Self-Storage Companies Make the Inc. 5000 List of Fastest-Growing Private Companies

Update 9/3/24 – Three self-storage companies have been named to “Inc.” Magazine’s list of 5,000 fastest-growing private companies for 2024. All of them—Spartan Investment Group, StoragePug and Units Moving and Portable Storage—have appeared on the list multiple years in a row.

This is Spartan’s fifth consecutive year making the cut, this time ranking at No. 324. In 2023, the real estate development and investment company fell from 128 to 301.

Self-storage marketing and technology firm StoragePug placed at No. 1,104 this year, falling from 782 in 2023 and 575 in 2022.

Like Spartan, portable-storage container provider Units is appearing on the list for five years running, landing in spot 3,859. In 2023, it appeared at 2,404.

The honorees will be featured on Inc.com, with the top 500 appearing in a digital issue. The list represents companies that have driven rapid revenue growth while navigating inflationary pressures, rising costs of capital and hiring challenges. Among the top 500, the median three-year revenue growth rate is 1,637%. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy in the last three years, according to a press release issued by Spartan.

“Earning a spot on the Inc. 5000 is a testament to the relentless effort and dedication of our entire team,” said Ryan Gibson, president and chief investment officer for Spartan. “In an industry as competitive as self-storage, our ability to adapt and innovate has been key to our sustained growth and success. This recognition strengthens our resolve to consistently deliver exceptional value to our investors by providing valuable investments that allow them to create lasting wealth.”

Over the past year, Spartan has opened new facilities in Florida and Washington, and acquired properties in Georgia, South Carolina and Texas. In addition, the company raised $22 million in equity in 45 days to purchase three assets in the Pacific Northwest. Spartan aims to build 435,000 square feet of net rentable storage in the coming months.

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8/16/23 – Five self-storage companies have been named to “Inc.” Magazine’s list of 5,000 fastest-growing private companies for 2023. They are 10 Federal Cos., Boardwalk Development Group LLC, Spartan Investment Group, StoragePug and Units Moving and Portable Storage.

10 Federal placed at No.1,616. Headquartered in Raleigh, North Carolina, the company operates more than 75 automated self-storage facilities in 12 states.

“Ranking 1,616 on the Inc. 5000 list is not just a number, it's a testament to the relentless dedication and unwavering commitment of every individual at 10 Federal Storage,” said Andrew Capranos, president. “We've embarked on a journey fueled by innovation, collaboration and a shared vision to redefine what's possible in our industry.”

Boardwalk ranked at No. 1,004. Founded in Atlanta in 2016 by Rajen Sheth, the company specializes in self-storage and boat/storage acquisition, development, investment and operation in the Southeast. It has acquired or built more than $500 million in the sector.

“We are honored to be a part of the Inc. 5000 list of fastest-growing private companies in America. Our outstanding Boardwalk team members are the reason why the company has grown so fast,” Sheth said.

Spartan placed on the list for the fourth consecutive year, falling from No. 128 in 2022 to 301 this year. Founded in 2013 and based in Golden, Colorado, the company focuses on self-storage development, property-management and real estate. It also operates the FreeUp Storage brand.

StoragePug placed at No. 782 in 2023, dropping from 575 last year. Cofounded by CEO Matt Huddleston and chief operating officer Tommy Nguyen, the company offers self-storage management software and other technology as well as website-development services. It’s based in Knoxville, Tennessee.

Units landed on the list for the fourth year running. With its latest ranking at No. 2,404, the company jumped 374 spots from last year. Based in Charleston, South Carolina, it provides portable-storage containers to the self-storage and moving industries.

“This recognition further cements Units as an industry leader in growth and innovation in the portable-storage industry,” said company CEO Michael McAlhany.

The annual Inc. 5000 list identifies the private businesses with “the most proven track records,” ranked by revenue growth. Companies are placed according to percentage increase from 2019 to 2022. To qualify, they must have been founded and income-generating by March 31, 2019. They must also be U.S.-based, privately held, for-profit and independent. Companies on the 2023 list account for $358 billion in profits, according to inc.com.

“Running a business has only gotten harder since the end of the pandemic,” said Inc. Editor-in-Chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. ‘Inc.’ is thrilled to honor the companies that are building our future.”

The honorees will be celebrated at the Inc. 5000 Conference & Gala, Oct. 31 to Nov. 2. In addition, the top 500 companies will be featured in the September issue of “Inc.” Magazine.

Sources:
Knox News, 12 Knoxville-Area Companies Named to 'Fastest-Growing' Inc. 5000 List
Yahoo Finance, Units Moving and Portable Storage Named to Inc. 5000 for 4th Consecutive Year