Client Success Story - Thor Construction, Inc.

Industry: Commercial and Residential General Contracting, Design Build, Consulting, Construction Management

Owner: Richard Copland

Milestone's Involvement: Milestone Growth Fund assisted Thor Construction in not only in financing but was a resource when no one was as well as providing Thor Construction with support when they needed it.

Despite Setbacks, Thor Construction is Largest African-American Owned Construction Company in Upper Midwest

Thor Construction, Inc. was founded by Richard Copeland who, in 1980, set out with determination and a dream to build a contracting company with a reputation for quality and service.

Twenty-three years later, Thor Construction, Inc. is the largest African-American owned Construction Company in the upper Midwest.  The company specializes in General Contracting, Site Development, Construction Management and Design-Build, self-performing in the areas of Cast-in-Place Concrete, Carpentry and specialized Demolition.

Through many economic ups and downs Thor Construction, Inc. has survived, grown and prospered.  When Copeland's family's business needed help, he and a partner were able to acquire it. At the time the attention required to build two businesses proved damaging for Thor Construction, which almost went out of business. But Copeland believed in both companies and with the help of Milestone Growth Fund, Thor Construction has thrived.

As a minority-owned business owner, Copeland believes in and continues to impact his community. “We are afforded an opportunity to participate in the mainstream, and for that opportunity it should be and is expected of us to bring our community along.” (Source of quote: Minnesota Business)

Of Esperanza Guerrero-Anderson, Copeland has said, “She's ruthless and she's tough. But she's made me the loan [with warrant options] when the bank wouldn't. My own advisers were saying, ‘Why would anybody give you a loan?' I didn't have the financial resources to go after the bigger bonding or to hire the people I needed. Esperanza believed in me.” (Source: Star Tribune)

Summary of Success: 1980 – Present

• 1980-Richard Copland launches Thor Construction, Inc. (TCI)
• 1983-Thor is a million dollar company.
• 1985-Copeland acquires father's trucking company with his partner Tim Hoag.
• Renames it Copeland Truc-King, Inc. (CTI)
• Thor Construction almost goes out of business.
• 1987-Milestone Growth Fund and TCI began their relationship
• CTI is a million dollar company.
• 2001- CTI: 9 million dollar company with 80 employees.
• TCI: 31 million dollar company with 60 employees, offices in Duluth, Atlanta, Las Vegas, and Des Moines.
• 2002-Obtain ISO 8000 certification for CPI.

Media Features:

• Standing Tall -- Down economy or not, Richard Copeland is determined to grow both of his multi-million dollar enterprises (Focus: Minority Entrepreneurs), by Mark Druskoff, Minnesota Business Magazine , December 2002

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