Inc. magazine today revealed that Maine-based Sea Bags
is No. 4,247 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s
fastest-growing private companies. The list represents a unique look at the most successful
companies within the American economy’s most dynamic segment—its independent
businesses.
“We’re excited to be recognized for the fourth year in a row as one of America’s fastest-growing
private companies by Inc. Magazine,” said Don Oakes, CEO of Sea Bags. “Like many companies
who continue to face the challenges of the global pandemic and all the resulting headwinds, we
are happy to show continued growth, albeit somewhat lumpy. We are pleased by the fact that
our three-year growth rate has not only been enough for us to again make this prestigious list
but also shows we are prevailing. None of our success over the past year would have been
possible without the hard work and dedication of our crew, who continue to design,
manufacture, market, ship, and sell our products made from recycled sails to people all over the
world. We’re honored to be recognized alongside a number of other great Maine companies as
well as those who share our commitment to sustainability and staying made in the USA.”
The companies on the 2022 Inc. 5000 have not only been successful, but have also
demonstrated resilience amid supply chain woes, labor shortages, and the ongoing impact of
Covid-19. Among the top 500, the average median three-year revenue growth rate soared to
2,144 percent. Together, those companies added more than 68,394 jobs over the past three
years.
Complete results of the Inc. 5000, including company profiles and an interactive database that
can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000. The
top 500 companies are featured in the September issue of Inc. magazine, which will be available
on August 23.
The 12 Maine companies included in this year’s Inc. 5000 include Sea Bags, Origin, Black Point
Seafood, Cousins Maine Lobster, SaviLinx, STARC Systems, VeritasPrime, Bedard Medical, Mast
Landing Brewing Company, Mailings Unlimited, NexRep, Tilson Technology Management.
“The accomplishment of building one of the fastest-growing companies in the U.S., in light of
recent economic roadblocks, cannot be overstated,” says Scott Omelianuk, editor-in-chief of Inc.
“Inc. is thrilled to honor the companies that have established themselves through innovation,
hard work, and rising to the challenges of today.”
Within the last three years, Sea Bags has opened 22 new stores, increased its employee count
to over 220, and had a 70% increase in overall sales. In order to accommodate the sales
demand, the brand expanded its manufacturing space from 15,000 to 30,000 square feet.
Adding a new flagship store in its home state of Maine in 2021, the brand quickly pivoted at the
start of the pandemic and those decisions are paying off. Now, in the summer of 2022, the
brand continues to expand its retail footprint with seven new stores throughout the East Coast
and Michigan.
About Sea Bags
Incorporated in 2006, Sea Bags started by making fun, functional, and stylish totes from reclaimed sail
cloth in the historic Old Port district of Portland, Maine. Today, the company employs nearly 200 people –
all dedicated to the mission of saving sails from landfills while creating a diverse line of totes, bags, and
home goods that feature material from recycled sail cloth. The extensive use of reclaimed sail cloth is
unique to Sea Bags. Signs of hard sailing can be seen in Sea Bags creations, making them as individual
and unique as their owner. As of 2021, Sea Bags iconic Totes and Bucket Bags are GreenCircle Certified
for recycled content. The new Sea Bags flagship retail store is located on Commercial Street in Portland
Maine, and the manufacturing headquarters and factory store is located around the corner on Custom
Wharf House on Portland, Maine’s working waterfront – where you can see firsthand the bags being
made. Company-owned retail stores are located in Maine, New Hampshire, Massachusetts, Rhode
Island, Connecticut, New York, New Jersey, Delaware, Maryland, South Carolina, Florida, Michigan and
California. To learn more about Sea Bags and the stories their sails tell, visit www.seabags.com.
More about Inc. and the Inc. 5000
Methodology
Companies on the 2022 Inc. 5000 are ranked according to percentage revenue growth from 2018 to
- To qualify, companies must have been founded and generating revenue by March 31, 2018. They
must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other
companies—as of December 31, 2021. (Since then, some on the list may have gone public or been
acquired.) The minimum revenue required for 2018 is $100,000; the minimum for 2021 is $2 million. As
always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to
determine company rankings were calculated to four decimal places. The top 500 companies on the Inc.
5000 are featured in Inc. magazine’s September issue. The entire Inc. 5000 can be found
at http://www.inc.com/inc5000.
About Inc.
The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools,
connections, and community to build great companies. Its award-winning multiplatform content reaches
more than 50 million people each month across a variety of channels including websites, newsletters,
social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes
company data to recognize the fastest-growing privately held businesses in the United States. The global
recognition that comes with inclusion in the 5000 gives the founders of the best businesses an
opportunity to engage with an exclusive community of their peers, and the credibility that helps them
drive sales and recruit talent. The associated Inc. 5000 Conference & Gala is part of a highly acclaimed
portfolio of bespoke events produced by Inc. For more information, visit www.inc.com
