The debut fund manager acquired Bull Moose Capital via its core-plus Terramont Infrastructure Fund, which has a $600m target size.
Catarina Moura – 3 October 2025
Terramont Infrastructure Partners has acquired a majority stake in Canadian gas compression business Bull Moose Capital.
The investment will come from its inaugural core-plus Terramont Infrastructure Fund, which has a target size of $600 million, one source close to the deal told Infrastructure Investor Deals.
Bull Moose’s management team will remain significant minority shareholders of the business, with the equity investment from Terramont falling under the typical range size of the fund, between $75 million and $150 million, Infrastructure Investor Deals understands.
The fund is expected to have a total of six investments, with previous deals ranging broadly across different types of infrastructure assets: North American school bus operator Switzer-Carty Transportation, telecom developer Newbridge Wireless, waste management company Long Island Waste Services and distributed generation developer Dispatch Energy.
Terramont was co-founded in 2020 by Vikram Singh, Michael Lehman and Chris Pih.
“We’ve been looking to build a diversified portfolio,” said Lehman, co-managing partner of Terramont Infrastructure Partners, in an interview with Infrastructure Investor Deals. “We were looking for an investment that provided something outside of the sectors that we’ve already completed platforms in. Midstream was one of those target sectors, but it is hard to do at the mid-market level.”
Bull Moose is the largest company of its kind in Canada, Lehman said. It owns gas compression equipment that is then used by energy companies under take-or-pay, long-term contracts.
“It’s a fantastic business,” Lehman said, adding that it’s been around for over 20 years. “It’s an essential service. It’s not commodity price-linked, it’s not volume-linked.”
Headquartered in Calgary, Bull Moose operates in one of the lowest-cost oil and gas basins, Terramont emphasised.
“That’s important because it gets to the fundamental need for what they’re doing. Energy markets have cycles because they are a commodities market. The fundamentals of the customers that this company is serving operate in the Canadian oil and gas basins, which are very low-cost. So, the fundamentals, or their customers, are easier to make money than in places where it’s higher cost,” Lehman said.
“We looked at the long-term growth prospects for this company and its customers and took a fairly, no pun intended, bullish view on the company’s prospects because it had those fundamentals.”
Stikeman Elliott and K&L Gates acted as the legal advisers to Terramont. Peters & Co acted as the financial adviser and Burnet, Duckworth & Palmer as legal adviser to the seller.