Local businesses in the fast lane Local businesses in the fast lane (November 26, 2004)

Companies rewarded for quick growth

By Julie O'Shea

Five Mountain View-based companies were recently named to Silicon Valley Business Journal's prestigious "Fast 50" list. The list spotlights companies that have shown steady growth over the past three years.

Mountain View's honorees for this year include Google, CVPartners, Evolve Manufacturing Technologies Inc., Service by Medallion and Thoits Insurance.

"We are delighted," said Ellis Berns, the city's economic development manager. "I think this is a good representation of the type of businesses we have here in Mountain View."

The Journal has been putting out its "Fast 50" list for more than a decade. The rankings are based purely on revenue growth, and companies are asked to submit their tax returns over the past three years, which are reviewed by independent accountants.

Don Way, the CEO of Thoits Insurance, said it's been a challenge to grow his business in this economy, especially since many companies are packing up and moving to states that are cheaper to do business in. Still, Way said the $13-million insurance company on Castro Street has seen continuous growth for the last five years.

Thoits Insurance, which started as a family business in 1891 in Palo Alto, has 66 employees, who all own a stake in the company. Way credits the hard work of the staff for Thoits' success in the business market. According to the Journal's Oct. 15 cover story, Thoits' revenues jumped from $10.9 million in 2001 to $11.61 million in 2003.

Kent Gray, the president of CVPartners, a placement and consulting company for finance, accounting and IT jobs, said his firm has also seen success despite the sour economy. In addition to the "Fast 50,"Gray said CVPartners also was listed on a top women-owned business list. According to the Journal, CVPartners went from a revenue of $983,032 in 2001 to $7.14 million in 2003. The company was started in 2001.

This distinction marks the fourth time Service by Medallion, a building maintenance company, has been on the "Fast 50" list. The company, which started in 1978, is making nearly three times what it did seven years ago, according to its vice president, Roland Strick, Jr. It now has an annual revenue of $16 million and 650 employees, according to Strick.

"We always used to joke about doing $20 million," Strick said. "We've exceeded our goals. ... Now we're rolling."

According to the Journal, Service by Medallion grew from $11.75 million in 2001 to $14.5 million in 2003.

Also on this year's list is Evolve Manufacturing Technologies Inc., a contract manufacturing company, which reportedly grew from $850,702 in 2001 to $13.71 million in 2003. In fourth place on the list, the company ranked the highest out of the five Mountain View businesses on the "Fast 50." It was followed by Google, which claimed the No. 5 spot.

The Journal reported Google's earning for 2001 to be $86.43 million in 2001 and $961.87 million in 2003.

"These number's say a lot about these companies," said Journal Editor Norm Bell. @email:E-mail Julie O'Shea at joshea@mv-voice.com

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