FLOE International Company Profile

Background

Founded in 1983 by Wayne Floe at the age of 19, FLOE International has evolved from a modest operation in a pole building to a leading manufacturer of high-quality aluminum recreational equipment. The company's mission is to "invent a better way" to enhance the recreational experience, focusing on innovative designs and user-friendly products. With over 300,000 square feet of production space across four facilities in three cities, FLOE has established itself as a significant player in the marine and recreational equipment industry.

Key Strategic Focus

FLOE International specializes in the design and manufacture of aluminum docks, boat lifts, trailers, and boats. The company's core objectives include delivering innovative, high-quality products that enhance the recreational experience for customers. Key areas of specialization encompass:

• Boat Lifts & Aluminum Docks: Offering a comprehensive line of vertical boat lifts and pivot PWC lifts suitable for various watercraft, along with three styles of aluminum docks to meet diverse shoreline needs.

• Trailers: Producing the CargoMax™, a sport utility trailer redefining the industry, alongside the Versa-Max™ UT and Versa-Max™ RT, all-aluminum utility trailers.

• Boats: Manufacturing the Varatti™ Boat, recognized as a unique multi-sport boat in the industry.

• Thermoforming Plastics: Through FLOE Thermoforming, providing large-sheet, heavy-gauge pressure, and vacuum forming services to OEMs.

The company targets the North American market, distributing products through a professional dealer network across the United States and Canada.

Financials and Funding

As of recent reports, FLOE International's estimated annual revenue is approximately $61.4 million, with a workforce of 422 employees. The company has raised a total of $1 million in funding over one round. The capital has been utilized to expand production capabilities, invest in innovative technologies, and enhance product offerings.

Pipeline Development

FLOE International continues to innovate and expand its product lines. Recent developments include the introduction of new Varatti boats, showcased during the company's 40th-anniversary celebration in August 2023. These boats are designed to cater to a wide range of watersports activities, from wake surfing to tubing, embodying the "Varatti is Variety" concept.

Technological Platform and Innovation

FLOE International distinguishes itself through proprietary technologies and innovative manufacturing processes:

• Thermoforming Capabilities: The company operates one of the largest rotary vacuum thermoforming machines globally, enabling the production of substantially larger products, up to 25 feet long and 10 feet wide, with material thicknesses of 0.60 inches.

• Automation and Robotics: Investments in automation, including the addition of several robots to production operations, have enhanced manufacturing efficiency and product quality.

• Innovative Product Design: The company's products feature patented technologies and unique designs, such as the Quick Attach Sectional Docks and the Maxis Canopy, catering to modern watersports boats and pontoons.

Leadership Team

FLOE International's leadership team comprises experienced professionals dedicated to driving the company's mission:

• Wayne Floe: Founder and Chief Executive Officer, with over four decades of experience in the industry, leading the company since its inception.

• Don VanderMey: President, contributing significantly to the company's strategic direction and operational excellence.

• Lance Gray: Vice President, overseeing various aspects of the company's operations and growth initiatives.

• Ryan Menzel: Director of Sales and Marketing for CargoMax Key Accounts, focusing on expanding the company's market reach and customer engagement.

In 2021, Wayne Floe's son, Easton, joined the company, starting in production, learning various welding techniques, operating robots, and now contributing to new product development.

Competitor Profile

Market Insights and Dynamics

The recreational equipment industry, particularly in the marine sector, is characterized by steady growth driven by increasing consumer interest in outdoor activities and water sports. The market is competitive, with several key players offering a range of products catering to diverse customer needs.

Competitor Analysis

FLOE International faces competition from several companies in the industry:

• Midwest Industries: With 186 employees and an estimated revenue of $27.6 million, specializing in marine products.

• Karavan Trailers: Employing 256 individuals, generating approximately $68.6 million in revenue, focusing on trailer manufacturing.

• ALCOM: A larger competitor with 740 employees and $219.1 million in revenue, offering a broad range of aluminum trailers.

• Diamond C Trailers: With 326 employees and $103.6 million in revenue, known for their custom trailer solutions.

• Look Trailers: Employing 500 people and generating $50.9 million in revenue, specializing in enclosed trailers.

FLOE International differentiates itself through innovative product designs, proprietary technologies, and a strong focus on customer experience.

Strategic Collaborations and Partnerships

FLOE International has established a robust dealer network across North America, partnering with professional dealerships for the sales and service of its products.