List of fastest-growing companies includes 6 in Wilmington
August 23, 2011By Alison Lee Satake
Six local companies landed on the list of the 5,000 fastest-growing private companies in the U.S., announced Inc. magazine today.
HomeInsurance.com ranked No. 61, N2 Publishing ranked No. 1,130, Global Test Supply ranked No. 1715, Advanced Maintenance ranked No. 2,570, Cortech Solutions ranked No. 2,823 and The Queensboro Shirt Co. ranked No. 4,682.
“Making the top 100 was a goal of ours which we are thrilled to announce that we have achieved,” said Carlos Lagomarsino, CEO of HomeInsurance.com in a press release. “This is a major achievement for our company given there are approximately 7 million privately-held firms in America.”
The home insurance shopping website acquired HomeownersInsurance.com in an all-cash deal last fall. The company’s three-year growth was 3,458 percent. Its 2010 revenue was $7.6 million. It ranked No. 2 in the insurance industry category of this year’s list. Since 2007, its number of employees has increased by 85 to 125.
N2 Publishing’s three-year growth was 263 percent. Its 2010 revenue was also $7.6 million. It’s currently in about 90 markets and plans to expand to 100 markets by the end of the year. Its 2011 revenue will be about $14 million, said Duane Hixon, N2 Publishing CEO. In the media industry category, it ranked No. 24. It has about 25 employees and recently added Chief Financial Officer Brad LaLuzerne and Chief Operations Officer Marty Fukuda to its executive management.
This year, Global Test Supply fell 915 places down the list. Its three-year growth was 156 percent. Last year, its three-year growth was 377 percent. The company’s revenue grew from $3.2 million in 2009 to $4.7 million in 2010.
“There was a lot more competition this year,” said Tracey Robert, marketing director for Global Testing Supply. This was the second year the company qualified for the Inc. 5000 list. Last year, it ranked No. 800.
Ownership of the company changed earlier this year when David Reed, president of Canadian-based ITM Instruments bought Global Test Supply. This year, the company has increased its product offering by 25 percent to about 25,000 products, Robert said.
Advanced Maintenance’s three-year growth was 91 percent. Its 2010 revenue was $4.7 million. The 2007 revenue for the local company that services and repairs trucks, trailers, forklifts, and excavating equipment was $2.5 million. Since 2000, the number of employees has grown by 22 to 55.
Cortech Solutions’ three-year growth was 77 percent and its 2010 revenue was $3.6 million. Last year, the company made the list, but recorded a three-year growth of 108 percent and $4.7 million revenue for 2009.
The Queensboro Shirt Company slid down the list in the consumer products and services industry category. This year, it reported a three-year growth of 12 percent. While last year it had an 83 percent three-year growth. The company’s revenue in 2010 was $11.8 million. Its 2009 revenue was $12.7 million.
The top North Carolina companies on this year’s list were Asheville’s FLS Energy at No. 46, Wilmington’s HomeInsurance.com at No. 61 and Raleigh’s Triad Web Design at No. 158.
Inc. magazine created the Inc. 500 list in 1982. In 2007, the publication for entrepreneurs expanded it to Inc. 5000. To qualify for this year’s list, companies generated at least $100,000 in revenue in 2007 and at least $2 million in revenue in 2010. Inc. 5000 companies are independent, privately held, for-profit businesses based in the U.S.