Schedule 13D
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
TRANSDIGM GROUP INCORPORATED
(Name of Issuer)
Common Stock, par value $.01 per share
(Title of Class of Securities)
(CUSIP Number)
Sharlyn C. Heslam
Berkshire Partners LLC
200 Clarendon St., 35th Floor
Boston, MA 02116
(617) 227-0050
Jane D. Goldstein
Ropes & Gray LLP
One International Place
Boston, MA 02110
(617) 951-7000
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. þ
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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1 |
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NAMES OF REPORTING PERSONS
Berkshire Fund VII, L.P. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) þ |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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3,406,694 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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-0- |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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3,406,694 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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3,406,694 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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6.95%1 |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010,
as reported in the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-2-
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1 |
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NAMES OF REPORTING PERSONS
Berkshire Fund VII-A, L.P. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) þ |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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636,891 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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-0- |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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636,891 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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636,891 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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1.30%1 |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010, as reported in
the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-3-
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1 |
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NAMES OF REPORTING PERSONS
Berkshire Investors LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Massachusetts
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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67,357 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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-0- |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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67,357 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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67,357 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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0.14%1 |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010, as
reported in the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-4-
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1 |
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NAMES OF REPORTING PERSONS
Berkshire Investors III LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Massachusetts
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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17,090 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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-0- |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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17,090 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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17,090 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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0.03%1 |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010, as reported
in the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-5-
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1 |
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NAMES OF REPORTING PERSONS
Stockbridge Fund, L.P. |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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55,530 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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-0- |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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55,530 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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55,530 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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0.11%1 |
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14 |
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TYPE OF REPORTING PERSON |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010,
as reported in the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-6-
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1 |
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NAMES OF REPORTING PERSONS
Stockbridge Partners LLC |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) þ |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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OO |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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Delaware
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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-0- |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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103,500 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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103,500 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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-0- |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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103,500 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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0.21%1 |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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PN |
1 Percentage calculations are based upon 49,029,140 issued and outstanding shares as of January 29, 2010, as reported in the Issuers Quarterly Report on Form 10-Q for the fiscal quarter ended January 2, 2010.
-7-
Item 1. Security and Issuer
The class of equity securities to which this Schedule 13D (this Statement) relates is the
common stock (the Common Stock) of TransDigm Group Incorporated (the Company or the Issuer).
The name and address of the principal executive offices of the Company are TransDigm Group
Incorporated, 1301 East 9th Street, Suite 3710, Cleveland, Ohio 44114.
Item 2. Identity and Background
(a) Name
This Statement is being filed jointly by the following (each, a Reporting Person, and,
collectively, the Reporting Persons): Berkshire Fund VII, L.P. (Fund VII), Berkshire Fund
VII-A, L.P. (Fund VII-A), Berkshire Investors LLC (Investors), Berkshire Investors III LLC
(Investors III), Stockbridge Fund, L.P.
(SF) and Stockbridge Partners LLC (SP).
Seventh Berkshire Associates LLC, a Massachusetts limited liability company (7BA), is the
general partner of Fund VII and Fund VII-A. Stockbridge Associates LLC, a Delaware limited
liability company (SA), is the general partner of SF. The managing members of 7BA
are Michael C. Ascione, Bradley M. Bloom, Jane Brock-Wilson, Kevin T. Callaghan, Carl Ferenbach,
Christopher J. Hadley, Ross M. Jones, Lawrence S. Hamelsky, Richard K. Lubin, Joshua A. Lutzker,
David R. Peeler and Robert J. Small (the Berkshire Principals). The Berkshire Principals are also
the managing members of Investors, Investors III and SA.
The Reporting Persons often make acquisitions in, and dispose of, securities of an issuer on
the same terms and conditions and at the same time. Berkshire Partners LLC, a Massachusetts limited
liability company (Berkshire Partners), is the investment advisor to Fund VII and Fund VII-A
(collectively, the Funds). Berkshire Partners, the Funds and 7BA acknowledge that they are part
of a group for purposes of Section 13(d)(3). Investors, Investors III, SF, SA and SP may also be deemed to constitute
a part of a group along with Berkshire Partners, the Funds and 7BA for purposes of Section
13(d)(3) of the Act. However, the filing of this Statement shall not be construed as an admission
that Investors, Investors III, SF, SA, or SP are a part of a group, or have agreed to act as a part
of a group.
