DDL, along with 49 other privately held Twin Cities companies, gathered at the Nicollet Island Pavilion near St. Anthony Main on October 22 and awaited the announcement of Minneapolis/St.Paul Business Journal's Fast 50. After an evening of networking, hors d' oeuvres and live music DDL was announced as the 36th fastest growing company within the Twin Cities. DDL received this ranking because of a revenue growth of 62 percent from 2006 to 2008.
"Our position in this year's Fast 50 is a true testament to the quality of our services, particularly in medical device package testing industry," said Patrick Nolan, COO of DDL. "This, along with our commitment to providing the highest level of technical expertise and accuracy has helped to ensure that we remain the leader in medical package testing validation."
DDL was successfully run by about 20 employees from its beginning in 1990 until 2003. Since 2003 DDL has more than doubled its employees along with the addition of new labs in California and New Jersey.
"Over the years, DDL has consistently proven itself to be an expanding and profitable company," said John Hart, CEO of DDL. "We consider our success to be a direct result of our employee loyalty, client retention, aggressive marketing efforts and the improved quality in our processes as a result of our ISO 90001 registration."
The Fast 50 rankings were based on the percentage of growth in revenues in the three-year period from 2006-2008. Companies had to be privately held and based in the 11-county Twin Cities metro area. Firms were required to have $1 million in revenue in the first year and progressive growth in the following two years. All applications were reviewed and audited by Baker Tilly, a full-service accounting and advisory firm out of Minneapolis, for verification.
According to the Minneapolis/St. Paul Business Journal, the average growth rate of all 50 companies was 116 percent, down from 122.7 percent in 2008. The average growth rate of the top 10 companies was 266 percent, up from 227.6 percent last year.
"DDL is honored to have been acknowledged as one of the Twin Cities most prosperous companies and we would like to congratulate all candidates," Nolan said. "We only hope that our success and the success of others continue in the upcoming years."