CVC DIF’s Diverso Energy forms strategic partnership with Mattamy Homes to accelerate geothermal heating and cooling in Canada
- The newly formed strategic partnership will be the exclusive ground source heating and cooling utility provider to select Mattamy residential developments in Canada.
- Mattamy is one of North America’s largest privately owned homebuilders, with more than 2,300 residential homes under construction in Canada that will serve as seed assets to the partnership and provide a strong foundation for future growth.
- The partnership will deliver energy-efficient, cost-effective and low-carbon heating and cooling to Canadian homeowners.
CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce the formation of a strategic partnership between its ground source heating and cooling (“geoexchange”) platform Diverso Energy (“Diverso”), the leading geoexchange utility in North America, and Mattamy Homes (“Mattamy”), one of the largest privately owned homebuilders in North America and an industry leader in sustainable low-carbon homebuilding.
The strategic partnership will make Diverso the exclusive geothermal provider for select Mattamy residential developments across Canada, spanning a range of single- and multi-family low-rise, mid-rise, and high-rise developments. As part of the groundbreaking partnership, Mattamy will also contribute its existing portfolio of operating and under construction geoexchange systems serving more than 2,300 residential units as seed assets to the partnership. It will ensure that homeowners can benefit from reliable, cost-effective and energy efficient heating and cooling solutions for decades to come, while aligning with the parties’ industry leading commitments to sustainability and decarbonization.
Brad Carr, CEO of Mattamy Homes, shares: “We look forward to working with the team at Diverso to expand our capabilities of delivering geothermal heating and cooling to our Mattamy homeowners, with a focus on reducing carbon emissions across our communities in Canada.”
Tim Weber, CEO of Diverso, notes: “This partnership marks a significant milestone for Diverso and we are thrilled to partner with Mattamy Homes, a company that shares our commitment to sustainability and innovation. This partnership will not only enhance the value proposition for Mattamy’s homeowners but also accelerate the adoption of geoexchange technology in residential developments across Canada. We look forward to working alongside Mattamy to support decarbonization across its strong pipeline of residential developments.”
Gijs Voskuyl, Managing Partner of CVC DIF, further highlights CVC DIF’s approach to scaling its platforms: “This strategic partnership continues to build on CVC DIF’s long standing track record of active value creation in supporting its portfolio companies’ growth and innovation, alongside world-class partners like Mattamy Homes. For our investors, the partnership represents a unique opportunity to add strategic scale to Diverso and grow its asset base, while underscoring our collective commitment to sustainability. We look forward to continuing to support Diverso in this collaboration with Mattamy and believe it will set a new standard in the geoexchange industry.”
CVC DIF, through its DIF Infrastructure VII fund, acquired a majority interest in Diverso in 2023 from its founders, who have continued to lead the company. Since then, CVC DIF has supported Diverso and its leadership team in becoming the leading geoexchange utility in North America. Diverso offers its unique geoexchange heating and cooling solution through an Energy-as-a-Service model, underpinned by long-term contracts.
About CVC DIF
CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.
Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.
With over 250 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.
CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.
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