Riding strong out of the pandemic as 2022 began, this year’s Top 100 Private Companies brushed aside rising interest rates, banking sector turmoil and recession worries to post another strong year.
Led once again by Blue Cross and Blue Shield of Louisiana and its $4.58 billion in revenue, the companies on Business Report’s 2023 Top 100 Private Companies list collectively posted $29.9 billion in 2022 revenue, up roughly 9.4% from 2021. This is likely to be the final appearance on the Top 100 list for Blue Cross and Blue Shield as its acquisition by Indianapolis-based Elevance Health is expected to close later this year.
The top five remained stable, with Raising Cane’s ($3.2B, up 33%), Turner Industries ($2.45B, up 3.5%) and Performance Contractors ($1.51B, up 30.6%) repeating in the 2-3-4 spots. MMR Group Inc. moved into the fifth spot, posting $967 million in 2022 revenue, up 25.9%. Half of the companies on this year’s top 10 are in the industrial construction sector.
The number of companies that saw year-over-year revenue gains in 2022 grew to 72 on this year’s list, up from 60 a year ago. The average percentage gain among winners was 28.24%, up nearly eight percentage points from last year’s group. Companies experiencing a year-over-year revenue decline dropped to 25, from 30 a year ago. Retreaters saw an average percentage decline of 10.03%, down slightly from last year’s Top 100.
See the full cover package and Top 100 list from the latest edition of Business Report. Send comments to editor@businessreport.com.
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