IBT Industrial Solutions, based in Merriam, has created and launched a new parent company — Cumulus Companies Inc. — to better manage current and future growth as well as ongoing acquisitions.
“Due to the fact that the company is experiencing record growth, combined with the fact that the corporation desires continued expansion via organic growth of its existing business entities, as well as through acquisitions, the board of directors chose to formalize a new, separate parent entity, with the mission of supporting, diversifying and growing its portfolio of industrial manufacturing and distribution businesses,” wrote Michael Flannery, president and CEO of Cumulus Cos., in an email.
IBT is a 69-year-old family-owned company specializing in the supply of bearings, power transmissions and MRO products across a variety of industries, including agriculture, construction, aerospace, and food and beverage processing. The company has 40 locations in nine states within the Midwest and Texas.
In addition to IBT, Cumulus Cos. is also the parent company of Magnum Industrial Distributors in Phoenix; Universal Belting Resource in Carmichaels, Pa.; and UltraTech Aerospace in Kansas City, Kan. IBT remains the largest of the four companies under Cumulus Cos.
“Cumulus Cos. Inc. will support each of the wholly owned subsidiary companies via providing strategic guidance and resource decision support and allocations,” Flannery wrote.
All four entities within Cumulus Cos. will have a president at its helm; Flannery will serve as CEO of all four companies in addition to the parent company. Jeff Cloud replaces Flannery as IBT president. Cloud is the grandson of IBT founder Forrest L. Cloud.
Additionally, Greg Drown joins Cumulus Cos. as CFO and senior vice president of corporate development.
“As our business portfolio has grown, so have the demands to scale up our management focus and desire to accelerate growth, both organically and through increased acquisitions,” Flannery said.