TransDigm: Redeeming the Most Painful Loss with Rob Small

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[00:00:00] – 50X Intro

[00:01:51] – Sponsorship: Tegus

[00:07:19] – Introduction

[00:08:57] – Berkshire Partners’ Initial Exposure to TransDigm

[00:10:57] – Auction in 2003 by Odyssey Investment Partners

[00:14:35] – Contrast TransDigm with Hexcel

[00:15:55] – Re-engaging with TransDigm post-IPO

[00:18:33] – Origins of Stockbridge

[00:24:53] – Core Elements of TransDigm’s Business Quality

[00:29:52] – Investment Trajectory for Stockbridge and Berkshire Partners

[00:33:31] – Rob’s Appointment to TransDigm’s Board of Directors

[00:36:42] – Rob’s Trajectory of Conviction

[00:42:59] – Translating Conviction to Position Size

[00:43:50] – Persistent Undervaluation: Acquisition Pace and Exit Multiples