Known for its unique small electrical generator technology, this 20-year-old company had a history of relying on government research and development grants and was stuck in an annual revenue range of $1 million. Strong growth in local gas well drilling and pipeline expansion, so far had limited impact on the company’s revenue.
A sales plan was developed to work directly with large local pipeline companies while using a partnership with an automation company to address the gas well business. Products were adapted to match these two specific market segments, and product service and training was formalized to support a growing customer base.
The international growth plan was a three staged plan that started with piggybacking with local pipeline customers who were working internationally to gain international exposure and experience. The second element was patient recruitment of local support in key international markets. Small projects in multiple countries opened up larger unique opportunities. The third element was a product adaptation which led to larger, multiple generator systems combined with a change in the service offering to turnkey supply, installation and start-up with local service support.
Over a 7-year period the company grew from $1M to $30M in annual revenue with a 15%+ EBITDA. The largest contract size grew from $0.1M to $20M and the company was a 3-time winner of the Canada Export Award.
