Canadian private equity firm TerraNova Partners and Michael Platt have acquired majority control of Carma Industries Inc, a Lindsay, Ontario-based submetering business, and the affiliated Carma Billing Services Inc. Terms weren't released for the deal, which was done in partnership with the Williams family. Platt, a utilities and energy industries specialist who joined Carma last year, was appointed CEO. Founded in 1977, Carma manufactures utilities sub-metering equipment and provides utility billing solutions to multi-residential, condominium, commercial and institutional clients across Canada. Toronto-based TerraNova invests in growth, turnaround, carve-out and comparable deals in a range of sectors.
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