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Bay
Electric makes Virginia's 2007 list of 50 fastest growing small
businesses for 4th year in a row
Bay named to Virginia Chamber of Commerce's Fantastic Fifty
Newport News, Va., August 30, 2007 –
Bay Electric Co., Inc., a Newport News, Va., general and electrical contractor,
has been named by the Virginia Chamber of Commerce, for the fourth
year in a row, to the Chamber's prestigious Fantastic Fifty list
of Virginia’s fastest growing small
companies.
The Fantastic 50 Awards, now in its eleventh year, recognizes 50 privately held
Virginia-based companies with the highest revenue growth over a four-year period. To be eligible for the list,
a company must have revenue of at least $200,000 in 2002, the base year, have a
positive net income by 2005 and have revenue of less than $100 million in its
most recent year.
Bay Electric Co. Inc., a minority owned company in business
for over 40 years, recorded a remarkable growth
rate of over 142% from 2002 to 2005, a period when other businesses nationwide were
experiencing economic slowdowns.
“The hard work and
dedication of Bay’s employees are definitely the reason for our company’s
continued fast-paced growth,” says John F. Biagas, CEO/President of Bay
Electric. “We are successful because Bay’s employees, who go the extra mile, 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 multi-million
dollar projects for the U.S. Army, U.S. Navy, U.S. Air Force, U.S. Coast Guard,
Atlanta Hartsfield-Jackson Airport, the General Service Administration, USDA, 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 HUBZone 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
T-Solutions, Inc. of Chesapeake, Va., which headed the list; International
Communications Group, Inc., also in Newport News; and Liberty Tax Service,
Loyola Enterprises, VICOM, and J.K. Hill & Associates, all of Virginia Beach.
For
more information about Bay Electric, call 757-595-2300.
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