CVC DIF to acquire a leading Canadian submetering and essential building services platform

CVC DIF to acquire CARMA Corp., a leading Canadian submetering and essential building services platform

• Long-term contracted submetering portfolio located across key urban markets nationwide.
• The partnership with CVC DIF will support CARMA’s continued growth in North America while further developing new service offerings.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, today announced it has signed a definitive agreement to acquire CARMA Corp. (“CARMA”), a Canadian submetering and essential building services platform, from TerraNova Partners (“TerraNova”). The investment will be made through DIF Infrastructure VIII and is expected to close during the fourth quarter of 2025, subject to customary closing conditions.

Founded in 1977 and headquartered in Lindsay, Ontario, CARMA is one of Canada’s largest submetering providers, metering over 135,000 units across more than 1,000 multi-residential and commercial buildings in Ontario, Alberta, British Columbia, and Nova Scotia. CARMA’s submetering portfolio is supported by long-term contracts with inflation protection. The company plays a vital role in decreasing energy consumption and driving sustainability by enabling property owners and tenants to monitor and manage consumption, while lowering overall utility costs for residents.

Through this partnership, CARMA will leverage CVC DIF’s financial strength and infrastructure expertise to continue delivering reliable, long-term utility and essential building services to property owners, developers, and residents.

Tom Goossens, Partner and Co-Head of the DIF Infrastructure fund strategy at CVC DIF, commented: “Our investment in CARMA underscores CVC DIF’s focus on critical infrastructure platforms that provide essential services and long-term value to communities. CARMA’s strong contracted revenue base, best-in-class operations and future growth trajectory position it as a highly attractive partner. We look forward to working closely with the management team to support the next stage of CARMA’s expansion across North America.”

Michael Platt, CEO of CARMA, added: “Our partnership with CVC DIF, a leading global infrastructure investor, marks a remarkable milestone for the CARMA Team and the start of an exciting new chapter. Together, we will broaden our services, expand our capabilities, and invest in innovative solutions that will strengthen operations, accelerate growth, and solidify our position as a market leader, all while continuing to provide best-in-class customer service.”

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