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."