(b) Business Address
The following address is the business address for each of the Berkshire Principals and the
address of the principal executive offices and principal business of the Reporting Persons, 7BA,
SA and Berkshire Partners: 200 Clarendon Street, 35th Floor, Boston, Massachusetts 02116.
(c) Principal Business
The principal
business of each of the Funds, Investors, Investors III and SF is to make investments in, buy, sell,
hold, pledge and assign securities. The principal business of 7BA is to act as general partner of
Fund VII, Fund VII-A and certain other funds. The principal business of SA is to act as general
partner of SF and certain other funds. The principal business of SP is to act as investment manager
of SF and certain other funds or managed accounts. The principal business of Berkshire Partners is to act as investment advisor to its
investment funds, including the Funds. The principal occupation of each of the Berkshire
Principals is Managing Director of Berkshire Partners.
(d and e) No Convictions or Proceedings
During the
last five years, none of the Reporting Persons, 7BA, SA, Berkshire Partners,
the Berkshire Principals, nor any of their executive officers, directors, or partners, as
applicable: (i) has been convicted in any criminal proceeding (excluding traffic violations or
similar misdemeanors) or (ii) has been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction resulting in his, her or its being subject to a
judgment, decree, or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation with respect to
such laws.
-8-
(f) Citizenship
Each of Fund VII, Fund VII-A, SF, SA and SP is organized under the laws of The State of
Delaware. Each of 7BA, Investors, Investors III and Berkshire Partners is organized under the laws
of The Commonwealth of Massachusetts. Each of the Berkshire Principals is a citizen of the United
States.
Item 3. Source and Amount of Funds
The ultimate source
of funds for the acquisition of the Common Stock by (i) each of the Funds, Investors and
Investors III was capital contributions of the partners and members of such Reporting Persons,
(ii) SF was capital contributions of the partners of such Reporting Person or investment proceeds
thereof and (iii) SP was capital contributed to a managed account advised by such Reporting
Person or investment proceeds thereof. The total amount of funds used by the Reporting Persons
in making their purchases was $155,313,169. Of this total, SP used $4,957,821 to make purchases
on behalf of a private endowment.
Item 4. Purpose of Transaction
The Reporting
Persons hold their shares of the Common Stock of the Company for investment
purposes. The Reporting Persons may, from time to time, depending on market conditions and other
considerations, purchase additional shares or dispose of some or all of the shares held by them.
Fund
VII, Fund VII-A, Investors, Investors III and SF initially filed on Schedule 13G on
June 20, 2008. The Reporting Persons are amending onto
Schedule 13D in connection with the appointment of Robert J. Small, one of the Berkshire
Principals, as a member of the board of directors (the Board) of the Issuer. Mr. Small has also
been appointed by the Board as a member of the Companys audit and compensation committees. Mr.
Smalls appointments have been made in recognition of his investment experience, as well as his
previous involvement in the aerospace industry. The filing of this Schedule is not an admission by
the Reporting Persons that they hold shares for the purpose or with the effect of changing or
influencing the control of the Issuer.
Except as set forth above, the Reporting Persons have no plans or proposals which relate to or
would result in any of the actions enumerated in clauses (a)-(j) of Item 4 of Schedule 13D under
the Act, as amended.
Item 5. Interest in Securities of Issuer.
(a) and (b)
The beneficial ownership of Common Stock by each person named in Item 2 above is as follows:
Fund VII directly holds 3,406,694 shares of Common Stock. Accordingly, Fund VII has sole
voting and dispositive power with respect to 3,406,694 shares of Common Stock. Based on the
immediately preceding sentence, as the sole general partner of Fund VII, 7BA may be deemed to
beneficially own 3,406,694 shares of Common Stock held by Fund VII. However, 7BA disclaims
beneficial ownership of such shares of Common Stock and the filing of this Statement shall not be
construed as an admission that 7BA is, for the purpose of Section 13(d)(3) of the Act, the
beneficial owner of such shares held by Fund VII.
