Crain’s Privately Held Companies list 2022 shows logistics firms growing fastest

One of the fastest-growing industries on our list is logistics and transportation. This sector saw an average increase in revenue of 58.6% from the previous year, with companies in this industry making up $18.6 billion of the total list.

There’s a reason for that, according to Craig Fuller, founder and CEO of logistics and supply chain intelligence platform FreightWaves. “Logistics and supply chain firms have always been the lifeblood of the global economy which few people paid any attention to,” said Fuller. “That changed in 2021—supply chain and logistics firms demonstrated their ability to respond and adapt to crisis after crisis and became the economic heroes of the COVID era.”

Seven of the top 20 companies with the largest revenue increases fall within this industry. Logistics company TransLoop saw the greatest growth in revenue out of every company on the list—a whopping 218.9% increase from the previous year. TransLoop is new to our list, making the 375th spot with revenue of $75.9 million.

Another new company to the list, Echo Global Logistics, is the biggest logistics and transportation company both in terms of revenue and employment. The formerly publicly held company became private in November after being acquired by private-equity firm Jordan Co. The company ranks No. 19 with revenue of $3.7 billion, a 49.1% increase from 2020, and 1,578 full-time employees in the Chicago area.

Another one of the fastest-growing industries on Crain’s list is sports. The sector saw an average increase in revenue of 65.8% from the previous year. But this should come as no surprise; the sports industry has been steadily recovering from the pandemic slump since the arrival of vaccines. After all, people actually attended events in 2021. Both the Chicago Cubs, No. 150 on our list, and the Chicago White Sox, No. 200, are among this edition’s top 20 growers. Forbes estimates the Cubs earned $425 million in 2021, a 160.7% increase from 2020, and the Sox brought in $258 million, a 108.1% increase from the previous year.

The health care industry played an important role throughout COVID-19 and saw an average increase in revenue of 28.8% in 2021. Companies within this sector make up $25.73 billion of the total list. VillageMD bumped its way up from last year’s No. 132 to this year’s No. 67 with a 160% increase in revenue. The company took in $1.3 billion in 2021.

Not all companies on our list saw growth, however, especially those within the construction, architecture and engineering industry. Half of the top 20 companies with the largest revenue decreases fall within this sector. That said, this industry still saw an average increase in revenue of 8.9%, making up $28.07 billion of the total list. 

Bear Construction saw the greatest decrease in revenue of any company on the list. The company fell from last year’s No. 182 to this year’s No. 296 with a 53.9% decline in revenue. The company brought in $129 million in 2021.

State Farm Mutual Automobile Insurance maintains its No. 1 ranking on our list with a 4.2% increase in revenue. In fact, the top eight companies on this year’s list hold their places from last year. In general, the top 25 companies performed well. All but one saw a revenue increase in 2021. Walsh Group fell from last year’s No. 13 to this year’s No. 15 with a 7.1% decline in revenue. The general contracting and construction management company reported earning $5 billion in 2021.

The full Excel version of the list features 442 companies with at least $10 million in revenue. It’s available for download in Crain’s Data Center, exclusively for Crain’s Data Members.

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ANGEL OAK MORTGAGE, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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