CVC DIF, the infrastructure strategy of global private markets manager CVC, has signed a definitive agreement to acquire CARMA Corp., a Canadian submetering and essential building services platform operating across key urban markets nationwide, from TerraNova Partners. Financial terms were not disclosed.
CARMA is one of Canada’s largest submetering providers, metering more than 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.
The investment will be made through DIF Infrastructure VIII, a closed-end fund targeting €6 billion ($7 billion) and investing in the renewable-energy
