PBN 2025 FASTEST GROWING COMPANIES
$15 MILLION TO $50 MILLION 1. Mill City Construction Inc.
CEO (or equivalent): Stephen Traghella, co-owner and president
2024 Revenue: $38.1 million
2022 Revenue: $14 million
Revenue growth: 171.5%
WHEN STEPHEN TRAGHELLA purchased Mill City Construction Inc., his goal was to transform the Lincoln-based business from being a regional contractor into one that can compete for larger, more complex projects.
Traghella, Mill City’s co-owner and president, says he wanted to increase the volume and revenue of the company. It would allow Mill City, he says, to have a higher bonding capacity, increase its visibility to owners, architects and engineers, and work on larger projects.
It’s been so far, so good. Mill City’s revenue increased from $14 million in 2022 to $38.1 million in 2024 – a 171.5% jump.
According to Traghella, the decision to prioritize scale was essential to the company’s growth.
In other words, the growth strategy created a positive cycle. As Mill City took on more projects, it strengthened its reputation, which in turn opened doors to new opportunities.
The transition in ownership, however, wasn’t without obstacles.
“Since the purchase of the company, we’ve had a variety of challenges that were both anticipated and unanticipated,” Traghella said.
Contractual complications arose during the change in ownership, for instance, which delayed payments on active projects. The company also had to reapply for its Massachusetts Division of Capital Asset Management and Maintenance certification. Without that certification, the company couldn’t bid on public work in the commonwealth.
“Although location, personnel, work ethics, enthusiasm and commitment had not changed, we were considered a ‘new company’ to several of our existing customers and our bonding company,” Mill City Controller Holly Yagnesak said.
On top of these structural hurdles came the everyday challenges for Mill City in running a construction business. Such matters included banking and bonding negotiations, vehicle turnover, even a death in the family. Mill City’s strong client relationships and loyal team, however, allowed it to push through the challenges.
“Our two anchor clients, the [U.S. Postal Service] and the [Massachusetts Bay Transit Authority], had enough work going to keep us busy without relying as much on the public bidding process at the time,” Traghella said. “Secondly, our lawyer, accountant, bonding agent and banking agent were all extremely patient and helpful in getting us through the processes. Finally, and most importantly, our core team here has been together for many years and was instrumental in getting through all the challenges.”
The company’s growth has already had a tangible impact. Yagnesak says equipment and trucks have been upgraded, and staff has been offered various construction classes and licenses to improve their knowledge and skills.
The company’s investment in its people and equipment has strengthened operations and positioned Mill City as a more competitive player in the New England construction market.
“The increased dollar values of the projects we have been awarded have given us the credentials to increase our bonding capabilities,” Yagnesak said.
For Mill City, the future lies in taking on even larger and more complex projects. Traghella says the company’s greatest opportunities will be in a slightly higher tier of construction projects than it currently participates in.
“It will enable us to get to the next step in revenue, increase our customer base and show that we can handle the more complex and challenging projects,” he said.
At the same time, Mill City’s revenue is heavily tied to the public bidding sector, leaving it exposed to economic fluctuations. Traghella acknowledges that managing those risks while continuing to scale will be an ongoing balancing act.
Mill City Construction’s rapid growth is not just the result of business strategy but also of resilience in the face of transition and uncertainty. By investing in its capacity, leaning on long-term client relationships and relying on the strength of its core team, the company has turned challenges into opportunities.
In recent years, Mill City has proven that a regional contractor can transform into a major player in the industry. For Traghella and his team, the work is just beginning.
