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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: 90.17%
2024 revenue: $331.9 million
Evolution: ERMCO—which specializes in electrical, technology and low-voltage systems solutions, building automation and controls—employs 800 people and works nationwide. But in 1962, when it started, it was a family-owned business. “Our company wouldn’t be where it is today without the Gossett family,” President and CEO David Peterson said, noting that former President Greg Gossett now chairs the company’s board. In 2014, ERMCO became an employee-owned stock ownership plan, or ESOP, company.
Bigger in Texas: Peterson said ERMCO’s growth has come largely from its work on data centers. ERMCO got into the data center world about six years ago. “We had one major job in San Antonio, but that has evolved across the country. We’ve cultivated new relationships with different data center clients, and that’s led to other opportunities around the country.”
Building up: Data centers are not sophisticated structures, Peterson said. Primarily, they require mechanical and electrical systems—power to support the infrastructure and mechanical to keep it cool. ERMCO does the underground distribution—getting power to the facility—and makes sure the entire facility has power to support the data center needs.
In demand: Several of this year’s Fast 25 companies are electrical contractors. Peterson said he thinks that’s a byproduct of the growth in this market. “We’re seeing a lot of opportunities. If you drive around downtown, you’ll see the IU Health project. You’ll see the Lilly work. You’ll see the Signia Hotel. There are a lot of projects going on in different types of work that need electricians and low-voltage technicians.”
Growth plans: Peterson said ERMCO will continue to grow, but it will be controlled growth. “We’re never going to overextend ourselves. We are focused on growth that we can manage. We are employee-owned, so we want to make sure that we take care of our people first. But we’re only as good as our field resources, as well. The men and women, they get it done in the trenches every day and make us who we are.”•
Check out more of IBJ’s ranking of Indy’s fastest-growing companies.
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