The underlying structure of the American corporate landscape is privately held corporations. It is a term that exists to describe firms that have no traded stock and may vary in extent and size from hundreds of thousands of small enterprises in the US to the numerous of unicorn startups around the world. Sometimes only a tiny group of people possess shares in privately held corporations. Even while listing a business on stock exchanges might be profitable for the owners, there are benefits to keeping things private. Here are the top 10 largest private companies in the US.
Largest Private Companies in the US (2024)
1. Cargill
Agricultural products are processed, traded, and exported by Cargill, a company established in 1865. The descendants of John MacMillan, the founder’s son-in-law, and William Cargill, the business’s founder, own it. Cargill leads the world in the production and sale of groceries, farming, financial, and industrial items. It also offers logistics management and risk mitigation services. The agriculture behemoth, which has operations in more than 70 countries, ranks among the largest private companies in the US with 155,000 employees and $177 billion in annual revenue.
2. Koch Industries
Koch Industries is active in a number of industries, including commodity trading, consumer goods, fertilizers, chemicals & biofuels, electronic devices, and refining. The company employs over 120,000 people and generates an amazing $125 billion in revenue. It is the owner of a wide range of businesses in a variety of industries, including manufacturing, agribusiness, pulp and paper, packaging, consumer goods, construction supplies, glass, automobile parts, refinery, clean energy, pharmaceuticals and plastics, electronics, business software, data mining, medical products, etc. With such variety, it is definitely one of the largest private companies in the US.
3. Publix Super Markets
Publix is one of the biggest grocery chains in the US, with its headquarters in Lakeland, Florida. Additionally, it is the largest US employee-owned supermarket chain. By 2023, the corporation will employ 230,000 people across six states, and its yearly sales will be $54.5 billion. The company runs a total of over 1,200 grocery stores as well as manufacturing and distribution operations. With a dedication to providing excellent customer service, high-quality goods, and affordable rates, Publix Super Markets has established itself as a leader in the grocery industry.
4. Mars, Inc.
Known for its legendary candy products like M&M’s, Snickers, and Twix, Mars, Inc. is a renowned international food corporation. Frank C. Mars established the business in 1911, and it has since grown to rank among the biggest privately held businesses in the country. The Mars family owns the business, which employs over 150,000 people and generates an estimated US$45 billion in revenue annually. The company is highly known for its confections, pet food, other food items, and animal care services.
5. Pilot Company
American oil company Pilot has its main office in Knoxville, Tennessee. It also owns and runs Pilot Food Mart shops in Tennessee. The biggest chain of truck stops in the United States, Pilot Flying J, is co-owned by Pilot and Berkshire Hathaway. Pilot developed its first convenience shop in 1976 and afterwards converted the remaining sites. It constructed its first travel center in 1981 and has since concentrated on that area of its company. Beginning in 1988, Pilot focused on building a countrywide presence for its network of travel centers. It currently has a market value of $1.35 billion and generates $0.84 billion in sales annually.
6. H-E-B
With more than 400 outlets in Texas and Mexico, H-E-B is one of the biggest grocery chains in the United States. It has over 340 locations in Texas in the United States and northeast Mexico. The business also has a presence in Central Market, a high-end retailer of fine goods and organic products. It gives out 5% of its pre-tax earnings to charity. Over 145,000 people work for H-E-B, which generates $38.9 billion in revenue annually.
7. Reyes Holdings
Reyes Holdings is a top supplier of food and drink products worldwide, operating in the US, Canada, Europe, the Middle East, and Asia. The business has a successful track record going back to 1976 and offers a wide range of privately held brands. Reyes Holdings delivers close to a billion containers of food and drink products to shops throughout the world. It also has a section that provides food and other supplies to McDonald’s. Reyes Holdings employs approximately 33,000 people and generates more than $30 billion in revenue annually.
8. C&S Wholesale Grocers
C&S Wholesale Grocers is a major wholesale grocery supplier to supermarkets, local grocers, and military facilities in the US. It was started in 1918 as a vendor to individual grocers. However, this New Hampshire-based business eventually set up distribution hubs all throughout the country. It supplies more than 140,000 products to more than 14,000 supermarkets, retail chains, and other entities around the country. Over 16,000 people work for C&S Wholesale Grocers, which generates $30 billion in revenue annually.
9. Enterprise Holdings
One of the biggest and most prosperous automobile rental and car-sharing businesses in the US is Enterprise Holdings. They are one of the leading privately held vehicle rental companies in the nation with over 7,600 neighborhood and airport outlets throughout more than 85 countries and territories. Along with running commercial truck rental operations, it also manages commercial fleets, sells used vehicles via its Enterprise Car Sales dealers, runs carsharing programs, and rents out commercial fleets. The corporation generates $22.5 billion in revenue annually.
10. Love’s Travel Stops & Country Stores
In the US, Love’s Travel Stops & Country Stores is a well-known chain of rest areas and retail outlets for convenience. Love’s, which was founded in 1964, now has over 600 stores operating in 42 states, offering clients a wide range of convenience facilities and services. Love’s Travel Stops & Country Stores provides travelers with a complete retail experience, including convenience stores, fueling services, and truck maintenance. The annual revenue of Love’s Travel Stops & Country Stores is $20.6 billion.
Conclusion
So, those were the top largest companies in the US. While these companies are at a leading position now, the future is impossible to predict. Technology is constantly creating new tailwinds, so the investing more into technology and innovation can rank up at any point in time. In fact, as technology becomes more critical to these organization’s growth, we might see Cargill getting replaced by a new rising highflyer from the same or different domain.
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Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
