UFP Technologies 是一项良好的长期投资，因为该公司已成功从工业制造转向医疗制造，提供了估值套利空间，并展现出管理层强劲的收购能力。
逐段跳播
但我们自2020年起就一直在投资一家名为UFP Technologies的公司。UFP Technologies是一家医疗器械制造商，以第三方代工制造商的身份运营。因此，像Stryker这样的公司会与UFP Technologies签约，委托其代为生产产品。
But we have been investing in a company called UFP Technologies since 2020. UFP Technologies is a medical device manufacturer and operates as a contracted third-party manufacturer.
Therefore, companies like Stryker contract with UFP Technologies to manufacture their products on their behalf.
如今，UFP的大部分业务都来自Intuitive Surgical。他们负责生产——我的意思是制造——"Da Vinci"机器人的所有袋子和外罩。他们在多米尼加共和国完成这些生产，
Today, the majority of UFP's business is with Intuitive Surgical. They manage , I mean produce, all the bags and covers for the "Da Vinci" robot. They do this from the Dominican Republic,
但最初引起我注意的是，UFP Technologies当时的市值约为2亿至2.5亿美元，其业务被归类为工业。他们正从制造太空产品（例如）缓慢转向更多地制造医疗器械。
but what initially caught my attention was that UFP Technologies had a market value of around $200 to $250 million at the time , and its business was classified as industrial. They were slowly shifting from manufacturing space products, for example, to doing more manufacturing medical devices.
他们大约60%到70%的业务，也许60%，是在医疗器械领域，其余在其他领域。但他们的行业分类代码（GICS）仍被归为"工业"。所以，作为医疗健康板块的投资者，我以前从未听说过他们。
我认为当时大多数医疗健康投资者都不知道他们是谁。但我能看出，他们正在转型为一家医疗健康公司。
About 60 to 70% of their work, maybe 60%, was in the field of medical devices and the rest in other fields. But their industrial classification code (GICS) was still "industrial".
So, as an investor in the healthcare sector, I had never heard of them before . I think most healthcare investors at that time didn't know who they were. But I could see that they were transforming into a healthcare company.
我还能看出，他们当时的市盈率远低于医疗器械制造商。因此，在作为一家工业工厂和一家医疗器械工厂之间，存在某种套利。当时，他们的市盈率在14到15倍之间。他们拥有大量现金，而且没有债务。
I could also see that the price-to-earnings ratio they were trading at was much lower than that of medical device manufacturers. Therefore, there was a kind of arbitrage between being an industrial factory and a medical device factory.
At that time, they were trading at a price-to-earnings ratio of between 14 and 15 times. They had plenty of cash , and they had no debts.
但那里管理团队的独特和有趣之处——回到管理层的极端重要性上——在于他们有着并购的历史。很少有公司具备那种DNA和文化，能够长期持续地成为其他资产的积极而出色的收购方。大多数公司在这方面都失败了。
我相信这一点已被实验证明。但这家公司有着经证实的成功记录，而且由于该行业如此分散，主要由小型家族企业构成，你可以清楚地看到，他们有着进行更多收购的长期机会。
But what was unique and interesting about the management team there, and going back to the paramount importance of management , was that they had a history of acquisitions. Very few companies possess the DNA and culture that enables them to continue to be a positive and outstanding acquirer of other assets over time.
Most companies fail at that. I believe this has been proven experimentally. But this company had a proven track record of success, and because the sector was so fragmented, consisting mainly of small family businesses , you could clearly see that they had long-term opportunities to make further acquisitions.
这个管理团队有一套非常有吸引力的运作法则。他们以相当于息税折旧摊销前利润（EBITDA）四到五倍的价格收购资产。他们将这些资产并入自己的业务，只有一个目标：始终提升其对客户的价值。
我真心相信，他们的文化推动了其大部分成功。让我们始终让自己对终端客户更有价值。
The management team had a very attractive work algorithm. They were buying assets at prices equivalent to four or five times their earnings before interest, taxes, depreciation and amortization (EBITDA).
They incorporated those assets into their businesses with one goal only: to always increase their value to their customers. I truly believe that their culture has driven much of their success.
Let's always make ourselves more valuable to our end customers.
自2020年以来发生的情况是，如今他们有90%专注于医疗制造。因此，他们现在被视为医疗健康领域的外部制造商，这带来了利润倍数的提升。他们的利润增长远快于预期，因为他们随着时间推移不断进行增量收购。
What has happened since 2020 is that today they are 90% specialized in medical manufacturing. Therefore, they are now viewed as an external manufacturer for healthcare, which has led to improved profit multiples.
Their profits have grown much faster than expected because they have added incremental acquisitions over time.
因此，这对我们来说是一只非常好的股票。我们在现阶段已卖出了很大一部分，但它仍存在于基金中，我认为我们可能会再持有5年或10年，因为，还是那句话，就整合这个行业而言，他们能做的事情还远未到尽头。
Therefore, it was a very good stock for us. We have sold a large part of it at this stage, but it is still represented in the fund, which is something I think we may hold onto for another 5 or 10 years, because again, we are not even close to the end of what they can do in terms of consolidating this sector.
这个频道对 $UFP 的历次判断
The Acquirers Podcast 在这只股票上只有这一条判断。