Source Acquires M&M Refrigeration

Source Acquires M&M Refrigeration

Source Capital has acquired M&M Refrigeration, a provider of industrial refrigeration equipment and control systems.

M&M designs, builds, manufactures and services industrial refrigeration systems ranging in size from low-charge configurable modular units to fully customized systems. The company’s systems are used in many applications including cold storage, food processing, ice rinks, and ground freezing.

M&M has a 136,000 square-foot manufacturing facility and headquarters in Federalsburg, MD with additional manufacturing and support facilities in Florida and Alabama. The company was founded in 1969 and is led by CEO Duane Marshall (

“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,” said Dufferin McConnell, founder of M&M Refrigeration.

“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,” said Tom Harbin, Managing Partner at Source Capital.

Source Capital makes both control equity investments and mezzanine debt investments of $2 million to $10 million in companies with at least $2 million of EBITDA across a range of industries. Areas of specific interest include business services, light manufacturing, consumer products & services, healthcare, and value-added distribution. Source Capital was founded in 2002 and has offices in Atlanta and San Francisco (

© 2018 Private Equity Professional | May 4, 2018

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