M&M acquires Carnot in merger of leading natural refrigeration suppliers

M&M Refrigeration, a major supplier of industrial ammonia/CO₂ cascade systems, today announced its acquisition of Carnot Refrigeration, a leading supplier of transcritical CO₂ systems to multiple business sectors.

Terms of the deal were not disclosed.

Based in Trois-Rivières, Québec, Canada, Carnot pioneered the use of CO₂ transcritical refrigeration in North America for commercial and industrial applications including data centers, food processing facilities, cold-storage warehouses, supermarkets, ice rinks, and several other industrial applications.

M&M, based in Federalsburg, Md., designs, builds, manufactures and services industrial refrigeration equipment and control systems for cold storage, food processing and other industrial applications. A pioneer of ammonia/CO₂ cascade systems, it had installed them at more than 65 locations worldwide as of last year. In January 2018 M&M introduced a line of low-charge ammonia packaged systems called Pure Refrigeration.

In May 2018, M&M was acquired by Source Capital, an Atlanta-based private equity firm specializing in lower middle-market companies.

"This partnership firmly establishes our position as the leader in CO₂-based refrigeration by combining M&M's industry-leading cascade solutions with Carnot's innovative transcritical solutions," said Chad Riedel, president of M&M Refrigeration, in the announcement. "We will continue to serve our customers by providing refrigeration systems that reduce their operating costs and environmental footprint. In addition, we will be able to expand our collective service and controls offerings."

"We are thrilled to partner with M&M, and together pursue a future where eco-friendly refrigeration is the global standard," said Marc-André Lesmerises, CEO and founder of Carnot Refrigeration. “M&M's complementary market coverage and resources enhance our ability to service the growing demand for green refrigeration and heat pumps."