Investing

The 250 Largest Privately Held Companies of 2016

Douglas A. McIntyre

Published: December 14, 2016 9:45 am

Last Updated: January 12, 2020 4:46 pm

By Evan Danckwerth of PrivCo, a private company financial intelligence platform

PrivCo screened through its proprietary Private Company Financial Database with information on over 900,000 private companies to rank the PrivCo Top 250, our definitive ranking of the Top 250 Largest Privately Held Companies of 2016 in the United States based on our most recent year revenues. PrivCo has laid out the list and below you will find information about the industries, trends, top movers and analysis behind the PrivCo Top 250.

Year in Review:

2015 marked the beginning of the long and drawn out U.S. election cycle. The financial implications arising from the presidential election did not have much of an influence on the economic year, at least until 2016. What did happen in 2015 was one of the largest commodities volatility shifts since the 1970’s. The price of oil fell to around $37/barrel. What this meant for private companies in the U.S. had far-reaching implications that were positive for some and negative for others.

The oil industry itself, mainly on-shore drilling and fracking companies, saw a loss in employees of nearly 250,000, followed by numerous bankruptcies and a ceasing of operations in many states. At the same time, the drop in oil translated to cheaper fuel costs, a significant, if not the highest cost of production for commodities, supermarkets, food & wholesale distribution, and construction companies. Each of those industries is well represented in the Top 250 and makes up four of the top five industries on our list.

Private businesses in the U.S. continued to hire more employees at a faster rate than in previous years, a trend which was noticeable database-wide.

Industry Shakeup: Food Distribution and Supermarkets make up bigger share:

Food wholesalers, distributors and supermarkets made up a larger portion of the list this year than in years previous. We saw 21 firms break into the Top 250 with industry leaders like Albertsons pull in revenues of $58.7bln. Food wholesalers like C&S Wholesale Grocers, and Reyes Holdings both cracked the top 20 with revenues of $30bln and $24bln, respectively.

Top 10: Old leaders still tops; Insurance remains dominant:

Cargill, Inc. and Koch Industries Inc. jockey each year for the top spot of America’s largest privately held company. This year Cargill brought in nearly $120.3bln in revenue, while Koch brought in nearly $100bln. While these rankings haven’t changed, insurance companies disproportionately populated the top 10, with four making it in. Insurance leader State Farm topped the insurance category and ranked third on the overall list bringing in $74.7bln in revenue.

Stay tuned to the PrivCo newsletter and our social pages as we will continue to bring you our ranking of the largest privately held companies in Asia, LatAm, and Europe in the coming weeks.

