NJ: Flybar Relocating to Garden State, Add Five Employees
29 Mar, 2019
In 2015, entrepreneurs Saul Wolhendler and Abraham Goldberger purchased Flybar, Inc., best known as the original pogo stick company, with a vision to move the company from New York to New Jersey and vastly expand the assortment the toy manufacturer offers. Through financing provided by OceanFirst Bank and the New Jersey Economic Development Authority (NJEDA), Flybar was able to turn this vision into a reality.
Flybar purchased a 5.22-acre property in Howell that included a 51,450-square-foot industrial building to accommodate its expanded inventory and growing team. The purchase was supported by a $4.34 million OceanFirst Bank loan with a $1.61 million NJEDA participation through the Premier Lender Program.
Along with pogo sticks, which Flybar has manufactured and sold since 1918, the business has now expanded its product line to include scooters, skateboards, stilts, trampolines, safety gear, and more. Flybar added a line of stand-up tree swing products, known as “Swurfer” to its offerings after Wolhendler acquired, and became president and chief executive officer of, Swurfer® in 2017.
“The iconic pogo stick has been beloved by children for over a century and now, with NJEDA support, we’re able to offer our products to a whole new generation of toy lovers from our new location in Monmouth County,” Wolhendler said. “As a long-time New Jerseyan, I am pleased that Flybar is impacting not just the toy industry but also the local economy.”
In moving to New Jersey, Flybar relocated nine employees to the state and expects to create five new jobs in the next two years as its business expands.
“When small business owners choose to move their companies to New Jersey, it’s a win for our state,” NJEDA Managing Director of Business Development Paul Ceppi said. “In support of Governor Phil Murphy’s goal of making government easier to do business with, the NJEDA has recently made some changes to help streamline companies’ engagement with us and increase access to the capital they need to grow and thrive in the Garden State.”
Ceppi visited Flybar today to raise awareness of the range of low-cost financing solutions offered by the NJEDA to support the growth of small businesses in New Jersey. Derrick Benns, NJEDA’s Director of Business Development – South Region, and Ocean First Bank’s Senior Vice President/Team Leader Edward K. Moran, Jr. accompanied Ceppi on the visit.
“Our status as an NJEDA Premier Lender enables us to expand our offerings to customers like Saul who are looking to grow their businesses,” Moran said. “As a New Jersey-based bank, we have a vested interest in seeing our customers succeed, and our partnership with the NJEDA enables us to better tailor our offerings to meet clients’ unique needs.”
Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
To learn more about EDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.NJEDA.com and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.