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| Inc. Magazine 500 List: Philadelphia ranks 5th |
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 by: Rebel - Havertown, PA
started: 08/29/11 11:42 am | updated: 08/29/11 11:42 am |
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The 2011 Inc. magazine 500 list of the fastest-growing privately held companies included 18 firms from the Philadelphia area making the region fifth among metropolitan areas with the most Inc. 500 firms.
Only six local companies made the grade last year and just nine in 2009.
The region's fastest grower was re2g, of Doylestown which installs solar-panels.
Also making the list was Petplan, a company which sells pet insurance and currently has 100,000 policyholders.
In all, 143 companies in the region made the 2011 Inc. 5000 list . Of those, 80 appeared on last year's list.
The city of Philadelphia was home to 24 of those fast growers. Blue Bell and King of Prussia can lay claim to seven each, while Conshohocken and Wilmington are the headquarters for six apiece.
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That was good enough to place the region fifth among metropolitan areas with the most Inc. 500 firms.
With 50 such enterprises, Washington was home to the most, followed by New York City (43), Los Angeles (42), and San Francisco (19).
Philadelphia has tended to underperform in producing companies with sizable three-year revenue-growth rates, the criterion Inc. magazine uses to select its annual list.
re2g, of Doylestown, the solar-panel installer, formerly known as Solardelphia, placed No. 24 on the Inc. 500 list, with revenue growth between 2007 and 2010 of 7,493 percent. The company had 2010 revenue of $10.6 million and 23 employees.
New York was home to the nation's fastest-growing firm, called ideeli, which turned in an astounding growth rate of 40,882 percent. Not bad for the online "flash-sale" fashion retailer with $77.7 million in 2010 revenue and 145 employees.
Petplan, which sells pet insurance, reported a three-year growth rate of 2,207 percent, making it the fourth-fastest grower in the region.
According to statistics Petplan supplied to the magazine, revenue grew to $18.7 million in 2010 from $812,000 in 2007.
The firm now has 100,000 policyholders, and they believe the company is on track to reach its goal of $1 billion in gross written premiums over the next five to 10 years. Plus, it's branched out into publishing with its Fetch magazine.
Saladworks, a Conshohocken-based franchiser of salad restaurants, also made the Inc. 5000 list at No. 4,667, with 13 percent growth.
In all, 143 companies in the region made the 2011 Inc. 5000. Of those, 80 appeared on last year's list.
The city of Philadelphia was home to 24 of those fast growers. Blue Bell and King of Prussia can lay claim to seven each, while Conshohocken and Wilmington are the headquarters for six apiece.
According to Inc. magazine, the median revenue for all Inc. 5000 companies this year was $10.73 million, and the median number of employees was 51.
To be considered, a company had to have 2007 revenue of at least $100,000, while the minimum 2010 revenue to qualify was $2 million.
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