F3 MFG of Waterville’s Trafton Road Repeats Rank as 3rd-Fastest Growing Company in Maine
WATERVILLE — F3 MFG is proud to sustain its ranking as Maine’s third-fastest growing company according to Inc. 5000, a ranking it first achieved in 2017. Nationally, the automotive body and accessory manufacturer rose from no. 1,317 to no. 868 on business magazine Inc.’s annual report of the top 5,000 fastest-growing businesses in the United States. Rankings are based on revenue growth rate over a three-year period; F3 MFG has achieved a 490% revenue growth rate over three years to reach $17.2 million in 2018. Of the fastest growing companies in Maine, F3 MFG has the second-highest revenue.
“Our success is due to the F3 team and the dedication the three of us have to remain the leader in the market,” Bill Cleaves says of his two co-founders, Tom Sturtevant and Joyce Galea. “Our industry was stagnant – we came in and changed the status quo.”
Joyce Galea finds new and growing markets for Waterville-based truck-body manufacturer
Joyce Galea, co-owner of F3 Manufacturing in Waterville, has been instrumental in the company's explosive growth.
F3, maker of aluminum bodies and accessories for trucks and vans, was founded in 2016. The privately held company doubled its sales from 2018 to 2019, to $34 million. Employment skyrocketed from 14 employees in 2016 to 230 today. Facility size has gone from 5,000 square feet to 180,000 square feet. In 2018, F3 was ranked in the Inc. 5000 as Maine's third-fastest growing company.