PRNEWSWIRE — The annual list of the nation’s top grossing black-owned companies has been published by Black Enterprise magazine and is on newsstands.
The Black Enterprise 100s ranks America’s largest black-owned industrial/service companies, automobile dealers, as well as lists the top advertising agencies, banks, asset managers, investment banks and private equity firms.
In its 42nd Annual Report on Black Business under the theme, “Scale Up Your Business,” editors found scores of CEOs who have remodeled their companies for opportunity and expansion.
In fact, scalability was the foundation of growth for the five billion-dollar 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., editors said.
When Black Enterprise first compiled its “Top 100” in 1973, combined sales for the 100 component companies totaled $473 million. Results of the 2014 report show that the top 100 African American industrial/service companies collectively grossed more than $21.8 billion in 2013, a $2 billion increase in revenue over the previous year.
The BE 100s industrial/service companies employed 56,452 people in 2013. The 60 largest black-owned auto dealers generated $7.9 billion in revenues and employed 9,298 people in 2013.
In addition to the BE 100s listings, the magazine also features profiles of the chief executives of the 2013 Black Enterprise Companies of the Year:
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 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
“The BE 100s – the nation’s largest black businesses – continue to be the standard bearers for all American enterprises, demonstrating that sustained business growth comes when ideation and innovation is wedded to execution and excellence.” says Black Enterprise Senior VP/Editor-in-Chief Derek T. Dingle. “As such, most exhibit elasticity, capability, technological adaptability and branding power in a seesaw economic recovery and hyper-competitive business environment.”