DiamondBack Truck Covers - Philipsburg, PA
It all began in a dorm room at Penn State. Engineering student Matt Chverchko developed a new type of truck bed cover with his business-savvy classmate Ethan Wendle to pitch for a class project. At the time, the only covers available to truck owners were tarps or painted fiberglass. Matt wanted to create another option—a heavy-duty cover that not only protected and secured items in the truck bed, but was also strong enough to haul items on top. The idea won the class competition and upon graduation, DiamondBack Truck Covers was born.
DiamondBack has disrupted the typical third-party distribution system for automotive accessories by selling its products directly to consumers, creating a loyal customer base for the company. This move led to explosive growth, and DiamondBack has now made the Inc. 5000 list of fastest growing companies in America for five consecutive years.
To keep up with increasing demand, DiamondBack began looking into a bigger space that prioritized efficiency in manufacturing its products. The team worked with the Moshannon Valley Economic Development Partnership (MVEDP) in 2016 to purchase land for a new, custom facility that would help them fulfill more orders and provide ample room for future growth.
In its search for financing, DiamondBack was introduced to Ryan Lockhart from The 504 Company. Partnering with Northwest Savings Bank to fund the $3.8 million project, The 504 Company provided nearly $1.5 million in SBA 504 funding to purchase the land and construct the new facility. “We had some unique challenges and they thought outside the box and didn’t give up,” says Chief Financial and Operating Officer Ben Eltz.
With 30-foot ceilings and double the usable space, DiamondBack now has a facility built around its manufacturing process. “We had an unexpected growth surge that started in January of 2017,” explained Ben. “If we hadn’t moved into this building we wouldn’t have been able to deliver on that.”
DiamondBack’s success has radiated throughout the Philipsburg community, bringing in money from outside the area to truly invest in the small, central Pennsylvania town. The company has capitalized on the manufacturing skills available in the local workforce, bringing more than 55 jobs to the area. “We want to create a place where people enjoy working in a manufacturing setting, where people are paid well, and increase their quality of life,” adds Ben.