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By John Aguilar
Staff Writer
Boulder County Business Report, Volume 21, Issue 2
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BOULDER -- JOMY Safety Products Inc. is kicking off a self-underwritten initial public offering (IPO) as it increases the size of its facilities by a factor of nearly five.
The Boulder-based marketer, manufacturer and distributor of fire, emergency escape and rescue systems for residential and commercial customers throughout North America and the Pacific Rim, can barely keep up with orders, said Paul Enright, president and chief executive officer.
"I've been chasing business away for two years," he said. "We've got so much business on our hands right now. Sept. 11 didn't affect us at all."JOMY hopes to replace the nation's aging stock of heavy, rusting steel fire escapes with its aluminum fire escapes, which it claims are as strong as steel, but lighter, cheaper and easier to install. Included in its product line are ladders, balconies and staircases.
JOMY began in the mid-1980s as Associated Building Products in Colorado Springs, a company that exclusively distributed JOMY products for JOMY S.A., the Belgian company that started the business. Associated Building Products moved to Boulder in 1986 under the name CDE International, where Enright served on its board of advisers. When CDE folded in 1990, Enright reincorporated the business as privately held JOMY Safety Products, maintaining the licensing agreement with JOMY S.A.
Now it is moving from its 2,500-square-foot offices in Gunbarrel into a new 11,500-square-foot facility at 4635 Nautilus Court South in Gunbarrel to accommodate its new manufacturing operation, which will churn out smaller staircases and balconies starting in February. The longer staircases and ladders will still come from Belgium.
Privately held JOMY had revenues of $1 million last year, but had a net loss of $24,000. Despite the loss, Enright thinks it is time to take the company public. He will begin investor meetings in late January and plans to offer a million shares of the company for $1 a share. Because directors and employees at JOMY already hold many existing shares of the company, outside investors who buy JOMY shares during the initial public offering will eventually account for 27 percent ownership in the company.
Contact John Aguilar at (303) 440-4950 or e-mail jaguilar@bcbr.com.