This week we announced the acquisition of Performance Technology Group (PTG). I wanted to be one of the first to publicly welcome the PTG Employees to the World Wide Team! We’re excited by the synergy and complementary capabilities that the PTG Team brings to WWT. They have a wealth of systems engineering and managed services capabilities that will help take World Wide to another level and bring us to new customer markets.
I’m reminded of what Avnet Chairman and CEO Roy Vallee said at a recent conference, “Instead of Mergers and Acquisitions it should be called Acquisitions and Mergers!” Roy, who has made 40 acquisitions in his 20-year tenure at Avnet, went on to make the point that the heavy lifting occurs after the deal is done. Don’t get me wrong, there is a lot of hard work that goes into the due diligence and negotiations (A quick tip of the hat to our CFO Tom Strunk who lead the effort from World Wide.) of a deal. However, the REAL hard part is just beginning – when our companies, actually our employees, merge and come together to create a greater whole.
One of the most significant criteria for us when evaluating an acquisition and a question that our CEO Jim Kavanaugh and President Joe Koenig asks often, “Is it a cultural fit?” This relates back to a previous post where I discussed the importance of people, process and technology. Out of the three, people are by far the most important by any order of magnitude. World Wide is built on a set of core values that our people wholeheartedly embrace. And therein lies the excitement.
Through our due diligence with Pete, Bob and the team at PTG – and now as we’re embarking on the “merger” process – we’re convinced this acquisition is a great cultural fit. I’m not suggesting that there won’t be a few bumps along the way and that was Roy’s point. There are processes and technology that we need to tend to and they’re the usual culprits when it comes to bumps in the road.
But with our people and core values aligned, I’m convinced the combined forces of WWT & PTG will quickly add to our financial growth, continue to create rewarding careers for our employees and, perhaps most importantly, the opportunity to better serve and support our customers.