West Michigan produces 19 of fastest-growing private companies in US
A sports bra maker in West Michigan has been named the No. 154 fastest-growing private company in the U.S. and the first among Michigan companies named to the 2018 “Inc. 5000” ranking.
Inc. magazine annually ranks the fastest-growing U.S.-headquartered private companies based on revenue growth over the previous three years.
Hudsonville-based Shefit, founded by Sara Moylan, earned the No. 154 spot this year, with a growth rate of 2,770 percent and revenue of $3 million.
This is the first time the 5-year-old company has made the list.
Other highly ranked West Michigan companies this year include Grand Rapids-based private equity firm FormulaFolio Investments at No. 385, Kalamazoo-based government procurement business Aldevra at No. 689, and Grand Rapids-based pharmaceutical equipment supplier Grand River Aseptic Manufacturing at No. 705.
This year’s list included 93 Michigan companies, down from 102 in 2017 and 118 in 2016.
West Michigan’s share of companies on the ranking also fell, from 29 last year to 19 this year.
Growth by state
The fastest-growing state in 2018 based on revenue growth was Minnesota, which had 85 Inc. 5000 companies with a three-year growth rate of 321.4 percent. Next were Arkansas (297.2 percent growth) and Montana (281.7 percent).
Maine’s 10 Inc. 5000 companies increased employee headcounts by the largest percentage basis (427 percent), followed by New Hampshire and Arkansas.
California added the most total employees, 252,721, which represents a 195.4 percent job growth rate.
West Michigan companies on the 2018 ‘Inc. 5000’ list
154. Shefit, Hudsonville, 2,770% growth, $3M revenue, retail
385. FormulaFolio Investments, Grand Rapids, 1,275% growth, $29.3M revenue, financial services
689. Aldevra, Kalamazoo, 730% growth, $6.6M revenue, government services
705. Grand River Aseptic Manufacturing, Grand Rapids, 703% growth, $24.4M revenue, health
1117. Fifth Wheel Freight, Grand Rapids, 442% growth, $18M revenue, logistics and transportation
1149. Acrisure, Caledonia, 428% growth, $1.039B revenue, insurance
1237. MCS Marketing Powered by Proforma, Jenison, 392% growth, $4M revenue, business products and services
1971. Boost Marketing Group, Ada, 227% growth, $10.9M revenue, advertising and marketing
2125. Spice Jungle, Rockford, 209% growth, $6M revenue, food and beverage
2354. Greenback Tax Services, Grandville, 184% growth, $3.4M revenue, financial services
2614. Specialized Computer Solutions, Grand Rapids, 163% growth, $2.2M revenue, IT management
2902. Grand Power Systems, Grand Haven, 141% growth, $29.5M revenue, energy
4019. Sun Title Agency, Grand Rapids, 88% growth, $9M revenue, real estate
4055. Service Professor, Grand Rapids, 86% growth, $6.7M revenue, consumer products and services
4137. Worksighted, Holland, 84% growth, $12.7M revenue, IT management
4138. Service Express, Grand Rapids, 84% growth, $95.4M revenue, IT management
4247. Reliable Relamping, Saranac, 80% growth, $24.3M revenue, construction
4824. Quality Aluminum Products, Hastings, 63% growth, $45M revenue, manufacturing
4953. Custom Profile, Grand Rapids, 59% growth, $48.3M revenue, manufacturing