Radiators aren't a sexy product, but I must say Darryl did a good job of building some enthusiasm for me.

This is a profitable company with a well established presence and some real potential for genuine efficiency gains. And having followed Darryl since the Bapcor days (and Burson before that), I think he's definitely someone who can help drive those improvements.

Some notes from the meeting:

- Adrad has two main business segments: manufacturing and supplying radiators and other heat transfer solutions, and distributing automotive parts for the aftermarket.

- The company has a long history, with one arm celebrating 50 years and the other 40 years in business. They are the sole supplier of radiators for Kenworth trucks in Australia since 1974.

- Adrad manufactures bespoke cooling solutions for various applications including trucks, trains, data centers, power generation, and mining equipment. 

- The company is developing new aluminum radiator technology which is cheaper than traditional copper/brass. This requires extensive engineering and testing to get the specifications right for different operating conditions.

- Aftermarket parts are a significant portion of sales. Adrad aims to be the go-to supplier of cooling parts for the automotive aftermarket in Australia.

- The company is focused on improving inventory turns and return on invested capital. Current inventory levels are considered too high.

- Manufacturing is being shifted from Australia to a lower-cost facility in Thailand. This will improve margins while still allowing them to service the Australian market. Asian markets provide an additional growth opportunity.

- Electric vehicles are not seen as a major threat in the foreseeable future given the slow turnover of the car parc. Adrad is developing cooling solutions for EV and hydrogen applications.

- Some of their bespoke solutions have very long sales cycles of 5+ years from initial development to volume production. Securing the first major customer is key.

- Corporate costs are being tightly controlled as the company grows by keeping most staff in the business units rather than centralizing.

Shares seem decent value too. I'll post a rough valuation seperately.