Mergers and Acquisitions in the Refrigeration Industry Continue

The refrigeration industry has experienced several notable mergers and acquisitions, addressing the increasing need for ultralow global warming potential refrigerant technologies and solutions.

“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.

Johnson Controls announced the acquisition of M&M Carnot, a provider of natural refrigeration solutions, in 2023. Allain said the acquisition would allow the company to better serve its growing customer base.

M&M Carnot designs and manufactures industrial refrigeration equipment and controls that use carbon dioxide. In a statement, David Sholtis, CEO of M&M Carnot, said joining Johnson Controls would allow the company to accelerate its work providing sustainable, natural refrigeration solutions.

“The support and resources of Johnson Controls will allow us to scale the business faster by bringing our innovative, environmentally friendly refrigeration and cooling technologies to a growing market in search of energy-efficient, green technology,” Sholtis said. “We believe that together, we’ll bring exciting new opportunities for our customers and employees alike.”

M&M Carnot is one of North America’s largest providers of transcritical CO2 solutions, including heat pumps and tailored solutions for data centers, positioning Johnson Controls to capture growing demand for the technology, the company said. Their combined engineering expertise and ultra-low-GWP technologies will also help Johnson Controls advance its commitment to cut customer emissions and support customers on their net-zero journey.

Other notable acquisitions in the refrigeration space include Danfoss’s acquisition of BOCK GmbH, a provider of CO2 and low-GWP compressors utilized in cooling and heating applications.

“When there’s more than one road to decarbonization, there’s no such thing as too many solutions,” said Kristian Strand, president of Danfoss Commercial Compressors, when announcing that the acquisition had been completed. “By adding BOCK’s world-leading technology to Danfoss’ extensive portfolio of compressors, valves, controls, heat exchangers and sensors, we are simply consolidating our position as the leading provider of greener cooling and heating solutions.”

Evapco also expanded its offerings through the acquisition of Systèmes LMP to form the subsidiary Evapco Systems LMP, the company said. The new subsidiary combines Evapco’s expertise in ammonia refrigeration with LMP’s expertise in transcritical CO2 refrigeration. “Evapco is now uniquely qualified to be ‘The Natural Leader’ of environmentally friendly, natural refrigerationbased products and systems,” the company wrote on its website. “Evapco LMP, whose core business is the design and manufacture of transcritical CO2 systems, allows us to expand our full spectrum of natural refrigerant-based solutions and expand our low-charge, packaged refrigeration offerings to include not only ammonia-based Evapcold products but now CO2-based Evapco LMP products.”