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 [image-nocss] 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 74 Wegmans Food Markets, New York, $4.80 billion 83 Mansfield Oil, Georgia, $4.40 billion 92 WinCo Foods, Idaho, $4.20 billion 100 Red Apple Group, New York, $3.95 billion 101 Roundy's Supermarkets, Wisconsin, $3.90 billion 107 Stater Bros., California, $3.75 billion 115 Raley's, California, $3.53 billion 129 Golub, New York, $3.30 billion 130 Sheetz, Pennsylvania, $3.24 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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