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Fastest-Growing Private Companies Boost Sales 54%

The national economy may be slowing for some, but it’s certainly not for 85 firms on the Business Journal’s annual list of the fastest-growing local private companies.

The list shows revenue growth for those firms soared 54% to $19.9 billion over a two-year period.

As could be expected, growth was highest in the small category—or companies with revenue under $9.9 million—where 31 companies reported a combined growth of 97% to $150.6 million.

Next up was the midsize category—between $10 million and $99.9 million—where revenue jumped 88% to $1.47 billion at 42 companies.

The large company category—$100 million or more—also reported an impressive 51% jump to $18.3 billion at 12 companies.

Irvine was home to 24 of the fastest growers, followed by Santa Ana with nine and Newport Beach with eight.

3,000%+ Growth

Irvine-based Omega Accounting Solutions for the second straight year took the top spot on the midsize company category, reporting a 3,397% jump in revenue to $93.6 million. Last year, its growth jumped more than 3,000%.

The accounting firm, which has specialized in the employee retention credit often known as ERC, last year relocated its headquarters to Irvine and then within months doubled its space to 51,000 square feet. Its Orange County employee headcount has risen almost sevenfold to 203.

“For us it’s a gold rush,” founder and Chief Executive Jay Woods told the Business Journal earlier this year. “It’s a little bit like the Wild West.”

The company’s growth has been so explosive that it ranked No. 75 on Inc. Magazine’s 2023 annual list of the nation’s 5,000 fastest growers and No. 18 in California.

Engineering Growth

Salas O’Brien, an Irvine-based engineering construction firm, topped the large company category with 180% increase to $486.8 million. It ranked No. 2 on last year’s category when revenue jumped 148%.

It has been on a buying spree, acquiring 25 companies since 2020. One of its key acquisitions last year was its purchase of DPB Engineers, which has healthcare experience, particularly with Kaiser Permanente.

“We find like-minded organizations that can be better off joining us and getting access to most exciting projects,” CEO Darin Anderson told the Business Journal. “As an engineer, you want to do the most complex projects and have the biggest impact on your client.”

Small Firms, Big Growth

Stratus Financial LLC, a Newport Beach provider of loans for flight school students, soared to No. 1 in the small company category with growth of 4,209% to $2.3 million.

The company was started by certified flight instructors during the pandemic.

“We want to help as many people as we can become pilots,” said Brandon Martini, one of the company’s founders.

No. 2 was Irvine-based Mazo Capital LLC, a provider of equipment financing where revenue climbed 2,313% to $4.8 million.

“At the core of Mazo Capital Solutions’ success is an intentional focus on employee fulfillment along with a commitment to innovation and cutting-edge financial technology,” co-founder and Executive Vice President John Pfister told the Business Journal.

“Mazo’s vibrant and forward-thinking culture and true dedication to revolutionizing the equipment finance industry has propelled the company forward through an unpredictable and volatile economic landscape.”

Notables

Growth has continued skyrocketing for Laguna Niguel-based SakoMed LLC, where revenue climbed 133% to $7 million, good for the No. 13 spot in the small category.

Last year, the company which refurbishes medical equipment and sells them back to healthcare operators, topped the small category list with 500%.

Orange-based SA Recycling, which led last year’s category of large companies by growing 206% through acquisitions, is still on this year’s list at No. 8 with a 43% growth to $3.18 billion.

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