With a company which has been growing steadily since it’s inception in 1989, some might say that the father and sons team behind the success of Pegasus Manufacturing would be well within their rights to take it easy. But resting on their laurels is not something these men see as an option.
“We never want to settle into a comfort zone, or just be satisfied with a salary range,” says Chris DiPentima, the company’s president. “We want to remain forward thinking to continually grow and stretch the company.”
Based in Middletown, Pegasus is a contract manufacturer and specialized machine job shop specializing in tube bending, metal forming and fabrication for a variety of industries. Recent projects include formation of tubes for the next generation space shuttle, as well as machining work for submarines.
Patriarch Vinny DiPentima had a background in turning around distressed companies when he picked up a commercial plumbing solutions firm ready to close its doors more than twenty years ago. As the company grew, Vinny brought his son Todd on board in 1989; in 2002, Chris joined the team, adding the analytical skills he had honed over almost a decade as a trial attorney.
That was an interesting time for the company. Following its sixth acquisition, Pegasus was transitioning from a small company to a mid-sized, $7 million operation. The growth was not without its bumps, and in 2007, the team chose to reboot their focus.
“We decided to put some specific disciplines in place, as well as a succession plan and a board of directors,” Chris says. “We adopted the framework philosophy of a larger company, thinking not only in terms of what we can do for our business and our customers today, but also tomorrow.”
Chris says the change carried with it some growing pains as the company brought in new equipment and offerings, moving beyond what had been a primary focus on immediate customer needs. But Jay Rasmus of Mahoney Sabol and Company, who has been on the board of directors at Pegasus for ten years, says the moves the company made during that time triggered the tremendous success it has seen since, even through the recent economic downturn.
“They went back to the drawing board to define core competencies, and embraced the concept of making management accountable to the board, which is a unique way for an independent family run company to operate,” he says. “They work collaboratively, consulting with the board to determine best practices and with third parties to generate ideas.”
The results speak for themselves. During the 2009 recession, Pegasus saw 41% top line growth; during 2010-2011, it recorded 28%. Their staff has grown as well, from 56 full-time employees in 2009 to 88 today. Currently, the company is midway through a strategic plan put into place in 2009 to double its business by 2014. Chris DiPentima says the key is in superserving a more targeted client base through what they call “laser focus.”
“We went from servicing 220 customers in 40 industries in 2007 to 70 customers in 4 industries now,” he says. “The industries we now concentrate on — aerospace, defense, hi-tech, and power generation — are all in growth mode. They need to know that we are in that mode too; that we will be there for their ups and downs.”
Rasmus says the dedication shown by the DiPentima family is what inspired him to nominate them for this year’s award, and is what will continue to propel them forward.
“For them, it is about more than a paycheck,” he says. “It’s about longevity, sustainability and transferability so that the company can continue.”
Chris says Pegasus will weather economic fluctuations as long as they strive to move forward with a strategic, future-focused methodology.
“It’s about taking control of the moment, not the moment controlling us.”
