Black Woman-Owned, Billion-Dollar Firm Is No. 2 On Black Enterprise’s Top 100 List
Every year Black Enterprise magazine releases a list of the largest black-owned companies in various sectors — from the auto industry to tech firms. The 42nd Annual Black Enterprise 100s report on top industrial/service companies, auto dealerships, financial companies and ad agencies.
BE 100s consists of rankings of America’s 100 largest black-owned industrial/service companies, 60 automobile dealers, as well as listings of the top advertising agencies, banks, asset managers, investment banks and private equity firms,” according to a press release.
Black Enterprise Senior VP/Editor-in-Chief Derek T. Dingle praised all of the companies on the list for their ability to thrive in the face of rough financial waters. “As such, most exhibit elasticity, capability, technological adaptability and branding power in a seesaw economic recovery and hyper-competitive business environment,” he said.
The theme for BE’s 2014 report is “Scale Up Your Business,” as the magazine discovered many of the CEOs on the list have remodeled their companies for opportunity and expansion.
The list includes the $5 billion revenue leaders—World Wide Technology Inc., ACT-1 Group, Bridgewater Interiors L.L.C., Modular Assembly Innovations L.L.C., and RLJ McLarty Landers Automotive Holdings L.L.C. The list is male-dominated, though there are some standout companies owned by black women, including the aforementioned ACT-1 Group owned by Janice Bryant Howroyd (above) with revenues topping $2.2 billion — yes, billion — last year. For the second year, it came in the No. 2 spot, following World Wide Technology Inc. Other women-owned companies on the list included: Mays Chemical Co. Inc. owned by Kristin Mays-Corbitt and Oprah Winfrey’s Harpo Inc.
Among the companies of the year are:
Financial Services Company of the Year: Vista Equity Partners, San Francisco, CA; CEO, Robert F. Smith. Business: Private Equity (focus on technology)
Advertising Agency of the Year: commonground marketing, Chicago, IL; CEOs, Sherman Wright/Ahmad Islam
Industrial/Service Company of the Year: ChemicoMays L.L.C., Southfield, MI; CEO, Leon C. Richardson. Business: Chemical Management Services
Auto Dealer of the Year: Rodgers Chevrolet Inc., Woodhaven, MI; CEO, Pamela Rodgers. Business: Retail sales for GM
It was back in 1973 that BE came up with the idea for the now widely recognized list. At that time the combined sales for the 100 component companies totaled $473 million. Today, the top 100 African American industrial/service companies—the core of the BE 100s report—together grossed more than $21.8 billion in 2013. This is an incredible $2 billion increase in revenue over the previous year.
To see the entire list, click here.