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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowRevenue growth FY 2022 to 2024: 83.46%
2024 revenue: $185.1 million
Statewide: Electric Plus, which was last a Fast 25 company in 2016, is an electrical contractor that, in the words of president and founder Timothy Whicker, works all over Indiana “doing anything from a $1,000 project to $100 million project and pretty much anything in between.” The company has 751 employees and offices in Bloomington, Lafayette and Kokomo. Its headquarters is in Avon. “I never thought we would be what we are today,” he said.
Big jobs: Electric Plus has done a couple of the biggest jobs in its history over the last few years. It was the electrical contractor for the Terre Haute Resort Casino and is currently doing a big part of the downtown hospital that Indiana University Health is building. The hospital project includes all the lights, panels, surgery rooms—“from the computer jacks all the way to the service into the building from the utility company.”
Other work: Whicker said Electric Plus was just awarded the planned IU Indianapolis event stadium. It’s also working on the new fieldhouse, gymnasium, senior center and football field at Brownsburg High School and handles electrical work for many food-processing plants. Other ongoing and upcoming projects include the LEAP Research and Innovation District in Lebanon, data centers in Pittsboro and Monrovia, and the planned Community Health Network hospital in Westfield. Whicker said there’s lots of work out there. “Finding enough electricians to do the work is our biggest concern right now.”
Smaller jobs: Electric Plus also has a service department with 25 to 30 electricians who do smaller jobs. Service work is steady and entails taking care of customers when they have problems on existing facilities, Whicker said. “But we also realize that what got us here is those customers and those contacts. We want to make sure we never lose track of our past.”
Employee-owned: Electric Plus became an ESOP company, owned through an employee stock ownership plan, in 2023-2024 for succession-planning reasons. Whicker said while he has at least 10 years left in charge, he was the sole shareholder before the ESOP. “We’ve acquired seven or eight different companies over the last 15 years and realized that all those companies had poor succession planning, and they’re all gone now. I realized six or seven years ago that I need to make sure I have a plan by the time I’m 55. We think this is going to ensure our future.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.
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