In October 2021, Miles Arnone, CEO of Re:Build Manufacturing (Re:Build), was thinking about Re:Build’s next acquisition. Arnone contemplated the pros and cons of each of three candidate companies and anticipated discussing with his colleagues the results of a screening exercise, just one element of Re:Build’s acquisition decision-making process. Arnone and others had launched Re:Build in 2020 to help rejuvenate the US industrial base. The vision entailed acquiring and scaling manufacturing and engineering businesses into a tightly integrated portfolio to leverage technical capabilities across the enterprise. Adding a company to the Re:Build stable was no small decision, and getting it right would be another step forward in creating a “new” type of conglomerate—one where each company worked together to share technology, knowledge, and ideas. Which company (if any) offered the best fit with the overarching strategy?
This partially disguised field-based case includes discussion of Re:Build’s company structure, decision-making process, and acquisition criteria, as well as data about its current companies and the three under consideration for acquisition. It has been used in Darden’s Operations Strategy class but would also be suitable in a course on private equity, entrepreneurship, or general business strategy.