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 as he prepared for a discussion with his colleagues. His associate had synthesized the results of a screening assessment for the three potential acquisitions, 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.
This case is taught in “Operations Strategy,” a Darden School of Business elective MBA course. It could also be used in other MBA courses and Executive Education programs that address entrepreneurship, private equity, and general strategy.