Move over Match.com: Jabil says culture mix with acquisition Nypro better than speed dating
St. Petersburg's Jabil Circuit's purchase of employee-owned Nypro (shown above) in Clinton, Mass., puts Jabil in the added business of disposable healthcare packaging and, curiously, into consumer product packaging that includes designing containers for laundry detergents. Photo courtesy of Nypro.
Wake up and good morning. Listening to Jabil Circuit executives Tim Main (soon stepping down as CEO), Mark Mondello (soon stepping up as CEO) and others about the just announced $665 million acquisition of the Massachusetts-based, employee-owned firm Nypro, you'd think they used match.com or some other dating service rather than investment bankers to consummate the deal. (Nypro, a specialist firm making plastics-based healthcare packaging, used Brown Brothers Harriman and State Street Bank for investment guidance, for the record.)
In shorter words: Corporate culture counts a whole lot for Jabil. Read more in Jabil's own blog posting.
"We're not a highly acquisitive company," Main says. "We did not got out and shop every healthcare packaging company out there. And I think Nypro, in terms of their values as a company, would not sell to just anybody."
Bottom line? They met. They dated. It was love at first sight.
Adds Mondello:"This Nypro group is just a tremedous group of people. They carry huge passion and Tim (Main) has mentioned it multiple times. Having done a number of acquisitions over the years, none of these acquisitions work if there is not just great cultural alignment."
To make this marriage work, Jabil's assigned senior vice president Courtney Ryan (photo, right) to serve as the bridge between Jabil and Nypro at the start. Says Mondello: "He cares a ton about people. He carries the Jabil flag true and true. He's got great leadership skills..."
Read the full transcript of Jabil and Nypro management chatting with analysts about the deal.
Want more info on Nypro? Check out this 2005 good story in the Boston Globe about how the ocmpany prospered by following its customers overseas, then extended ownership of the company to its 10,000 foreign workers.
-- Robert Trigaux, Business Columnist, Tampa Bay Times