Cumberland Group Announces Management Buyout
The management team of Cumberland Group has acquired the technology solutions and services provider from the organization’s founders. Financial terms of the management buyout were not disclosed.
This is technology M&A deal number 612 that ChannelE2E has covered so far in 2021. See all technology M&A deals for 2021 and 2020 listed here.
Cumberland Group is headquartered in Atlanta, Georgia. The company counts Cisco, Dell and VMware among its many partners.
The company’s president and COO Joe Corbett led the management buyout, backed by his extended leadership team, acquiring all shareholdings from the company’s co-founders Ken Snuggs and Patrick Hiller.
Snuggs transitioned from CEO to co-chairman of the board of directors along with Hiller in January 2020, at the same time Corbett was named president of the company.
Cumberland Group’s Management Buyout
Joe Corbett, President and COO, Cumberland Group, commented:
“Cumberland Group has an unmatched reputation in our industry and we are committed to continuing our focus on delivering world-class technical solutions, perspective and expertise to our clients. We look forward to our sustained, strategic growth as we drive our business forward.”
Hiller and Snuggs released a joint statement:
“It’s truly an honor and privilege to be making this transition. Having been founders and part of this extended family for all these years has been an amazing journey. This is a true reflection of the culture and people at Cumberland Group and our belief in the future of the business.”