From Baron Funds' first quarter letter: TransDigm Group, Inc. (NYSE:TDG
), the manufacturer of airplane parts, with a focus on the aftermarket, continued to gain. The company reported that organic growth in its core aerospace market grew over 20%. Cash flow margins were 49%, which is pretty remarkable. And the company announced another meaningful acquisition, the $750 million purchase of Amsafe.We believe that TransDigm Group management will successfully integrate the target and greatly increase its revenues and profitability as they have proven so capable of doing.