August 14, 2009 — Inc. magazine ranked Formaspace number 3,386 on its third annual Inc. 5000, an exclusive ranking of the nation’s fastest-growing private companies.
“Savvy trend spotters and those who invest in private companies know that the Inc. 5000 is the best place to find out about young companies that are achieving success through a wide variety of unprecedented business models, as well as older private companies that are still expanding at an impressive rate, said Inc. 5000 project manager Jim Melloan. That’s why our list is so eagerly anticipated every year.
Formaspace, a custom workbench manufacturer based in Austin, TX, has been ranked in the Inc. 5000 for the third year running. Formaspace achieved a three-year sales growth from 2005 to 2008 of 73.9%, with revenues growing to $7.3 million in 2008. Formaspace’s continued growth was fueled by increased media coverage, including Formaspace’s listing in the Austin Business Journal’s Fast 50 and the use of Formaspace workbenches on the Discovery Channel series Prototype This.
“It’s a tremendous honor to make this distinguished list three years in a row,” said Formaspace CEO Jeff Turk. “Although our most recent rankings reflect a growth rate more approximately three times the industry average, we are proudest that we were able to grow sales in 2008, one of the most difficult years I have experienced in business. I want to express thanks to each and every one of the Formaspace coworkers who helped us make this record happen, and look forward to remaining on the Inc. list for many years to come!”
Formaspace Plans to Continue Growth Amongst Manufacturing Companies
Formaspace plans to build on its continued growth by relocating to a larger facility next year. Formaspace is also investing in new machinery and new manufacturing methods in an effort to shorten delivery times from a one-to-10-day window to a one-to-three-day shipping time. With these developments, Formaspace hopes to secure larger clients and broaden its current capabilities.
The 2009 Inc. 5000 serves as a unique report card on the U.S. economy. Despite the ongoing recession, aggregate revenue among the companies on the list actually increased to $214 billion, up $29 billion from last year, with a median three-year growth rate of 126 percent. The Inc. 5000 are responsible for creating more than 1 million jobs since their founding, making the list perhaps the best example of the impact private, fast-growing companies can have on the economy.
The Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.-based, privately held, for profit, and independent — not subsidiaries or divisions of other companies — as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million. The top 10 percent of companies on the list comprise the Inc. 500, now in its 28th year.
About Inc. Magazine
Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc. (www.inc.com) is the only major business magazine dedicated exclusively to owners and managers of growing private companies that delivers real solutions for today’s innovative company builders. With a total paid circulation of 712,961, Inc. provides hands-on tools and market-tested strategies for managing people, finances, sales, marketing, and technology.
About Formaspace
Formaspace advances the spirit of discovery and creation through the design and manufacture of custom workbenches, workstations, and technical furniture. The company develops elegant, practical, flexible solutions for customers in laboratory, technical, and industrial environments. Formaspace is located in 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.
