Hartford Business Journal

6 HARTFORDBUSINESS.COM | FEBRUARY 5, 2024 STARTUPS, TECHNOLOGY & INNOVATION Here's A Glimpse of Our Bank Portfolio... Building banks is a specialty of ours. Over the years, PDS has had the great privilege of working closely and often with some of the area's most respected banks, including TD Bank and Webster Bank. These projects have ranged from new construction to general renovation, including several new free standing buildings, one of which incorporated the latest TD Bank design with LEED Platinum credentials. In addition, we have completed fast track interior fi t-outs with all new fi nishes specifi c to our client's design needs. With in-house disciplines of engineering from civil to mechanical, PDS can design the right building to fi t your budget and timeline. SPOTLIGHT ON: COMMERICAL 107 Old Windsor Road, Bloomfi eld, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD 4,000 SF | Wallingford, CT 4,000 SF | Norwalk, CT Various Interior Renovations Here's A Glimpse of Our Bank Portfolio... Building banks is a specialty of ours. Over the years, PDS has had the great privilege of working closely and often with some of the area's most respected banks, including TD Bank and Webster Bank. These projects have ranged from new construction to general renovation, including several new free standing buildings, one of which incorporated the latest TD Bank design with LEED Platinum credentials. In addition, we have completed fast track interior fi t-outs with all new fi nishes specifi c to our client's design needs. With in-house disciplines of engineering from civil to mechanical, PDS can design the right building to fi t your budget and timeline. SPOTLIGHT ON: COMMERICAL 107 Old Windsor Road, Bloomfi eld, CT 06002 | 860.242.8586 | pdsec.com THINK • PLAN • BUILD 4,000 SF | Wallingford, CT 4,000 SF | Norwalk, CT Various Interior Renovations CONSTRUCTING EXCELLENCE PDS Engineering & Construction recently finished the construction of a new 20,000 square foot two-story building built for Young Pharmaceuticals in Wethersfield, CT. Drawing inspiration from the iconic Filoli Estate in Woodside, California, the building stands out with its custom keystones, a custom 20' tall cupola that pulls double duty as a clock tower, and the finishing touch of elegant French granite tiles. Overcoming supply chain hurdles, PDS's hands-on approach ensured all that materials were procured on time to meet the tight schedule. Inside, you'll find a welcoming owner's office adorned with refurbished wood paneling recovered from an 18th century English estate, custom-made Japanese wallpaper, windowed production rooms and much more. This blend of contemporary and historic design, coupled with energy-efficient features, creates an unforgettable experience for everyone who steps inside. 107 Old Windsor Road, Bloomfield, CT 06002 | 860.242.8586 | pdsec.com Young Pharmaceuticals in Wethersfield, CT naval training exercises and by German subs that patrolled the East Coast — where wind farms are now being developed. Other nonmilitary services include delivering a wide range of undersea detection and security using under- water acoustics, artificial intelligence and remotely piloted systems. Major commercial customers include U.S.-based Vineyard Wind and Dominion Energy, which owns the Millstone nuclear plant in Water- ford; Deme Group, a leading offshore energy and marine infrastructure contractor, and Jan De Nul Group, another maritime infrastructure company, both based in Belgium; and Danish multinational energy company Ørsted. When Ørsted signed a memo- randum of understanding with Thay- erMahan in January 2020, Ørsted U.S. CEO Thomas Brostrøm praised the Groton firm. "When we started looking at growing the offshore wind industry in Connecticut, one of the most important factors was ensuring we are setting up in an area with some of the best innovators and most skilled workforce in the world," Brostrøm said. "... The people at ThayerMahan are remarkable inven- tors, and their technology will help us reduce any disruption offshore wind might have on North Atlantic marine life and the local fishing fleets." Revenue streams The variety and quality of work has impressed private equity investors, which have contributed a total of $50 million in two funding rounds, including $20 million last month in Series C funding led by Hanwha Asset Management. ThayerMahan has grown into a company with additional locations in Norfolk and Virginia Beach, Virginia; Washington, D.C.; and Massachusetts. It has 165 employees, nearly 50% of whom are veterans, Connor said, adding that the company relies "on a bunch of super smart young people who tend to be age 30, plus or minus five years." The company has also grown its revenue, he said, noting that while the books have not been closed on 2023, the expectation is for gross revenue of $100 million, "plus or minus $4 million." "We expect to grow about 30% per year for the next three years," Connor said. From 2022 to 2023, ThayerMahan's annual revenues grew from $23.5 million to $100 million, a nearly 326% jump. The company projects revenue of between $130 million to $150 million for 2024, he added. "We expect to continue to hire, and we have openings for engineers and … for people who work as technicians at sea," Connor said. The company also has openings for administrative positions in its legal and finance departments. ThayerMahan just signed long- term leases on two additional portions of its building on Leonard Drive in the Groton Airport Industrial Park, doubling its footprint. Connor said there are opportunities for growth on both the military and commercial sides of the business. He cited higher interest rates and less government support for reducing carbon dioxide emissions as potential headwinds. "The wind side has grown quickly in the last year," Connor said. "We thought we were going to triple our wind work between 2023 and 2024, but I don't think we will. We might double it, … and if we only double it, we won't be disappointed." ThayerMahan staff work in the company's Operations Center in Groton. PHOTO | CONTRIBUTED

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