Building Better Businesses for Nearly 30 Years
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SPONSORED BY Building Better Businesses For Nearly 30 Years Since 1993, the principals of Ridgemont Equity Partners have invested over $5 billion in 154 companies. Ridgemont is the We back management teams. largest private equity firm in North Carolina and among the largest These are not just financial relationships – these partnerships in the Southeast. The firm was named to Inc.’s inaugural list require complete alignment in vision for the future of the of “Top 50 Founder-Friendly Private Equity Firms,” which recognized Ridgemont for a track record of building leading business and mutual trust in each other’s middle market companies alongside entrepreneurs. capabilities. From the first 100-day plan, to geographic For the second year in a row, we are pleased to sponsor Busi- “and product expansion, to investments in technology; and, ness North Carolina’s “Top 125 Private Companies” list and wish to most importantly, alignment in the culture of the congratulate the honorees! For more information on Ridgemont’s business and investments in the team and investment strategy, visit www.ridgemontep.com. employee base. BUILDING FOUNDATIONS • Supporting perpetual recruiting and talent development • Building-out the technology and systems infrastructure ” IGNITING GROWTH • Investing in promising new business lines and sales initiatives • Pursuing strategic acquisitions FOSTERING A UNIQUE CULTURE • Respecting the company’s legacy • Challenging the next generation to evolve SPONSORED SECTION SPONSORED BY Chevrolets, Cheerwine, turkey legs and solar panels are some of the products powering the state’s biggest closely held enterprises. By Alyssa Pressler, Taylor Wanbaugh and David Mildenberg elcome to BUSINESS NORTH CAROLINA’s annual list of the pre-COVID-19 environment that virtually everyone hopes will return state’s largest privately held companies. For more than 30 as soon as possible. The most notable newcomer is Cary-based Epic Wyears, similar lists have showcased the hometown busi- Games, which ranks No. 3 after enjoying explosive growth because nesses that sustain North Carolina’s economy, often with little or no of the popularity of its Fortnite video game. fanfare. Private equity-controlled companies whose operations are based Most of the information on the list comes directly from the com- in North Carolina are eligible for the list. An example is newcomer panies. For a second consecutive year, the list also includes our best Segra, a Charlotte-based telecommunications provider owned by a estimates for revenues and employment at some businesses that large Swedish investment group. It bought High Point-based North didn’t want to share the basics. It took many phone calls and emails State Telecommunications this year. to compile what is an unparalleled look at North Carolina’s private- But the list is mostly companies owned by families that have oper- company universe. ated in North Carolina for decades, if not generations. To say they are This year’s list is based on 2019 revenue. Hence, it reflects the the backbone of the Tar Heel economy is an understatement. $1 billion in University of Michigan. Automotive 5. Transportation Insight or more News ranked Hendrick Automotive revenue (latest fiscal year) as the fifth-largest U.S. dealership Hickory group and No. 1 based on body Logistics consultant 1. Hendrick Automotive shop revenue. It operates 95 deal- 2019 Rank: 5 erships. CEO: Reynolds Faulkner Charlotte Employees: 1,460 Automotive dealerships 2. American Tire Distributors 2019 Rank: 1 6. SAS Institute CEO: Rick Hendrick Huntersville Employees: 10,600 Tire distribution service Cary 2019 Rank: 2 Software development CEO: Stuart Schuette 2019 Rank: 4 Employees: 4,700 (estimated) CEO: James Goodnight Employees: 13,939 3. Epic Games 7. Alex Lee Cary Video game company Hickory 2019 Rank: N/A Wholesale and retail grocer CEO: Tim Sweeney 2019 Rank: 6 Hendrick has a new leadership Employees: 2,200 (estimated) CEO: Brian George structure, with founder and Chair- Employees: 13,700 man Rick Hendrick assuming the 4. Belk role of CEO after the Jan. 1 retire- 8. Parkdale ment of Edward Brown III. Brown Charlotte had held the post since 2011. Greg Department store chain Gastonia Gach, who has been affiliated 2019 Rank: 3 Textile company with the business since 1984, was CEO: Lisa Harper 2019 Rank: 7 named president. Gach has a bach- Employees: 24,000 (estimated) CEO: Anderson Warlick elor’s degree from Miami University Employees: 5,000 (estimated) in Ohio and a law degree from the SEPTEMBER 2020 45 9. Flow Automotive $500 million Pennsylvania Station in New York City to with a frame constructed in Poland. It Winston-Salem $999 million is expected to open this fall. Allegha- Automotive