- 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.”