August 1st, 2007 – Austin, Texas – Formaspace Technical Furniture has been named one of America's entrepreneurial growth leaders in Inc. magazine's 2007 Inc. 5000 ranking of the nation's fastest-growing private companies.
Formaspace achieved a five-year sales growth from 2003 to 2006 of 334%, with revenues growing to $6.7 million in 2006. Formaspace's growth was fueled by a number of factors, including its broadening array of products and entry into markets for critical laboratory furniture applications.
"We are delighted to be among such brilliant peers," said Formaspace CEO Jeff Turk. "Formaspace was a turnaround play for our parent company, so it is gratifying to see such a tremendous change over such a short time frame."
The Inc. 5000 ranks privately held companies according to sales growth over the past three years. With 75% of all new job creation in the U.S. coming from small businesses, the Inc. 5000 is a prescient indicator of the companies and industries that are driving the economy forward. Over the years, the Inc. 5000 has identified the next generation of world-class companies, with Microsoft, Stonyfield Farms, Timberland, Oracle, Princeton Review, Morningstar, E* Trade, Intuit and Domino's Pizza all appearing on the list before they became industry powerhouses.
To be eligible for this year's Inc. 5000, companies had to be independent and privately held through their fiscal year 2006, have had at least $600,000 in sales in the base year of 2003, and their 2006 sales had to exceed 2003 sales. Inc. verifies all information using tax forms and financial statements from certified public accountants and by conducting interviews with company officials.
Inc., the premier magazine for growing companies, may be accessed online at www.inc.com. Formaspace's ranking may be found at http://www.inc.com/inc5000/2007/company-profile.html?id=200710700.
Formaspace Technical Furniture advances the spirit of discovery and creation through the design and manufacture of custom technical furniture, accessories, and services. The company develops elegant, practical, flexible solutions for customers in laboratory, technical, and industrial environments. Formaspace is located eighteen miles northeast of Austin, Texas, and can be reached at 1.800.251.1505. The company is majority owned by Council Oak Investors, LLC.
Council Oak Investors, LLC is a private equity firm based in Austin, Texas. Council Oak Investors is committed to providing liquidity options and seasoned management to outstanding manufacturers and distribution firms nationwide.