Mainebiz

W W W. M A I N E B I Z . B I Z 11 S E P T E M B E R 2 , 2 0 1 9 A Maine company on Inc. 5000 list expects to more than double revenue B y m a i n e b i z s t a f f F 3 MFG, ranked for the second year in a row by Inc. 5000 as Maine's third fastest-growing business, expects to double its revenue by next year. The manufacturer, which sells aluminum truck bod- ies and accessories under the DuraMag and Magnum brands, recorded $17.2 million in revenues last year and 490% growth for the past three years. For the current year, sales are projected to reach $30 million. By 2020, rev- enue is expected to reach $40 million, said Tom Sturtevant, co-owner and president. By 2020, the sales force is expected to grow by 25% from the cur- rent 200, which is double what it was a year ago. F 3 i s i n 1 5 0 , 0 0 0 square feet on Waterville's Trafton Road, an industrial parcel owned by Trafton Properties. Changing the status quo Besides Sturtevant, F3 MFG cofounders are Bill Cleaves and Joyce Galea, a 2019 Mainebiz Business Leader of the Year. "Our success is due to the F3 team and the dedication the three of us have to remain the leader in the market," said Cleaves in a release from the Central Maine Growth Council. "Our industry was stagnant — we came in and changed the status quo." Cleaves, in 1996, frustrated by the lack of high- quality enclosed aluminum trailers in the steel-domi- nated automotive market, made one for himself. That was the start of SnoPro Trailers, based in Liberty. He started selling trailers in Uncle Henry's Swap & Sell Guide, and quickly became a wholesaler. Cleaves sold the SnoPro business to Thule and it was later acquired by ALCOM Inc. He then ventured into aluminum truck racks, operating as Magnum Manufacturing in Liberty, and continued to expand his product line to truck bodies. Magnum grew from $200,000 in sales in 2010 to $2.9 million in 2015. Cleaves also propelled a market composition shift from 90% steel to 30% aluminum, a material which is lighter, more durable and longer-lasting than steel. In 2016, Cleaves brought in Sturtevant and Galea. Now F3 MFG, the company manufactures its aluminum truck bodies under the DuraMag and Magnum brands. Galea has led the workforce expansion, personally hiring every new employee and remaining involved in their professional and personal growth. "I'm willing to give second chances, so it's really important for me to sit down with a candidate and go beyond what's on their application," she said. "If I see a strong work ethic, I'll help them overcome obstacles. I've sat down with employees and helped them find apartments, call landlords, fill out a mort- gage application — being a part of their progression is the most fulfilling part of my work." B I Z M O N E Y P H O T O / T I M G R E E N WAY MAINE COMPANIES IN THE INC. 5000 Joyce Galea, partner and vice president of F3 MFG in Waterville Three-year growth rate 2018 revenue 76 Brickell Men's Products, Portland 4,208% $10M 460 Starc Systems, Brunswick 983% $7.8M 868 F3 MFG, Waterville 490% $17.2M 892 Anchour, Lewiston 476% $2.5M 1,025 E. Bouchard Co., Caribou 410% $3.7M 1,388 SaviLinx, Brunswick 298% $17M 1,773 Tilson Technology Management, Portland 230% $71.4M 2,264 Veritas Prime, Portland 177% $8.1M 3,100 Dream Local Digital, Rockland 119% $3.6M 3,549 Sea Bags, Portland 99% $9.8M 4,623 MuniciPAY, Portland 62% $4.8M Partner with a dental insurance provider that keeps your employees happy with fast and accurate claims processing. NortheastDeltaDental.com KEEP YOUR EMPLOYEES HAPPY WITH SMILE POWER!

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