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Bay
Electric makes Virginia's 2006 list of 50 fastest growing small
businesses
For
third year in a row, Bay named to Virginia Chamber of Commerce's
Fantastic Fifty
Newport News, Va., June 13,
2006 – For the third year in
a row, the Virginia Chamber of Commerce has named Bay Electric Co., Inc., a Newport News general and electrical contractor,
to the Chamber’s prestigious Fantastic Fifty list of Virginia’s
fastest growing small
companies.
The Fantastic 50 Awards, now in its eleventh year, is the only program that
highlights 50 of Virginia’s fastest growing, privately-held companies on a
statewide basis. To be eligible for the list,
a company must have revenue of at least $200,000 in 2001, the base year, have a
positive net income by 2004, and have revenue of less than $100 million in 2005.
Bay Electric, a minority owned company in business
for over 40 years, ranked #37 on the 2006 list by recording a remarkable growth
rate of over 200 % from 2000 to 2004, a period when other businesses were
experiencing economic slowdowns.
“The hard work and dedication of Bay’s employees are
the catalyst behind our company’s continued fast-paced growth,” says John F.
Biagas, CEO/President of Bay Electric. “We are successful because Bay’s
employees go the extra mile and are committed to our customers and to customer
service.”
Bay, the oldest company to make the Fantastic Fifty
list, began its fast-paced growth after the company was purchased by Biagas in
1997. As the new owner, Biagas expanded the company’s focus beyond just
electrical service to include general construction and engineering as well as
electrical, technology, security and fire alarm systems and services.
Since Biagas’ acquisition, Bay has worked on million
dollar projects for the U.S. Army, the U.S. Navy, the U.S. Air Force, the
Atlanta Hartsfield-Jackson Airport, the General Service Administration, the
USDA, the Veterans Administration, Wal-Mart and numerous other agencies and
businesses.
In 2005, Bay formed a Mentor-Protégé
relationship under the Small Business Association’s 8(a) program
with M.C.Dean, Inc., of Dulles, Va., one of the nation’s premier
engineering and integration firms. Under the program, M.C.Dean, Inc. provides
technical assistance and resources to support Bay Electric’s abilities to
successfully pursue federal government contracts.
Bay, a privately held, family-owned company, is also one of Virginia’s fastest
growing minority-owned companies and is both a certified HUDZone contractor and
an 8(a) SDB company. With approximately 100 employees, Bay has satellite offices
in Atlanta, Richmond, and Charleston, S.C.
About the Fantastic Fifty
Started in 1996, the Fantastic Fifty highlights 50 of
Virginia’s fastest growing small
companies on a statewide basis. The Virginia Chamber
of Commerce sponsors the Fantastic Fifty in an effort to help generate more
recognition for small, entrepreneurial companies throughout the Commonwealth as
well as create new jobs and capital investment
Other companies making the top 50 list included
SpecTal of Reston, which headed the list; Foundation Engineering Science, Inc.,
and International Communications Group, Inc., also in Newport News; and Global
Support Software, AMTI, VIcom, Tesoro Corporation, Atlantic Marine Construction
and J.K. Hill & Associates, all of Virginia Beach.
For
more information about Bay Electric, call 757.595.2300.
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