A Vineyard-based cosmetics manufacturing company is drawing national recognition to Utah County.
Dynamic Blending specialists announced their ranking of 17 on the 2020 Inc. 5,000 list of the fastest-growing private companies in the U.S. on Wednesday, boasting a growth rate of over 11,491% over the last year.
Inc. 5,000 companies generated $209 billion in revenue last year with a 3-year average growth of over 500% and represent 49 states, Puerto Rico and the District of Columbia. These companies also accounted for more than 1 million jobs over the past 3 years.
The list of companies began in 1982 and over the years has become a hallmark of entrepreneurial success, with past winners including Zappos, Under Armor and Microsoft.
Co-founders Gavin Collier and Jordan Erskine founded the multi-million dollar manufacturing company in 2015, helping business inventors develop their ideas through turnkey services that walk potential entrepreneurs through the creation and manufacturing processes “from ideation to formula to tested.”
Collier met Erskine through a previous employment opportunity the two shared. The pair were working for another contract manufacturing company where Collier managed the research and development department.
Collier and Erskine worked together for several years before Collier resigned from the company to pursue law school education. Not long after, Collier became a licensed attorney.
The duo reconnected after over a decade apart, catching up on the whirlwind journey each of them had experienced. From there, the two talked about a potential business venture that later turned into Dynamic Blending. Since then, Collier has also been named CEO of the company.
“My expertise in law is in the business arena, civil litigation and business formation and advising businesses, generally,” Collier said. “I was able to leverage that knowledge with Jordan, and with our joint experience, we were able to successfully launch Dynamic Blending.”
Since then, the company has grown exponentially. Dynamic Blending saw a 600% increase in revenue last year, amassing over $20 million with over 400 clients worldwide.
Collier and Erskine discovered they were on the list of 2020 Inc. 5,000 companies earlier in the year but were not aware of their ranking until just weeks ago. Erskine called Collier while he was on vacation to share the news and discuss where they came from and where they were going.
Collier said it was a special moment he will keep with him for years to come.
“To be honest, this is one of the goals that we set, but we set some much higher goals that we intend to achieve,” he said. “It’s been a wild ride, but we have an exciting future.”
Dynamic Blending has also already obtained another building to house more supplies and equipment, planning to become a 24-hour facility.
While Utah County is quickly becoming known for its manufacturing locations and business consultants, Dynamic Blending is only one of two companies of its kind in the state, with no direct competitors in the county.
Collier said much of the growth that the company is experiencing in recent years is due to innovation and adaptation. Additionally, he said, the company’s dynamic team has also played a key role in the success of the company.
“Our innovation and our whole business model gave us the opportunity to expand the way they we did,” he said. “We did this with some key personnel. We’ve been able to create a team and culture within our company that people love coming to work so we get the best out of our employees.”
Like several other companies around the world, Dynamic Blending had an uncertain start to 2020. When the coronavirus pandemic hit Utah, thousands of business were forced to close or adopt new practices to help slow the spread of COVID-19 infections.
The Vineyard manufacturer was not exempt from the effects of the pandemic.
“When the different regulations started coming down, we took them, obviously, very seriously,” Collier said. “By law, we were allowed to stay open, but we took very seriously the precautionary measures that we believed were necessary in addition to what had been recommended.”
The team took each of the precautions seriously, and since the beginning of the pandemic, Collier said no employees have reported testing positive for COVID-19.
As a critical infrastructure site, and in being an OTC certified lab, the cosmetics manufacturer kept its doors opened and its employees working by switching gears and manufacturing hand sanitizer and other OTC products that were in short supply.
Looking to the future, Collier said he is excited to use the momentum from recent growth to fuel more development and expansion.
“A lot of companies go out of business during explosive growth phases,” he said. “They don’t manage it properly. We believe we’re going to be one of the biggest manufacturers in the state in the next 3-5 years. We’re shooting for the stars.”
Collier said Dynamic Blending is hoping to grow its network and become a global presence someday soon. Already, the Utah manufacturer is securing contracts that rival similar corporations in California.
This continued growth, he said, can only mean good things for Utah County and its residents through stable employment and tax revenues that contribute to the tax base of local government.
To date, Dynamic Blending has employed about 100 people and is looking to expand to a 200-person team in the next year. Additionally, each full-time employee receives health benefits.
Collier said the company’s human resources department is constantly conducting industry studies to assess average salaries, using information from competitors to negotiate pay with prospective employees and ensure they are one of the best-paying companies in the industry.
“I know some of our employees have relocated to Utah County because of our business,” he said. “I see a direct impact to Utah County.”
To share the news with the Dynamic Blending team and celebrate their growth, Collier and Erskine held a get-together with employees Wednesday, unfolding a banner across the company’s building to announce their ranking.