August 21th, 2008 – Austin, Texas – Inc. ranked Formaspace No. 1,314 on its annual ranking of the 5,000 fastest-growing private companies in the country. The list is the most comprehensive look at the most important segment of the economy – America’s independent-minded entrepreneurs. Taken as a whole, these companies represent the backbone of the U.S. economy.
“Our second annual Inc. 5000 continues the most ambitious project in business journalism,” said Inc. 5000 Project Manager Jim Melloan. “The Inc. 5000 gives an unrivaled portrait of young, underreported companies across all industries doing fascinating things with cutting-edge business models, as well as older companies that are still showing impressive growth.”
Formaspace, a custom manufacturing company based outside of Austin, TX, has been ranked in the Inc. 5000 for the second year running. Formaspace achieved a five-year sales growth from 2004 to 2007 of 289%, with revenues growing to $7.2 million in 2007. Formaspace’s continued growth was fueled by a number of factors, including its entry into the laboratory furniture market and growing international technical furniture sales presence.
Formaspace Ranked #45 Amongst Manufacturing Companies
“This is a real testament to the team we have built at Formaspace as well as our products,” said Formaspace CEO Jeff Turk. “Customers have learned that they can turn to us to build them outstanding custom workbenches and lab furniture and consequently we’ve grown proportionately. It’s a tremendous challenge to make such a distinguished list, and we are especially gratified to have made the list for two years in a row.” The 5000 companies that made the list reported aggregate revenue of $185 billion and median three-year growth of 147 percent. Most important, the 2008 Inc. 5000 companies were engines of job growth, having created more than 826,033 jobs since those companies were founded. 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.
The 2008 Inc. 5000 list measures revenue growth from 2004 through 2007. To qualify, companies must be U.S.-based and privately held, for profit, independent – not subsidiaries or divisions of other companies – as of December 31, 2007, and have had at least $200,000 in revenue in 2004, and $2 million in 2007. 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.inc5000.com.
Formaspace advances the spirit of discovery and creation through the design and manufacture of custom workbenches, workstations, and business furniture. The company develops elegant, practical, flexible solutions for customers in the 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.
About Council Oak Investors
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.