CO2 pioneer sold to private equity firm

USA: M&M Refrigeration, the first company in the US to implement CO2 cascade refrigeration systems, has been acquired by private equity firm Source Capital.

Founded in 1969 and headquartered in Federalsburg, Maryland, M&M designs and builds 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 claims to have been the first company in the US to implement CO2 cascade refrigeration systems. M&M also has offices in Florida and Alabama.

M&M CEO Duane Marshall commented, “We will continue to serve our customers and bring cutting-edge products to the industry while honouring 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,” commented Dufferin McConnell, founder of M&M Refrigeration.

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.”