Newcomers dominate 2007 list of fast-growth companies

Virginia Business
May 2007

The top company in the Fantastic 50 this year is a Chesapeake-based company devoted to the maintenance of big machines.

T-Solutions, started in 2002, saw its revenue grow 2,201 percent in its first four years to lead the annual list of Virginia’s fastest-growing companies. The company, owned by Tim and Darlene Todd, uses reliability-centered maintenance, a procedure involving technology and rigorous engineering analysis, to schedule the maintenance of ships, trains and other heavy equipment.

T-Solutions is a newcomer to the Fantastic 50, as were 25 other companies on the list this year. Two of the newcomers were winners in their industry categories: SE Solutions Inc. in the technology group and Customer Value Partners in the service group. The other two industry winners, Todos Supermarket in retail/wholesale and Mid Atlantic Vinyl Products Inc. in manufacturing, have appeared on the list before.

If the top company on the list is any indicator, the pace of growth has slackened this year. The top company in 2004 and 2005, THR Enterprises Inc. had a four-year growth rate of 4,761 percent and 3,951 percent, respectively. Last year’s winner, SpecTal had a growth rate of 4,002 percent. The growth of THR Enterprises, a construction company, was fueled by large contracts such as the building of the Historic Jamestowne welcome center. SpecTal benefited from the surge in spending on intelligence services after 9/11.

As has been the trend for many years, the 2007 Fantastic 50 list is dominated by service and technology companies, with 22 from each category. By contrast, only three companies are manufacturers and another three are from retail/wholesale industries.

Likewise, companies from Northern Virginia and Hampton Roads are most prominent on the list. Thirty-four Northern Virginia companies were listed this year, up from 31 last year and 28 the year before. Hampton Roads was next with 10 companies, down from 15 last year.

Of the remaining companies on the 2007 list, three represent Central Virginia, two are from the Shenandoah Valley and one is from the Southwest.

Now in its 12th year, the Fantastic 50 honors privately held Virginia-based companies with the highest revenue growth over a four-year period. The program is a collaboration of the Virginia Chamber of Commerce, Goodman & Co. LLC and Virginia Business.

To be eligible for the list, a company must have revenue of at least $200,000 in 2002, the base year. In addition, the company must have a positive net income by 2005 and have revenue of less than $100 million in its most recent year.

Interestingly, three of the category winners, T-Solutions, Customer Value Partners and SE Solutions, all were founded in 2002, the base year. The vast majority of the companies were started in 1990s.

— The editors