Turn5, a Malvern-based ecommerce company focusing on Jeeps and muscle cars, secured $611,000 in state credits to expand operations to an upcoming 90,000-square-foot headquarters. The move will create 183 new jobs by 2020, according to the company.
Think of Turn5 as a RevZilla of sorts for Jeep Wrangler, Ford Mustang and F-150 truck owners. The company, founded in 2003, will be putting up close to $8 million toward its announced expansion over the coming three years.
“We’re really looking forward to moving the company to our new headquarters and are so appreciative of Gov. Tom Wolf’s support as we expand our team and ability to serve Mustang and Jeep customers,” said Turn5 CEO Steve Voudouris. “We look forward to bringing more jobs and more economic development to the region as we continue to serve the auto enthusiast market.”
To break down the source of the state’s backing: the company scored
- a $200,000 Pennsylvania First Program grant,
- $45,000 in WednetPA funding for employee training and
- $366,000 in Job Creation Tax Credits to be distributed upon the creation of the new jobs.
State support for the ecommerce biz went down with the blessing of the Chester County Economic Development Council (CCEDC). MaryFrances McGarrity, SVP for Business Development at CCEDC, said the IT sector is expected to remain one of the largest employers in Chester.
“As an ecommerce-based company, Turn5 has embraced technology and innovation to expand its business and provide significant job creation in Malvern,” said McGarrity.
According to numbers provided by the Governor’s Office, the state’s Department of Community and Economic Development approved nearly $1.1 billion in loans, tax credits and grants for projects across Pennsylvania last year.
“To see a successful Pennsylvania-born company grow is a true testament to Pennsylvania’s business climate,” said Wolf in a statement. “This will provide jobs to Pennsylvania’s residents and further the company’s contribution to the economic well-being of the commonwealth.”