Diversification: Just the right Rx

CEO (or equivalent): Bradley Waugh, CEO; Al Greer, president

2015 Revenue: $19,784,726

2013 Revenue: $3,232,321

Revenue growth: 512%

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LIFE WEAR TECHNOLOGIES has flourished in the decade-plus since the company was founded as Modular Thermal Technologies by Tom Noel. The entrepreneur, the son of former Gov. Philip W. Noel, got a sports injury and had issues finding a long-lasting cold pack that was convenient and affordable. And so the CryoMAX cold pack was born.

After Tom Noel’s death in 2009, the company was eventually acquired by CEO Brad Waugh and President Al Greer. At that time, said Waugh, in 2014, it had $3.2 million in revenue. Life Wear Technologies was acquired in July 2015, and the company name was changed.

That union made an $11 million company, said Waugh, and two years later, revenue is at $20 million. Its heat packs and cold packs are available from retailers that include Target, CVS Health Corp. and Walmart.

Life Wear recently dove into the world of over-the-counter medicine, buying TriCalm anti-itch products from Cosmederm Bioscience of San Diego, which will be manufactured in Connecticut.

“It is a symbiotic relationship with our products,” said Waugh of Tri-Calm. “Our biggest challenge was getting a distribution facility that could handle our sales growth.”

Waugh said Life Wear will add 20 percent to its workforce of 50 before early next year, and has strengthened its benefits package, “an important aspect of finding employees and keeping them,” he said. •

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