Fund VII-A directly holds 636,891 shares of Common Stock. Accordingly, Fund VII-A has sole
voting and dispositive power with respect to 636,891 shares of Common Stock. Based on the
immediately preceding sentence, as the sole general partner of Fund VII-A, 7BA may be deemed to
beneficially own 636,891 shares of Common Stock held by Fund VII-A. However, 7BA disclaims
beneficial ownership of such shares of Common Stock and the filing of this Statement shall not be
construed as an admission that 7BA is, for the purpose of Section 13(d)(3) of the Act, the
beneficial owner of such shares held by Fund VII-A.
Berkshire Partners
and the Funds acknowledge that they are part of a group for purposes of
Section 13(d)(3). Collectively,
the Funds directly hold 4,043,585 shares of Common Stock. Based on the two preceding sentences,
Berkshire Partners may be deemed to beneficially own 4,043,585 shares of Common Stock held by the
Funds. However, Berkshire Partners disclaims beneficial ownership of such shares of Common Stock
and the filing of this Statement shall not be construed as an admission that Berkshire Partners is,
for the purpose of Section 13(d)(3) of the Act, the beneficial owner of such shares held by the
Funds.
-9-
Investors owns 67,357 shares of Common Stock. Accordingly, Investors has sole voting and
dispositive power with respect to 67,357 shares of Common Stock.
Investors III owns 17,090 shares of Common Stock. Accordingly, Investors III has sole voting
power and dispositive power with respect to 17,090 shares of Common Stock.
SF directly holds 55,530 shares of Common Stock. Accordingly, SF has sole voting and
dispositive power with respect to 55,530 shares of Common Stock. Based on the immediately preceding
sentence, as the sole general partner of SF, SA may be deemed to beneficially own 55,530 shares of
Common Stock held by SF. However, SA disclaims beneficial ownership of such shares of Common Stock
and the filing of this Statement shall not be construed as an admission that SA is, for the purpose
of Section 13(d)(3) of the Act, the beneficial owner of such shares held by SF.
SP manages investments for its clients and has limited discretionary voting power in
respect of Common Stock. SP owns 103,500 shares of Common Stock over
which it shares voting power and has full dispositive power.
By virtue of their
positions as managing members of 7BA, Investors, Investors III, SA
and Berkshire Partners, the
Berkshire Principals may be deemed to possess indirect beneficial ownership of the shares of Common
Stock beneficially owned by Fund VII, Fund VII-A, Investors, Investors III and SF. However, none of
the Berkshire Principals, acting alone, has voting or investment power with respect to shares
beneficially owned by Fund VII, Fund VII-A, Investors, Investors III or SF, and, as a result, each
Berkshire Principal disclaims beneficial ownership of such shares of Common Stock.
Two of the Berkshire
Principals beneficially own shares of Common Stock. Robert J. Small owns
5,000 shares of Common Stock and Ross M. Jones is a trustee of a
foundation that owns 4,000 shares of Common Stock. Accordingly, Robert J. Small has sole voting and dispositive power with respect to
5,000 shares of Common Stock and Ross M. Jones has shared voting and shared dispositive power with
respect to 4,000 shares of Common Stock.
Pursuant to the Companys Quarterly Report on Form 10-Q for the period ended January 2, 2010,
there were 49,029,140 shares of Common Stock issued and outstanding as of January 29, 2010.
Accordingly, the shares of Common Stock beneficially owned by the Reporting Persons, in the
aggregate, represent approximately 8.74% of the outstanding shares of Common Stock, which is broken
out by Reporting Person as follows:
|
(i) |
|
Fund VII beneficially owns 6.95% of the Issuers Common Stock. |
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(ii) |
|
Fund VII-A beneficially owns 1.30% of the Issuers Common Stock. |
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(iii) |
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Investors beneficially owns 0.14% of the Issuers Common Stock. |
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(iv) |
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Investors III beneficially owns 0.03% of the Issuers Common Stock. |
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(v) |
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SF beneficially owns 0.11% of the Issuers Common Stock. |
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(vi) |
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SP beneficially owns 0.21% of the Issuers Common Stock. |
By virtue of the relationships described herein, the Reporting Persons may be deemed to
constitute a group within the meaning of Rule 13d-5 under the Act. As a member of a group, each
Reporting Person may be deemed to share voting and dispositive power with respect to, and therefore
beneficially own, the shares beneficially owned by members of the group as a whole. The filing of
this Statement shall not be construed as an admission that the Reporting Persons beneficially own
those shares held by any other members of the group. Berkshire Partners, the Funds and 7BA
acknowledge that they are part of a group for purposes of
Section 13(d)(3). However, the filing of this Statement shall
not be construed as an admission that Investors, Investors III, SF, SA or SP are a part of a group,
or have agreed to act as a part of a group.
