CVC DIF is acquiring Carma Corp, a Canadian submetering and essential building services platform, from TerraNova Partners for an unspecified sum.
The infrastructure arm of global private markets manager CVC said the acquisition of Carma, which is being made through the DIF Infrastructure VIII fund, is expected to close during the fourth quarter of the year.
Founded in 1977 and headquartered in Lindsay, Ontario, Carma provides over 135,000 submeters to more than 1,000 multi-residential and commercial buildings across Ontario, Alberta, British Columbia and Nova Scotia.
Tom Goossens, partner and co-head of the DIF Infrastructure fund strategy at CVC DIF, said: “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, said: “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.”
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