This podcast episode delves into the unique growth strategy of HEICO, a prominent aerospace parts supplier. Through mergers and acquisitions, HEICO has consolidated the industry, offering a comprehensive range of services, including PMA parts, repairs, and OEM distribution. Backed by a strong leadership team and a decentralized culture, the company has achieved consistent annual growth, despite cyclical downturns. With its focus on high-margin businesses, low capital intensity, and strong cash flow, HEICO is well-positioned as an investment opportunity, despite potential risks such as industry headwinds and competition from OEMs.