-10-
(c)
The trading dates, number of shares of Common Stock purchased or sold, and the price per share
for all transactions by the Reporting Persons in the shares of Common Stock within the late 60
days, are set forth below:
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Number of Shares |
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Name |
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Date |
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Price Per Share |
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Purchased / (Sold) |
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SP |
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2/17/2010 |
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$ |
48.24 |
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1,000 |
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SP |
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2/18/2010 |
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$ |
49.09 |
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1,000 |
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SP |
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2/19/2010 |
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$ |
49.08 |
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1,000 |
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SP |
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2/23/2010 |
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$ |
49.12 |
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1,000 |
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SP |
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2/24/2010 |
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$ |
49.18 |
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3,000 |
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SP |
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2/25/2010 |
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$ |
48.76 |
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3,000 |
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SP |
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2/26/2010 |
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$ |
50.10 |
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3,000 |
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SP |
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3/1/2010 |
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$ |
52.45 |
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5,000 |
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SP |
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3/2/2010 |
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$ |
53.08 |
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5,000 |
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SP |
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3/3/2010 |
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$ |
52.90 |
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5,000 |
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SP |
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3/4/2010 |
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$ |
52.70 |
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5,000 |
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SP |
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3/5/2010 |
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$ |
52.99 |
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|
5,000 |
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SP |
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3/5/2010 |
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$ |
52.80 |
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5,000 |
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SP |
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3/8/2010 |
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$ |
52.47 |
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5,000 |
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SP |
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3/9/10 |
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$ |
52.80 |
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5,000 |
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SP |
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3/10/10 |
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$ |
52.70 |
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2,000 |
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(d) |
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Not applicable. |
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(e) |
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Not applicable. |
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
The responses to Items 3, 4 and 5 of this Statement are incorporated herein by reference in
their entirety.
Item 7. Materials to be Filed as Exhibits.
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Exhibit 99.1 |
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Joint Filing Undertaking, dated as of April 1, 2010. |
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Exhibit 99.2 |
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Press Release, dated March 25, 2010. |
-11-
Signature
After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies
that the information set forth in this Statement is true, complete and correct.
DATED:
April 1, 2010
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BERKSHIRE FUND VII, L.P.
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By: |
Seventh Berkshire Associates LLC,
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its General Partner |
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By: |
/s/ Christopher J. Hadley
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Name: |
Christopher J. Hadley |
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Title: |
Managing Director |
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BERKSHIRE FUND VII-A, L.P.
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By: |
Seventh Berkshire Associates LLC,
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its General Partner |
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By: |
/s/ Christopher J. Hadley
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Name: |
Christopher J. Hadley |
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Title: |
Managing Director |
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BERKSHIRE INVESTORS LLC
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By: |
/s/ Christopher J. Hadley
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Name: |
Christopher J. Hadley |
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Title: |
Managing Director |
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BERKSHIRE INVESTORS III LLC
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By: |
/s/ Christopher J. Hadley
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|
|
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Name: |
Christopher J. Hadley |
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|
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Title: |
Managing Director |
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STOCKBRIDGE FUND, L.P.
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|
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By: |
Stockbridge Associates LLC,
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its General Partner |
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|
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By: |
/s/ Christopher J. Hadley
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Name: |
Christopher J. Hadley |
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Title: |
Managing Director |
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STOCKBRIDGE PARTNERS LLC
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By: |
Berkshire
Partners LLC,
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|
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its sole Managing Member |
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|
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|
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By: |
/s/ Christopher J. Hadley
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|
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Name: |
Christopher J. Hadley |
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Title: |
Managing Director |
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-12-