Vmi Inc
How we got $2.9M
Based on its 13 employees and its payroll, both reported for PPP in 2021 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 54 years (since 1972)
- Family in the business (Randy Maitlen, Co-owner (son of Gene Maitlen))
From public records and the company's website, not a statement that it's for sale.
What they do
VMI Dredges manufactures dredging equipment, including horizontal and cutter suction dredges, and provides rentals, parts, and service for contractors, municipalities, industrial operations, mining, environmental projects, and infrastructure maintenance applications worldwide.
From the company's website. Industry: Construction Machinery Manufacturing.
Estimated value over time
▲ 171% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 38% since 2021Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2021 | PPP loan | 13 | $5.2M |
| 2020 | Form 5500 | 5 | $2.0M |
| 2021 | Form 5500 | 11 | $4.4M |
| 2022 | Form 5500 | 8 | $3.2M |
| 2023 | Form 5500 | 13 | $5.2M |
| 2024 | Form 5500 | 18 | $7.2M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| VMI INC this business | $5.9M | — |
| PLATINUM ARCH MANUFACTURING AND CONSTRUCTION LLC Stillwater · 40 employees | $13.1M | 17.6 mi |
| OKLAHOMA IMPORTS, LTD., LLC Stroud · 3 employees | $2.9M | 18.1 mi |
| SLYDER ENERGY SOLUTIONS LLC Carney · 26 employees | $16.4M | 19.6 mi |
| CRM CONSTRUCTION LLC Bristow · 22 employees | $8.6M | 22.3 mi |
| R&M USED TRUCKS & OILFIELD EQUIPMENT Bristow · 14 employees | $8.7M | 24.9 mi |
| TRIPLE C GRADING & EXCAVATING LLC Sapulpa · 4 employees | $1.7M | 29.8 mi |
The full calculation
| Employees reported to the SBA | 13 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $6.3M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $4.2M |
| Estimate: the two combined (geometric mean) | $5.9M |
| EBITDA margin (industry, adjusted for size) | 13% |
| EBITDA = revenue × margin | $744K |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $2.9M |
| Multiple for this size and industry | 3.9× |
| Value range | $1.5M – $4.0M |
| Revenue range | $3.8M – $6.7M |
| EBITDA range | $490K – $849K |
| Industry (NAICS) | Construction Machinery Manufacturing (333120) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022, OK. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
“As a privately owned and operated company spanning multiple generations of the Maitlen family, VMI continues to focus on manufacturing quality dredging equipment while supporting customers through operational experience, technical knowledge, training, service, and long-term support.”
Leadership
- BVBob VaughnCo-founder (stock purchased in 1997) · Company website · source
- RMRandy MaitlenCo-owner (son of Gene Maitlen) · Company website · source
Advisors
- BankingBMO Bank National AssociationPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| BMO Bank National Association PPP 2021 | All 119 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 2/6/2021 | second | $106K | 13 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Vmi Inc
Vmi Inc is a family-owned construction machinery manufacturing company in Cushing, Oklahoma, in business since 1972. It is owned by Gene Maitlen (Co-Founder). Its estimated annual revenue is about $5.9M, with roughly $744K of EBITDA. It has about 18 employees. Its estimated business value is $2.9M (likely range $1.5M–$4.0M).
Common questions
- Who owns Vmi Inc?
- Vmi Inc is owned by Gene Maitlen (Co-Founder), according to public sources such as the company's website or filings.
- How much revenue does Vmi Inc make?
- SeeBITDA estimates Vmi Inc's annual revenue at about $5.9M (likely between $3.8M and $6.7M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Vmi Inc worth?
- About $2.9M, roughly 3.9× its estimated EBITDA of $744K, typical for a construction machinery manufacturing company its size. Likely range: $1.5M–$4.0M.
- How many employees does Vmi Inc have?
- About 18, from its 2024 retirement-plan filing.
- When was Vmi Inc founded?
- Vmi Inc has been in business since 1972.