Special Report

The 20 Largest Privately Held Companies in America

20. Love’s Travel Stops & Country Stores, Inc.
> Revenue:
$22.65 billion
> Number of employees: 10,500
>Headquarters: Oklahoma City, Oklahoma
> Industry: Retail

Love’s Travel Stops & Country Stores was started by Tom and Judy Love in 1964 with a single gas station in Watonga, Oklahoma. Today, the company has more than 330 locations in 39 states. The company is still run by family members, and Tom Love remains its CEO. Forbes estimates that Tom and Judy Love have a combined net worth of $4.1 billion, largely due to their control of the company.

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19. Reyes Holdings LLC
> Revenue:
$23 billion
> Number of employees: 16,100
>Headquarters: Rosemont, Illinois
> Industry: Food and beer distributor

Reyes Holdings is a holding company that controls a number of food and beverage distributors operating around the world. Among the company’s largest holdings is Martin-Brower, which Reyes acquired in 1998. Martin-Brower is the largest distributor for McDonald’s, employing 7,800 people. The company is controlled by brothers Christopher and Jude Reyes, who Forbes ranks as tied for the 418th richest people in the world. Each have an estimated wealth of $4 billion.

18. Penske Corporation
> Revenue:
$23.1 billion
> Number of employees: 38,848
>Headquarters: Bloomfield Hills, Michigan
> Industry: Transportation Services

Penske Corporation is a diversified transportation services company. It operates a wide range of services, including car and truck rental, car dealerships, and auto part manufacturing. The company was founded in 1969 by Roger Penske, who also owns auto racing team Penske. Penske himself was a former race car driver who once raced in both Formula One and NASCAR. The company is also very active in other countries, with more than 275 locations worldwide.

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17. Nationwide Mutual Insurance Co.
> Revenue:
$23.9 billion
> Number of employees: 33,672
>Headquarters: Columbus, Ohio
> Industry: Insurance

Nationwide is one of the several policyholder-owned mutual insurance companies on our list of largest private companies in the country. Nationwide started out in 1925 as the Farm Bureau Mutual Automobile Insurance Company. Its original goal was to provide affordable auto insurance for Ohio farmers. In 1955, the company changed its name to Nationwide after having expanded to 20 states beyond Ohio. Today, the company is one of the nation’s largest insurers, ranking ninth in life insurance and seventh in homeowner’s insurance, in terms of total premiums.

> Revenue:
$24.82 billion
> Number of employees: 162,031
>Headquarters: New York, New York
> Industry: Accounting Services

KPMG is one of the largest accounting firms in the United States. It is one of the Big Four accounting service providers in the country along with Ernst & Young, Deloitte, and PricewaterhouseCoopers. The company operates in 155 countries and employs more than 160,000 people, making it the third largest private employer on our list. Much of the increase in the size of the company has been through mergers. Most recently the company became KPMG after it merged in 1987 with Klynveld Main Goerdeler and Peat Marwick International.

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