West Michigan produces 23 of fastest-growing private companies in U.S.
A logistics and transportation company was named the fastest-growing private company in West Michigan and the third fastest in Michigan.
Inc. magazine annually ranks the fastest-growing private companies headquartered in the U.S. based on revenue growth over the previous three years. This year’s public data included company names, growth rates, industries and locations, with revenue figures behind a paywall.
Grand Rapids-based Ally Logistics earned the №139 spot this year, based on a growth rate of 2,658%.
Other highly ranked companies this year include Cascade Township-based ITPartners+ at №214, Cascade Township-based Sherpack at №231 and Hudsonville-based Shefit at №457.
This year’s ranking includes 79 Michigan companies, down from 82 last year and 93 in 2018.
West Michigan’s share of companies on the ranking this year is 23, down from 25 last year and up from 19 in 2018.
The 5,000 companies in the ranking represent all 50 states, Puerto Rico and the District of Columbia. Combined, they generated $209.7 billion in revenue with median three-year revenue of $10.2 million and a compound growth rate of 165.3%. Together, they created 582,670 jobs from 2016–19.
Leigh Buchanan, editor-at-large of Inc. magazine, said the road ahead looks very different for companies this year as they look to reinvent themselves to keep their momentum going.
“These founders were buoyed by smarts and gumption, sure, but also by a lift-all-boats economy (from 2016–19). That era is worlds away from the economic decline that hit the U.S. alongside the pandemic in March,” she said.
“Still, the job creators of the Inc. 5000 just keep going. At press time, only 11% had cut staff since March, while 47% were landing talent let loose by others. And for every CEO reporting a sales decline, another is seeing an uptick. In July, 80% were anticipating profitability for 2020.”
The full ranking is online.
West Michigan companies in the 2020 “Inc. 5000” ranking
139. Ally Logistics, 2,658% growth, logistics and transportation, Grand Rapids
214. ITPartners+, 2,028% growth, IT management, Cascade Township
231. Sherpack, 1,897% growth, logistics and transportation, Cascade Township
457. Shefit Operating Company, 1,000% growth, retail, Hudsonville
573. Jonas Paul Eyewear, 813% growth, retail, Grand Rapids
657. Tech Defenders, 714% growth, computer hardware, Grand Rapids
763. E3M Solutions, 623% growth, engineering, Wyoming
1,083. Fifth Wheel Freight, 423% growth, logistics and transportation, Kentwood
1,712. Michigan Software Labs, 250% growth, IT system development, Ada
2,076. Acrisure, 203% growth, insurance, Caledonia
2,351. Aldevra, 177% growth, government services, Portage
2,402. FormulaFolio Investments, 172% growth, financial services, Grand Rapids
2,886. The GFB (Gluten Free Bar), 137% growth, food and beverage, Kentwood
2,960. JetCo Federal, 133% growth, logistics and transportation, Cascade Township
2,983. Hungerford Technologies, 132% growth, IT management, Cascade Township
3,355. Reliable Relamping, 112% growth, construction, Saranac
4,031. Fortz Legal Support, 86% growth, business products and services, Grand Rapids
4,120. Service Express, 83% growth, IT management, Grand Rapids
4,228. Creative Studio Promotions, 79% growth, advertising and marketing, Grand Rapids
4,318. Applied Imaging, 77% growth, IT management, Kentwood
4,623. Greenback Tax Services, 67% growth, financial services, Grandville
4,642. Grand River Aseptic Manufacturing, 66% growth, manufacturing, Grand Rapids
4,997. Worksighted, 55% growth, IT management, Holland
Posted By: Grand Rapids Business Journal on August 14, 2020. For more information, please click here to read the source article.