dealerships ny Capital bought a majority stake in 2019 Rank: 8 15. Market America 2018. CEO: Don Flow Employees: 1,800 (estimated) Greensboro 21. Product brokerage and digital marketer AmWINS Group Charlotte 10. Pike 2019 Rank: 16 CEO: JR Ridinger Wholesale insurance distributor Mount Airy Employees: 805 2019 Rank: 11 Construction and engineering services CEO: Scott Purviance for electric utilities 16. Variety Wholesalers Employees: 4,000 (estimated) 2019 Rank: 10 Henderson CEO: J. Eric Pike 22. Discount retailer Window World Employees: 8,300 2019 Rank: 22 North Wilkesboro CEO: Art Pope Window installation service Employees: 8,000 (estimated) 2019 Rank: 29 CEO: Tammy Whitworth 17. Goldsboro Milling Employees: 1,000 (estimated) Goldsboro 23. Grain, poultry and pork production Charlotte Pipe & Foundry 2019 Rank: 15 Charlotte CEO: H.G. Maxwell III Pipe manufacturer and supplier Employees: 800 (estimated) 2019 Rank: 24 CEO: Roddey Dowd Jr. 18. SteelFab Employees: 1,500 (estimated) 11. Leith Cars Charlotte 24. Barnhill Contracting Raleigh Steel fabricator Automotive dealerships 2019 Rank: 18 Rocky Mount 2019 Rank: 14 CEO: R. Glenn Sherrill Jr. General contractor CEO: Danny Williams Employees: 1,288 2019 Rank: 26 Employees: 1,800 (estimated) CEO: Robert Barnhill 19. CTE Employees: 1,020 12. Charlotte Form Technologies 25. ACN Charlotte Dealer of construction and industrial equipment Concord Manufacturer of metal components 2019 Rank: 17 Telecommunications service provider 2019 Rank: 12 CEO: Ed Weisiger Jr. 2019 Rank: 21 CEO: Mike Grunza Employees: 1,500 (estimated) CEO: Greg Provenzano Employees: 10,000 (estimated) Employees: 1,100 (estimated) 20. Concord Hospitality Enterprises 13. Prestage Farms Raleigh 26. Gregory Poole Equipment Clinton Hotel management and development Raleigh Pork and poultry production 2019 Rank: 19 Dealer of construction and other 2019 Rank: 25 CEO: Mark Laport equipment CEO: Bill Prestage Employees: 6,014 2019 Rank: 27 Employees: 2,900 CEO: J. Gregory Poole III Employees: 1,300 (estimated) 14. National Gypsum 27. Southco Distributing Charlotte Manufacturer of wallboard products Goldsboro 2019 Rank: 9 Convenience-store supplier CEO: Thomas Nelson 2019 Rank: 33 Employees: 2,500 (estimated) CEO: Sherwin Herring Employees: 217 The hotel developer ended 2019 with 120 hotels in the U.S. and Canada, many of them with Marriott, Hilton, Hyatt, Choice and IHG brands. The company is developing the world’s tall- est modular hotel, a 26-story inn near OF MARRIOTT COURTESY PHOTO 46 BUSINESS NORTH CAROLINA CAROLINA HANDLING the meeting and convention industry lYour Trusted Material Handling Partner We did not win Business North Carolina’s “Top 125 Private technician training and more. From fleet service to racking to Companies for 2020” alone. Far from it. We would like to thanktelematics to lighting to fleet reporting, we know how to maxi- our associates for their dedication and hard work, along with ourmize warehouse operations, minimize downtime and promote customers for their continued support and trust. This award isefficiencies. truly a team effort—and we are grateful. If you need equipment to run your operations, you can get it For more than 50 years, Carolina Handling has helped from Carolina Handling—along with expert tips and guidance companies drive productivity and reduce costs throughout their on how to get the most out of it. We believe that the more warehouse operations. Our material handling solutions are not information you have on your assets, the better. And with our only proven, they’re customized—ready to fit any size operation. revolutionary suite of warehouse optimization tools, you can take What we do, we do well. Yes, we’re known for providing control of your operations and reduce costs. excellent forklift service as a Raymond Corporation Dealer of Hardworking, tough-as-nails Raymond forklifts and equip- Distinction for 29 consecutive years, and for that we are proud. ment. Expert, proven service. Cost-saving warehouse optimization Service is the backbone of our operations; however, we solutions. This is how Carolina Handling is improving warehouse provide our customers with a complete one-stop material handling operations throughout the Southeast—and it’s how we can help partner and supplier that offers expert service, consultation, improve yours. parts and equipment, warehouse products and solutions, Corporate Office 4835 Sirona Drive, Suite 100 Charlotte, NC 28273 704-357-6273 carolinahandling.com Carolina Handling is the exclusive Raymond Sales & Service Center for North Carolina, South Carolina, Georgia, and Alabama SPONSORED SECTION 28. Sampson-Bladen Oil Co. 33. Vannoy Construction $200 million to $499 million Clinton Jefferson Distributor of petroleum products General contractor 40. Snider Fleet Solutions 2019 Rank: