7 Of Forbes’ “Largest Private Companies” Are From MN
Forbes magazine named seven Minnesota companies to its list of “America’s Largest Private Companies,” which is based on the companies’ revenues at the end of their most recent fiscal year.
To be eligible for this year’s list, private companies must have had annual revenue greater than $2 billion. The magazine excluded foreign companies, businesses that don’t pay income tax, mutually-owned companies, cooperatives, companies with fewer than 100 employees, and those of which a more than 50 percent stake is owned by another private, public, or foreign company. Additionally, Forbes excluded auto dealerships and real estate investment and management firms. The magazine used companies’ voluntarily provided information, U.S. Securities and Exchange Commission filings, and estimates from outside sources to create its list.
Of the 224 companies that made the cut, seven are based in Minnesota.
Wayzata-based Cargill, Inc.—a food-processing company that also provides agriculture, financial, and industrial products and services—topped the list with $136.7 billion in revenue for its fiscal year that ended May 31. Cargill, which employs approximately 142,000, teamed up with Inver Grove Heights-based CHS, Inc., and Omaha, Nebraska-based ConAgra Foods, Inc., for a joint venture that was recently delayed due to an ongoing regulatory review.
Minneapolis-based hospitality company Carlson ranked 94th on Forbes’ list with an estimated 2012 revenue of $4.4 billion. Carlson employs roughly 60,000, according to the magazine. The Carlson Rezidor Hotels branch of the company announced this fall that it is expanding into India, China, and Indonesia.
Holiday Companies, a Bloomington-based company that operates convenience stores and gas stations, ranked 102nd on Forbes’ list. According to the magazine, the company’s sales totaled $4.1 billion in 2012, and it employs approximately 6,000. In August, the company announced it would expand its presence in South Dakota with 16 new locations.
Bloomington-based Schwan Food Company reported $3.2 billion in 2012 revenue and ranked 146th on Forbes’ list. The company employs an estimated 15,000, according to the magazine.
Rosen’s Diversified, Inc., a Fairmont-based agricultural holding company, ranked 184th on the list with an estimated $2.6 billion in revenue for its fiscal year that ended September 30. According to Forbes, the company employs approximately 4,000.
With $2.4 billion in 2012 revenue, M. A. Mortenson Company ranked 201st. The Golden Valley-based construction company employs an estimated 2,500.
Bayport-based construction company Andersen Corporation, ranked 208th on Forbes’ list with an estimated $2.2 billion in 2012 revenue. According to Forbes, the company employs approximately 9,000.
Following Cargill, Wichita, Kansas-based Koch Industries ranked second on the list with $115 billion in 2012 revenue. Round Rock, Texas-based Dell, Inc.—a new addition to the list after becoming a private company in October—ranked third with $56.9 billion in revenue for its fiscal year that ended February 1. San Francisco-based Betchel Corporation (with $37.9 billion in 2012) and McLean, Virginia-based Mars, Inc. (with $33 billion in 2012) rounded out the top five.
Overall, the total number of companies on this year’s list went up from 220 last year to 224 this year—15 companies joined while another 11 did not make Forbes’ list this year. Collectively, the companies earned $1.6 trillion in revenue—an 8 percent increase from last year.
Click here to view Forbes’ full list.