Victor Maggitti Jr
Owner and President
Location: King of Prussia, PA
Industry: Concrete Accessories
Victor J. Maggitti Jr. is in his 80s, and he still works 10 hours a day, including Saturdays. In fact, he plans to keep going into his 90s.
Maggitti Jr. is owner and president of Vimco Inc., a manufacturer and distributor of construction supplies and accessories, including rental inventory of concrete forms and equipment. The company has been family owned and family operated since 1960.
Maggitti Jr. graduated from Villanova University’s business school in 1956 with a degree in accounting and immediately went to work for his father, who had a small company that sold sand, stone and cement to concrete contractors. Sales at the company, though, were on the decline because contractors at that time were starting to use ready mix concrete.
Maggitti Jr. and his father shifted gears, starting a new business that sold concrete accessories. Maggitti Jr. did all the accounting for that venture at the outset, and today Maggitti Jr. is still doing the accounting for the business that, before it recently sold the manufacturing part of the company, generated $75 million in annual revenue. The company’s footprint includes eastern Pennsylvania, New Jersey, Delaware, Maryland, Washington, D.C., and northern Virginia.
The manufacturing part of Vimco was sold to Ocabe in Japan in 2021. Even without that piece of the business, Maggitti Jr. anticipates revenue to grow by $5 million per year in each of the next five years, starting from roughly $50 million.
Family and friends, above all else, are what matters to Maggitti Jr. He entertains family, friends and customers at his home and at his suite at Philadelphia Phillies games and Villanova basketball games.
“Friendship with your family and employees and customers is the greatest lesson to learn,” he said.
Maggitti Jr. donated $20 million to his alma mater Villanova. He also donated $6 million to Malvern Prep, the high school where his son and grandsons attended. The donations, he said, are two of his most proud accomplishments, along with helping build Vimco and the work of his employees.
“I am proud of the people I employ at Vimco. I have people who have been with Vimco for 40 years and my intention is to include all my employees in my will, naturally along with my family and friends,” Maggitti Jr. said. “Friendship is what develops respect (and) that leads to hard work.”
I work every day, 10 hours a day including every Saturday. I run 5 miles on my treadmill at home every other day. I attend all Villanova basketball games. This year I went to see Villanova with my family in Pittsburg, San Antonio, and New Orleans. Unfortunately, Villanova lost the first game at “The Final Four” in New Orleans.
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