Johnson Controls buys refrigeration manufacturer M&M Carnot

• Source Capital acquired M&M Carnot, formerly known as M&M Refrigeration, in 2018
• Johnson Controls said the acquisition will add to its portfolio of industrial refrigeration equipment operating on ultra-low GWP refrigerant carbon dioxide
  
• Source Capital is private investment firm that provides flexible equity and debt capital to lower mid-market companies

Johnson Controls has acquired M&M Carnot, a provider of natural refrigeration solutions. No financial details of the transaction were disclosed.

M&M Carnot is based in Annapolis, Maryland and Trois Rivières, Quebec.

Johnson Controls is a Cork, Ireland-headquartered producer of fire, heating, ventilation and air conditioning (HVAC), and security equipment. It said the acquisition will add to the company’s portfolio of industrial refrigeration equipment operating on ultra-low GWP refrigerant carbon dioxide.

“It’s an exciting time in our industry as we continuously seek new opportunities to accelerate the deployment and adoption of safe and sustainable solutions and services,” said Claude Allain, president, Johnson Controls HVAC/R and data centers, in a statement. “M&M Carnot is well-positioned in its ability to deliver ultra-sustainable industrial refrigeration solutions and will allow us to better serve our growing customer base in this vertical.”

M&M Carnot, formerly known as M&M Refrigeration, was acquired by Source Capital in 2018. A year later, M&M Refrigeration acquired Carnot Refrigeration.

Source Capital is private investment firm that provides flexible equity and debt capital to lower mid-market companies. The firm is based in Atlanta, Georgia.