests for comment.