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'Niche' product propels local company to fastest-growing list

5 local companies among nation’s fastest growing

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Five local companies ranked among the top 1,000 fastest-growing private companies in the United States, according to Inc. magazine. Raven Rock Workwear of Dayton, ranked 369th, with 2008 revenues of $6.8 million compared to $865,000 in 2005. Elizabeth Lowry, district director of stores, adjusted boots on Wednesday, Aug. 12, at the Sugarcreek Twp. store.

Staff photo by Ty Greenlees Five local companies ranked among the top 1,000 fastest-growing private companies in the United States, according to Inc. magazine. Raven Rock Workwear of Dayton, ranked 369th, with 2008 revenues of $6.8 million compared to $865,000 in 2005. Elizabeth Lowry, district director of stores, adjusted boots on Wednesday, Aug. 12, at the Sugarcreek Twp. store.

Raven Rock has found a way to profit in recession

By Ben Sutherly, Staff Writer Updated 9:53 AM Thursday, August 13, 2009

Retail has been one of the economic sectors hardest hit by recession, but you wouldn’t know it by looking at Raven Rock Workwear.

The company, based in Washington Twp. and with a local store in Sugarcreek Twp, had 2008 revenues of $6.8 million compared to $865,000 three years earlier. During that period, the number of stores grew from four to 16, said Steve Thomas, president/CEO.

That growth propelled Raven Rock, which has 119 employees, to 369th on Inc. magazine’s annual list of the fastest growing U.S. companies.

“We have obviously found an underserved niche in retailing,” Thomas said. “There are very few places the working man or woman can go that’s a one-stop shop. There are no national chains that do this.”

Former Elder-Beerman executives looking for a new retail concept after Bon-Ton bought Elder-Beerman started Raven Rock. The Dayton Development Coalition’s venture capital fund was key.

“Without their involvement, we wouldn’t exist,” Thomas said.

Other top-scoring firms on the Inc. list include:

• Instant Tax Service of Dayton, ranked 93rd, with 2008 revenues of $27.2 million compared to $1.5 million in 2005. Founded in 2000 by Fez Ogbazion, the financial services company has franchises in 34 states, ITS spokeswoman Kameron Hurley said. It has 70 to 85 employees at its headquarters at 1 S. Main St.

“The tax industry is recession-resistant,” Hurley said. ITS expects revenues to grow again this year.

• One Call Now of Troy, ranked 503rd, with 2008 revenues of $4.6 million compared to $726,145 in 2005. Founded in 2002, the telecommunications company has grown to 45 employees, and expects revenues to grow 40 percent to $7 million this year, said founder Leib Lurie.

• JatroDiesel of Miamisburg, ranked 550th, with 2008 revenues of $4.8 million compared to $819,413 in 2005. Founded in 2004, the biodiesel company now has nine employees.

• Hightowers Petroleum of Middletown, ranked 579th, with 2008 revenues of $111.2 million compared to $19.7 million in 2005. Founded in 1985, Hightowers Petroleum supplies and transports fuel and other petroleum products nationwide. It has 17 employees.

“What a lot of people fail to realize is that this has not been quick,” said Stephen Hightower, whose 24-year-old company recently secured a contract to supply petroleum to General Motors. “We did not get to this point overnight.”

The company’s current rapid growth, he said, is “a tribute to our ability to remain steadfast and focused on our goals, and delivering a good product consistently day after day.”

Contact this reporter at (937) 225-7457 or bsutherly@DaytonDailyNews.com. Staff writer Jessica Heffner contributed to this report.