Growth factors: Hudson firm tops list of 33 from N.H. on Inc. 5000.
The companies--involved in technology, marketing, financial, manufacturing--there's even a chocolatier--all experienced remarkable growth during the toughest economic climate since the Great Depression.
Inc. ranked businesses for the 2010 list by percentage revenue growth from 2006 through 2009. The businesses also had to be running and generating at least $80,000 in revenue as of June 30, 2006, and earning at least $2 million in 2009.
At the top of the New Hampshire list is NorAm International Partners, a Hudson-based media and consumer electronics asset recovery and recycling firm, which ranked No. 197 on the Inc. 500, with 1,483 percent growth over three years. Its 2009 revenues were $12.6 million.
The company, owned by the husband-and-wife team of Michael and Kellie DuGally, was moved from Massachusetts almost exactly a year ago and created 70 jobs.
"We were looking to move the company to either Kentucky or New Hampshire," said Michael DuGally, the chief executive. "But the [New Hampshire] Department of Resources and Economic Development really rolled out the red carpet for us."
DuGally said Gov. John Lynch personally called him and pitched the state's business-friendly environment, eventually securing NorAm's move to Hudson in October 2009.
DuGally said he attributes the company's success to running a "highly efficient and lean" business.
"My background is in lean manufacturing," he said. "We apply a lean manufacturing philosophy to a relatively unsophisticated business. We embraced minimizing waste."
NorAm's growth has also been organic--DuGally said the company has not taken on private debt.
Despite the meteoric growth, DuGally said it hasn't been all that difficult to manage.
"We're in an industry that has a lot of small players," he said. "It's a good niche. We haven't had to do a lot of advertising or host a large Web site."
He said he also expects his firm's growth to continue, anticipating NorAm to grow another 150 percent this year, with revenues approaching $35 million this year.
DuGally also said he is looking to add another 100 jobs, paying in the $10-to-$14 per-hour range.
The few difficulties he said he has encountered in locating to New Hampshire have been getting fast enough Internet service to meet his needs.
Despite bandwidth issues, DuGally said, "It's easy to conduct business in New Hampshire. There's a good labor pool."
Other Granite State businesses that made the 2010 Inc. 5000 include:
* GourmetGiftBaskets.com, Manchester, 238th; three-year growth, 1,288 percent; 2009 revenue, $8.7 million
* Veloxion, Pelham, 267th; 1,174 percent; $3.6 million
* Single Digits, Manchester, 430th; 694 percent; $5.7 million
* NitroSecurity, Portsmouth, 523rd; 579 percent; $16.3 million
* Levins & Associates, Manchester, 570th; 538 percent; $18.2 million
* Mad*Pow, Portsmouth, 662nd; 460 percent; $3.3 million
* Global Relief Technologies, Portsmouth, 676th; 454 percent; $8.7 million
* RewardsNOW, Dover, 841st; 358 percent; $11 million
* Planet Fitness, Newington, 920th; 326 percent; $129.5 million
* TMSi Logistics, Portsmouth, 1,478th; 195 percent; $134.6 million
* Rustic Crust, Pittsfield, 1,485th; 194 percent; $5.3 million
* Cellular Specialties, Manchester, 2,304th; 109 percent; $44.1 million
* Ektron, Nashua, 2,358th; 106 percent; $29.9 million
* RevereIT, Nashua, 2,409th; 102 percent; $3 million
* BuyATimeshare.com, Merrimack, 2,544th; 93 percent; $8.1 million
* EPE, Manchester, 2,797th; 81 percent; $29.7 million
* Benefit Strategies, Manchester, 2,915th; 74 percent; $7.2 million
* KBW Financial Staffing & Recruiting, Bedford, 2,967th; 72 percent; $4 million
* Polaris Direct, Hooksett, 3,036th; 68 percent; $41.8 million
* Turbocam, Barrington, 3,046th; 68 percent; $50.5 million
* eCoast Sales Solutions, Rochester, 3,266th; 59 percent; $10.3 million
* Actio, Portsmouth, 3,355th; 56 percent; $2.2 million
* SilverTech, Manchester, 3,378th; 55 percent; $2.6 million
* Digital Prospectors, Exeter, 3,722nd; 42 percent; $17.6 million
* Horizon Technology, Salem, 3,976th; 33 percent; $6.6 million
* Pensco Trust, Portsmouth, 3,989th; 33 percent; $17.6 million
* Agility Mfg, Dover, 4,062nd; 31 percent; $4.2 million
* ConEst Software Systems, Manchester, 4,149th; 29 percent; $3.5 million
* MAS Medical Staffing, Manchester, 4,156th; 28 percent; $7.8 million
* CoreMedical Group, Salem, 4,405th; 21 percent; $46.9 million
* Trade Wings, Portsmouth 4,623rd; 15 percent; $15.2 million
* L.A. Burdick Chocolate, Walpole, 4,956th; 3 percent; $5.2 million. I
Cindy Kibbe can be reached at firstname.lastname@example.org
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|Title Annotation:||SUCCESS STORIES; New Hampshire|
|Publication:||New Hampshire Business Review|
|Date:||Sep 24, 2010|
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