ATLANTA, May 3, 2018 — 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.
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.
Contact: Cara Godack, 410-754-8005, firstname.lastname@example.org