The fastest growing companies on the 2020 list of the Top 100 Private Companies in NH are prime examples of the diverse industries driving NH’s economy. Here is a profile of one of those companies:
Three-Year Average Annual Growth: 80.7%
Rank on Private 100: 9
Headquarters: 107 Northeastern Blvd., Nashua, NH 03062
Product/Service: Sourcing, procurement and redistribution of electronic components, computer products and peripherals
CEO: Carleton Dufoe (pictured)
Total Number of Employees: 55
After helping other companies succeed for 17 years by distributing their electronic components, Carleton Dufoe decided five years ago it was time to start his own company. His experience served him well. NewPower Worldwide quickly established itself as a global player, blowing past $100 million in revenue quickly. Not only is the company making its debut on the Private 100 list this year, it’s also among the top 10 companies for revenue and the second-fastest growing company on the entire list.
Dufoe served as vice president of sales for his former employer, working from Singapore for six years. “I understood the dynamics of the industry, and the company I was at was a good company, but it wasn’t poised for growth. … I didn’t have opportunity there,” he says.
So, he moved back to his native Nashua and with his dad, James, who is CFO, developed a business plan. Betting on himself paid off. NewPower Worldwide, which sells central processing units, graphics processing units, semiconductors, chipsets and other computer products, has taken off. “We modeled it for $100 million in sales,” says Dufoe, who surpassed $300 million by 2019.
He says the company delivers quality products quickly and adds remote workers have fueled demand for computers and peripherals. “We are on track for $450 million this year,” Dufoe says. The company added 20 employees since March and has offices in Hong Kong, Singapore, Netherlands and Hungary. It is looking to add offices in Germany, Taiwan and Mexico as well as the West Coast, he says.
“We are an extremely nimble organization. We have proprietary software that all our people are tied to that allows information to get in the hands of our sales team quickly,” Dufoe says.