M&M Refrigeration LLC, a provider of industrial refrigeration equipment and control systems for cold storage, food processing and other industrial applications, was acquired by Atlanta-based Source Capital LLC. Terms of the deal were not disclosed.

Headquartered in Federalsburg, Md., M&M designs, builds, manufactures and services industrial refrigeration systems. Its product line includes low charge configurable modular units to customized systems. It is acknowledged for being the first company in the United States to implement CO2 cascade refrigeration systems. It has offices in Maryland, Florida and Alabama.

CEO Duane Marshall said, "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."