Private & Profitable Thirty industry-related chains among Forbes' Largest Private Companies list
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NEW YORK -- Thirty convenience-store and grocery chains were named to Forbes 25th annual listing of America's Largest Private Companies.
The annual survey of private companies reflects the same turbulence that is rocking the publicly traded firms that make all the headlines, according to the magazine. Seven companies on this year's list are operating in Chapter 11 bankruptcy, including aluminum maker Aleris (taken private by Texas Pacific Group), Reader's Digest (by Ripplewood Holdings) and travel-center mainstay Flying J, which will likely soon become part of Pilot Travel Centers.
Private-equity firms, which own one-third of the companies on the list, are scrambling to repair such souring investments. The State Street private-equity index, which tracks investments made by 1,600 investment firms, was down 28% in the year ending March 2009. As punishment, private-equity funds have seen the average amounts they raise from investors cut in half.
Yet the S&P, up 21% this year, has everyone thinking it's party time again, according to the report. Kohlberg Kravis Roberts has its sights set on a stock offering for Dollar General (No. 29). Billionaire David Murdock is planning to spin off Dole Foods (a subsidiary of No. 37, Murdock Holding). The fractured Pritzker family wants to cut in the public on its Hyatt Hotels chain (No. 104).
The list includes only firms with revenue greater than $2 billion. There are only two new names on the list: Interstate Bakeries (No. 166), the maker of Twinkies and Wonder Bread, which was taken private in February by Ripplewood Holdings and General Electric; and Pilot Travel Centers (No. 14), here by dint of a change in ownership structure.
Industry names on the list, including their ranking and 2008 revenue include:
9 Publix Super Markets, Florida, $24.11 billion
13 Flying J, Utah, $18.00 billion
14 Pilot Travel Centers, Tennessee, $17.28 billion
15 Love's Travel Stops & Country Stores, Oklahoma, $16.50 billion
19 HE Butt Grocery, Texas, $15.10 billion
20 Meijer, Michigan, $13.88 billion
34 Cumberland Farms, Massachusetts, $8.90 billion
40 Giant Eagle, Pennsylvania, $8.15 billion
44 Sinclair Oil, Utah, $7.75 billion
45 QuikTrip, Oklahoma, $7.73 billion
48 Hy-Vee, Iowa, $7.05 billion
50 RaceTrac Petroleum, Georgia, $6.68 billion
55 Wawa, Pennsylvania, $5.83 billion
70 Save Mart Supermarkets, California, $5.00 billion
159 Demoulas Super Markets, Massachusetts, $2.80 billion
168 Houchens Industries, Kentucky, $2.70 billion
191 Schnuck Markets, Missouri, $2.50 billion
206 Brookshire Grocery, Texas, $2.27 billion
218 Bi-Lo Holdings, South Carolina, $2.20 billion
238 Kum & Go, Iowa, $2.03 billion
245 Holiday Companies, Minnesota, $2.00 billion
About its place on the list, the 10th consecutive year for Love's Travel Stops, founder and CEO Tom Love stated, "We're proud to be an Oklahoma company that has grown a national footprint. We have experienced significant and steady growth since our first Love's location, and we expect that to continue for years to come."
Most of the companies on our list have no plans to change their private statuses, according to the report.
In addition to the $2-billion-revenue requirement, the companies on the list have either too few shareholders to be required to file financial statements with the Securities and Exchange Commission, or have shares with ownership restricted to some group, such as employees or family members.
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The list includes only firms with revenue greater than $2 billion. There are only two new names on the list: Interstate Bakeries (No. 166), the maker of Twinkies and Wonder Bread, which was taken private in February by Ripplewood Holdings and General Electric; and Pilot Travel Centers (No. 14), here by dint of a change in ownership structure.