News

Source Capital LLC has acquired Federalsburg, Maryland-based M&M Refrigeration LLC, a provider of industrial refrigeration equipment and control systems for cold storage, food processing and other industrial applications. No financial terms were disclosed.

PRESS RELEASE

ATLANTA, May 3, 2018 /PRNewswire/ — Source Capital, LLC, a private equity firm specializing in lower middle-market companies, is pleased to announce the acquisition of M&M Refrigeration, LLC. (“M&M”). M&M is a leading provider of industrial refrigeration equipment and control systems for cold storage, food processing and other industrial applications. The terms of the deal were not disclosed.

Headquartered in Federalsburg, Maryland, M&M designs, builds, manufactures and services industrial refrigeration systems around the world. M&M’s product line extends from low-charge configurable modular units to fully customized systems.

CEO Duane Marshall commented, “We will continue to serve our customers and bring cutting-edge products to the industry while honoring the core values that our company was built on. This acquisition represents an exciting time in M&M’s history.”

“Source Capital is the right partner for this transition. I am pleased to see the company in good hands for the next phase of growth,” Dufferin McConnell, founder of M&M Refrigeration, commented regarding the new ownership.

Tom Harbin, Managing Partner at Source Capital, stated, “M&M has established a leadership position in the industrial refrigeration market over its 49-year history. We are thrilled to partner with Duane and the rest of the M&M team and we look forward to growing the business.”

About M&M Refrigeration
Founded in 1969, M&M is well-known throughout the industry for its design and fabrication of industrial refrigeration systems across many applications, including cold storage, food processing, ice rinks, and ground freezing. M&M has developed a global installed base of industrial refrigeration systems and is acknowledged for being the first company in the U.S. to implement CO2 Cascade refrigeration systems. M&M has offices in Maryland, Florida and Alabama.

About Source Capital
Source Capital is a private equity firm that invests in mature, lower middle-market companies across a range of industries. Source Capital’s investment strategy targets growing companies with greater than $2 million in EBITDA seeking a growth-oriented partner. Since its founding in 2002, Source Capital has made 21 equity platform investments, 34 add-on acquisitions and 18 debt investments. Source Capital has offices in Atlanta and San Francisco.