1. Cargill, Inc. [PrivCo Ticker: CARGINP] Location: Wayzata, MN Owners: Cargill Family Revenue: $120,393,000,000 3-Year CAGR: 3.5% Employees: 153,000 What they do: Cargill’s revenues are derived from the production and marketing of food, agricultural, financial, and industrial products and services. . 2. Koch Industries Inc. [PrivCo Ticker: KOCINDP] Location: Wichita, KS Owners: Charles Koch (42%), David Koch (42%), Elaine Tettemer Marshall (14%) Revenue: $100,000,000,000 3-Year CAGR: -4.6% Employees: 100,000 What they do: Koch Industries, through its subsidiaries, operates in the businesses of polymers and fibers, chemicals, minerals, fertilizers, commodity trading, oil exploration, forest and consumer products and ranching. Through subsidiaries Georgia-Pacific and Invista, Koch Industries also produces several well-known brand name products such as Brawny, Vanity Fair, Quilted Northern, Dixie, and Stainmaster carpets; Lycra and Coolmax fibers. . 3. State Farm Mutual Automobile Insurance Co. [PrivCo Ticker: ATERMTP] Location: Bloomington, IL Owners: Policyholders of State Farm Mutual Automobile Insurance Revenue: $75,700,000,000 3-Year CAGR: 5% Employees: 73,262 What they do: State Farm offers a variety of insurance and financial services including home, auto, and renters insurance, savings accounts and credit cards, and annuities and IRAs . 4. Albertsons Companies, Inc. [PrivCo Ticker: ALBSNP] Location: Boise, ID Owners: Cerberus Capital Management Revenue: $58,700,000,000 3-Year CAGR: 151%  Employees: 164,000 What they do: Albertsons is one of the largest operators of grocery stores and pharmacies in the United States. . 5. Dell Inc. [PrivCo Ticker: DELLINCP] Location: Round Rock, TX Owners: Michael Dell, Silver Lake Partners Revenue: $58,119,000,000 3-Year CAGR: -1.2% Employees: 98,300 What they do: Dell is an information technology, electronics, and services company that offers personal computers, workstations, personal electronics, software, and hosted services. . 6. New York Life Insurance Company [PrivCo Ticker: NWYLIFP] Location: New York, NY Owners: New York Life Insurance Policyholders Revenue: $45,891,000,000 3-Year CAGR: 10.2% Employees: 11,563 What they do: New York Life Insurance is a mutual life insurance company that provides life and long term care insurance, as well as, annuities and other investment products and services. . 7. Nationwide Mutual Insurance Co. [PrivCo Ticker: NATMUTP] Location: Columbus, OH Owners: Nationwide Insurance Policyholders Revenue: $43,000,000,000 3-Year CAGR: 12.3% Employees: 33,903 What they do: Nationwide Insurance is an insurance company that specializes in domestic property and casualty insurance, life insurance and retirement savings, asset management and strategic investments. . 8. Liberty Mutual Holding Co., Inc. [PrivCo Ticker: LIMMINP] Location: Boston, MA Owners: Liberty Mutual Insurance Policyholders Revenue: $37,617,000,000 3-Year CAGR: 1.2% Employees: 52,680 What they do: Liberty Mutual is a diversified global insurer and offers a wide range of insurance products and services including personal automobile, homeowners, workers’ compensation, commercial multiple peril, commercial automobile, general liability, global specialty, group disability, fire and surety. . 9. Deloitte LLP [PrivCo Ticker: DELTOUP] Location: New York, NY Owners: Management & Employees Revenue: $35,200,000,000 3-Year CAGR: 4% Employees: 225,400 What they do: Deliotte LLP is a professional services firm that provides audit, consulting, financial advisory, risk management, and tax services. . 10. Mars Inc. [PrivCo Ticker: MARSP] Location: McLean, VA Owners: Mars Family Revenue: $33,000,000,000 3-Year CAGR: 0% Employees: 74,200 What they do: Mars Inc. is a candy and confectionery products manufacturer. Brands from Mars include M&M, Snickers, Twix, Milky Way, and Juicy Fruit. . 11. Publix Super Markets Inc. [PrivCo Ticker: PUBSUPP] Location: Lakeland, FL Owners: Employees (80%) & Jenkins Family (20%) Revenue: $32,362,579,000 3-Year CAGR: 5.3% Employees: 180,000 What they do:  Publix Super Markets Inc. is a supermarket chain offering grocery products. Publix operates throughout the Southeast, with locations in Florida, Georgia, Alabama, South Carolina, North Carolina, and Tennessee. . 12. Bechtel Corporation [PrivCo Ticker: BECHCOP] Location: San Francisco, CA Owners: Bechtel Family Revenue: $32,300,000,000 3-Year CAGR: -5.2% Employees: 52,700 What they do: Bechtel Corporation is an engineering company that specializes in construction and project management. Betchel works on projects through its five business units: civil engineering, government services, mining, oil & gas, and chemicals. . 13. C&S Wholesale Grocers, Inc. [PrivCo Ticker: CSWHOGP] Location: Keene, NH Owners: Cohen Family Revenue: $30,000,000,000 3-Year CAGR: 11.4% Employees: 17,000 What they do: C&S Wholesale Grocers is a distributor of food and non-food items to independent and chain grocery and supermarket stores. . 14. Massachusetts Mutual Life Insurance Company [PrivCo Ticker: MASMUTP] Location: Springfield, MA Owners: Policy Holders Revenue: $29,500,000,000 3-Year CAGR: 3.4% Employees: 7,200 What they do: Massachusetts Mutual Life Insurance, more commonly known as MassMutual, provides financial products such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. . 