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By: Ellen Cans
The Crain’s New York annual list of New York City’s largest privately-held companies is out. The much-anticipated list indicates resilience on the part of the private companies, having weathered out the 2020 pandemic, regained their ground last in 2021, and continued pushing forward in 2022.
The list, published on Nov. 27, ranks the biggest privately-held companies based on their revenue in 2022. Per the Crain’s compilation, these 125 featured companies added over $212 billion in revenue to the local economy. The average revenue of firms on the list is $1.7 billion, with the companies enjoying revenue grown of an average of 21 percent, compared to the previous year. True the growth rate is slightly lower than last year’s figure of 29 percent, but keep in mind the previous year showed a jump over the pandemic year. Also, the growth this year was more widely experienced by a larger number of firms. Last year 67 percent of the companies on the list boasted growth, whereas this year 75 percent of the companies reported growth. The steady growth shown in the list is indicative of the workforce making progress possible. In all, the companies listed close to 200,000 workers, with each business boasting an average local workforce of roughly 2,600.
Here are some highlights from Crain’s 2023 largest private company list. A regular at the top of the list is Hearst, which made it to number 2 this year. The Global media giant boasted $11.8 billion in revenue in 2022, indicating 22 percent revenue growth over the past 10 years. The firm has invested some $1 billion in various acquisitions in the last two years, and over $12 billion in investments over the last 10 years, as per Paul Luthringer, Hearst’s vice president of marketing and communications. Profits from the company’s B2B division are almost 50 percent. Also notable, the company has stayed the same size compared to five years ago, which is an impressive feat being that in 2022 newsrooms across the board cut their size by an average of 20 percent, Luthringer said. Standard Industries Inc, a global industrial company specializing in building solutions, performance materials, solar technology and real estate, was ranked number 5 on the list.
Former President Donald Trump’s company took a hit in its stance on the list, falling to number 50, amid NYS Attorney General Letitia James’ ongoing investigation of the company. Trump Organization includes real estate holdings, casinos, golf courses and entertainment venues. The most notable profit in the year’s revenue for the company was the May 2022 sale of Trump International Hotel in Washington D.C., which added over $375 million in revenue.
The National Basketball Association was a company new to the list, and impressively it made it to 6th place– tied with another newbie, Ramp, which is a financial tech company founded in 2019. Another company that saw a big jump in revenue, making its way to number 47 on the list, is Capital Rx, a health tech company based in the Financial District. The company experienced a 123% jump in revenue in 2022, compared to 2021– marking the biggest climb in the list. The company made tremendous gains last year by growing the membership base for its platform which acts as an intermediary between insurance providers and pharmaceutical companies, working to increase price clarity for drug prices.
Companies which were notably absent on the 2023 Crain’s list, after being regularly featured in previous years included Better.com, which went public this August.
