Inc. Magazine revealed today that Maddox Industrial Transformer ranks No. 556 on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America.
Maddox has received this honor every year since 2019, when they were awarded No. 283 and also placed on the prestigious Inc. 500 list. This year, Maddox was the 10th fastest-growing company in the energy sector with a three-year revenue growth rate of 798 percent.
Camden Spiller, Maddox Industrial Transformer CEO said,
“Making the Inc. 5000 list for the sixth year in a row is a testament to our incredible customers and partners for their continued business, and to our dedicated team members for their hard work. Over the last three years, our significant investments in inventory, infrastructure, and hiring the best talent, have paid off. We are committed to serving our customers with fast lead times, excellent customer service, and the best supply of transformers on the market."
About Maddox
Since its founding in 2015, Maddox has grown rapidly from a single location in South Carolina to four shops and fulfillment yards nationwide. As an industry leader in reconditioned and new electrical transformers (padmounts, substations, dry-types, polemounts) Maddox serves customers across all 50 U.S. states, Canada, and Mexico.
Transformer Market
The United States is facing unprecedented lead times for transformers caused by shortages and increased demand. Lead times stretching out months to years are now normal, causing transformer supply chain delays across the country. Maddox provides their customers the best inventory of transformers by reconditioning old units and stocking new transformers.
More about Inc. and the Inc. 5000
The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate is 1,637 percent. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.
For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. All 5000 companies are featured on Inc.com starting Tuesday, August 13, and the top 500 appear in the new issue of Inc. magazine, available on newsstands beginning Tuesday, August 20.
Methodology
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
About Inc.
Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.