15. Penske Corporation [PrivCo Ticker: PENSKEP] Location: Bloomfield Hills, MI Owners: Roger Penske Revenue: $29,178,000,000 3-Year CAGR: 11.1% Employees: 49,902 What they do: Penske is a diversified transportation company specializing in automotive sales, services, leasing and component manufacturing. . 16. Northwestern Mutual Life Insurance Company [PrivCo Ticker: NORMUTP] Location: Milwaukee, WI Revenue: $27,880,000,000 Employees: 5,900 What they do: Northwestern Mutual Life Insurance Company is a mutual life insurance company that offers life insurance, disability income insurance, annuities, and other investment products and services. . 17. United Services Automobile Association (USAA) [PrivCo Ticker: ITERVIP] Location: San Antonio, TX Revenue: $24,361,000,000 Employees: 28,200 What they do: United Services Automobile Association (USAA) is a mutual corporation that provides financial services to military families. . 18. Reyes Holdings LLC [PrivCo Ticker: REYEHOP] Location: Rosemont, IL Revenue: $24,000,000,000 Employees: 18,000 What they do: Reyes is a wholesale distributor of beer and food. The company has over 11 beer distribution centers in the U.S. as well as food distribution operations consisting of The Martin-Brower Company, the largest supplier worldwide of distribution services to McDonald’s. . 19. HEB Grocery Company, LP [PrivCo Ticker: HEBGROP] Location: San Antonio, TX Revenue: $23,000,000,000 Employees: 86,000 What they do: HEB Grocery Company, LP is a family-ownedoperator of grocery stores in Texas and Mexico. The company sells food and drink, home and kitchen, health and beauty, baby, outdoor and sports, entertainment, office and school, and pet products, as well as clothing, toys, flowers, and electronics. It also operates pharmacies to offer prescription medicines, generic medicines, pet medications, immunizations, health screenings, Medicare, registered dietitian consultations, and other services. . 19. HEB Grocery Company, LP [PrivCo Ticker: HEBGROP] Location: San Antonio, TX Revenue: $23,000,000,000 Employees: 86,000 What they do: HEB Grocery Company, LP is a family-owned and operator of grocery stores in Texas and Mexico. The company sells food and drink, home and kitchen, health and beauty, baby, outdoor and sports, entertainment, office and school, and pet products, as well as clothing, toys, flowers, and electronics. It also operates pharmacies to offer prescription medicines, generic medicines, pet medications, immunizations, health screenings, Medicare, registered dietitian consultations, and other services. . 20. Pilot Flying J [PrivCo Ticker: PILFLYP ] Location: Knoxville, TN Revenue: $22,900,000,000 Employees: 24,000 What they do: Pilot Flying J Inc. is a privately-held retail company, and Pilot Flying J revenues are derived from being an operator of gas stations and convenience stores. The first Pilot Flying J was opened in 1958 by James Haslam II. Established in July 2010 from a merger between competitors Pilot Traveling Centers and Flying J, the company operates across 43 states and has over 550 locations. . 21. Love’s Travel Stops & Country Stores, Inc. [PrivCo Ticker: LOVTRAP] Location: Oklahoma city, OK Revenue: $22,500,000,000 Employees:  15,000 What they do: Love’s Travel Stops & Country Stores, Inc. is a privately held, family-owned company that operates two main types of facilities: fueling stations and convenience store. The larger Love’s Travel Stops are located on interstate highways and offer additional amenities such as food from national restaurant chains like Subway, Arby’s, and Carl’s Jr., as well as trucking supplies, showers, and RV dump stations. . 22. National Amusements Inc [PrivCo Ticker: ATIMUSP] Location: Dedham, Massachusetts Revenue: $21,560,000,000 Employees: 10,050 What they do: National Amusements Inc is a privately-held cinema operator. National Amusements Inc was founded in 1936. National Amusements Inc headquarters are located in Dedham, Massachusetts. . 23. Enterprise Holdings, Inc. [PrivCo Ticker: ENTEHOP] Location: St. Louis, MO Revenue: $19,400,000,000 Employees: 91,000 What they do: Enterprise Holdings Inc. operates in the rental car space. . 24. Access Industries [PrivCo Ticker: ACCINDP] Location: New York, NY Revenue: $19,110,000,000 Employees: 140 What they do: Access Industries is an international industrial group that makes strategic long-term private equity and venture capital investments typically across industrials, chemicals, natural resources, and the media space. The group operates as an investment vehicle that is mostly concerned with majority stake acquisitions. . 25. Cox Enterprises, Inc. [PrivCo Ticker: ACCINDP] Location: Atlanta, GA Revenue: $18,100,000,000 Employees: 55,000 What they do: The privately-held Cox Enterprises is a leading communications, media and automotive services company based in Atlanta, Georgia. Cox Enterprises’ major operating subsidiaries include Cox Communications, Inc. which provides cable television distribution, telephone, high-speed Internet access, commercial telecommunications and advertising solutions; Manheim, Inc. that offers vehicle auctions, repair and certification services and web-based technology products; Cox Media Group, Inc. which operates television stations, digital media, newspapers, advertising sales rep firms, Valpak and Cox Radio, Inc.; and AutoTrader.com, an online automotive classifieds and related publications. .

See all of PrivoCo’s Top 250 Largest Privately Held Companies of 2016.

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