Source Capital, an Atlanta-based private equity firm specializing in lower middle-market companies, has announced its acquisition of M&M Refrigeration, based in Federalsburg, Md.

M&M designs, builds, manufactures and services industrial refrigeration equipment and control systems for cold storage, food processing and other industrial applications. A pioneer of ammonia/CO2cascade systems, it has installed them at more than 65 locations worldwide. In January M&M introduced a line of low-charge ammonia packaged systems called Pure Refrigeration.

The terms of the deal were not disclosed.

“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,” said  M&M’s CEO Duane Marshall, in a statement. “This acquisition represents an exciting time in M&M’s history.” M&M was founded in 1969.

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

Said Tom Harbin, managing partner at Source Capital, “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.”

“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.”

Duane Marshall, M&M Refrigeration

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