West Michigan produces 29 of fastest-growing private companies in US
A local financial services firm is the No. 10 fastest-growing private company in the nation and the first among Michigan companies named to the 2017 “Inc. 5000” ranking.
Inc. magazine annually ranks the fastest-growing private companies in the U.S. based on revenue growth over the previous three years.
Grand Rapids-based FormulaFolio Investments earned the No. 10 spot on the ranking this year, with a growth rate of 13,926.81 percent and revenue of $17.2 million. This is the third straight year the company has made the Inc. ranking, climbing from No. 944 in 2015 to No. 15 in 2016.
Other highly ranked West Michigan companies this year include Boost Marketing Group at No. 49, Fifth Wheel Freight at No. 168 and Mobile Defenders at No. 214.
This year, 101 Michigan companies made the "Inc. 5000," down from 118 last year and 110 in 2015.
Growth by industry
According to Inc., this year’s ranking shows the nation’s fastest-growing industry is travel and hospitality, with a growth rate of 201 percent, followed by media, with a growth rate of 198 percent, and energy, with a growth rate of 174 percent.
Growth by state
The fastest-growing state based on the ranking is California, followed by Texas and Florida, and the fastest-growing metro is New York, followed by Washington, D.C., and Los Angeles.
West Michigan companies in the 2017 “Inc. 5000”
10. FormulaFolio Investments, Grand Rapids, 13,926.81% growth, $17.2M revenue, financial services
49. Boost Marketing Group, Ada, 6,269.28% growth, $11M revenue, advertising and marketing
168. Fifth Wheel Freight, Grand Rapids, 2,463% growth, $9.8M revenue, logistics and transportation
214. Mobile Defenders, Kentwood, 2,019% growth, $35.8M, telecommunications
572. Grand River Aseptic Manufacturing, Grand Rapids, 791% growth, $19.1M revenue, health
729. OptiMed Specialty Pharmacy, Kalamazoo, 628% growth, $70.7M revenue, health
1,060. Finix, Grand Rapids, 399% growth, $7M revenue, health
1,071. IP Consulting, Kentwood, 395% growth, $11.1M revenue, IT services
1,309. Sports Addix, Lowell, 312% growth, $3.3M revenue, consumer products and services
1,346. Workbox Staffing, Grand Rapids, 303% growth, $48.4M revenue, human resources
1,552. Creative Studio Promotions, Grand Rapids, 258% growth, $2.4M revenue, advertising and marketing
1,654. Spice Jungle, Rockford, 237% growth, $4.7M revenue, food and beverage
2,745. Pro-Vision, Byron Center, 125% growth, $13.2M revenue, manufacturing
2,758. Blackford Capital, Grand Rapids, 124% growth, $6.1M revenue, financial services
3,017. Flat River Group, Belding, 110% growth, $50.7M revenue, logistics and transportation
3,070. Reliable Relamping, Saranac, 108% growth, $18.8M revenue, energy
3,120. Worksighted, Holland, 105% growth, $10.2M revenue, IT services
3,301. Grand Transformers, Grand Haven, 96% growth, $29.1M revenue, manufacturing
3,436. Sun Title Agency, Grand Rapids, 91% growth, $7.9M, real estate
3,459. The Service Professor, Grand Rapids, 90% growth, $6.1M revenue, consumer products and services
3,780. AmeriFirst Home Mortgage, Kalamazoo, 78% growth, $82.8M revenue, financial services
4,083. Peacock Real Estate, Morley, 68% growth, $20.3M revenue, real estate
4,284. EBW Electronics, Holland, 61% growth, $43.8M revenue, manufacturing
4,497. Grand Equipment Company, Hudsonville, 55% growth, $35.6M revenue, construction
4,532. Service Express, Grand Rapids, 54% growth, $70.4M revenue, IT services
4,585. USA Financial, Ada, 53% growth, $37.9M revenue, financial services
4,702. Edgewater Automation, St. Joseph, 49% growth, $35.3M revenue, manufacturing
4,711. Custom Profile, Grand Rapids, 49% growth, $40.6M revenue, manufacturing
4,858. Quality Aluminum Products, Hastings, 45% growth, $41.7M revenue, manufacturing