Top grossing black-owned companies are named

Source: Exec Digital USA

Date :01/06/2007 11:17:51

Black Enterprise magazine’s June issue marks the 35th BE 100s report chronicling the growth of U.S. black business

Black Enterprise (BE) magazine in New York has announced the nation’s top-grossing black-owned businesses, as listed in the publication’s 35th annual BE 100s report. The cornerstone of the publication’s June issue, the list is based on analysis of 275 leading businesses: 100 industrial/service companies, 100 auto dealerships, 60 financial services firms, and 15 advertising agencies.

When BE first compiled its top 100 in 1973, combined sales for the 100 component companies totaled $473 million. Today, the top 100 African American industrial/service companies and 100 leading auto dealers — the core of the BE 100s report — collectively grossed more than $27 billion.

“As the BE 100s list marks its 35th anniversary, the nation’s most profitable black-owned businesses collectively responded to a more challenging and competitive business environment by aggressively working toward the expansion of revenue base and markets,” a publication spokesperson says. “Companies that found success did this by implementing a new blueprint for growth, including recruiting powerhouse management teams, forming strategic partnerships, strengthening their black business networks, and developing a global focus.”

As a result, several companies reached new milestones. World Wide Technology Inc., No. 1 on the BE Iindustrial/Service 100 list, continues its prominence as the nation’s top-grossing black-owned business

This year the Maryland Heights, Missouri-based reseller of IT products and services becomes the first company to surpass the $2 billion sales mark since TLC Beatrice International Holdings Inc. did so in 1996. In addition, two other companies exceeded $1 billion in revenues. CAMAC International Corp., a Houston-based crude oil, gas exploration, and production and trading company reported sales of $1.6 billion.

CAMAC ranks No. 2 on the BE Industrial/Service 100 for the fourth consecutive year. Led by CEO Gregory Jackson, Prestige Automotive reported total sales $1.5 billon, making it No. 1 on the BE Auto Dealers 100. Located in St. Clair Shores, Michigan, Prestige continues to thrive despite Detroit’s downturn, posting outstanding sales of Ford, Lincoln, Mercury, GM, Saturn, and Mercedes-Benz vehicles.

“BE 100s companies tied closely to the automotive market had perhaps the most difficult year,” the company spokesperson says. “Shifts in consumer demands away from sport utility vehicles sent U.S. automakers reeling along with their contractors. Faring somewhat better were companies in the quick-serve restaurant industry. While S&P’s fundamental outlook remained neutral at the end of March, the firm expects consumers to continue dining out as a result of a higher percentage of Americans working, particularly women.”

Top-grossing companies on additional BE 100s lists include the following:

BE ADVERTISING AGENCY

GlobalHue, Southfield, MI

$550 million in billings

BE BANK

Carver Federal Savings Bank, New York, NY

$765 million in assets

BE INVESTMENT BANK

The Williams Capital Group L.P., New York, NY

$142 billion in total managed issues

BE ASSET MANAGER

EARNEST Partners, Atlanta, GA

$26 billion in assets under management

BE PRIVATE EQUITY FIRM

Fairview Capital Partners Inc., Farmington, CT

$2.4 billion in capital under management

In developing the rankings for 2007, BE research collected surveys from hundreds of companies as well as information from government agencies, professional organizations, industry associations, business information services, entrepreneurs, and corporations. The information included total revenues for calendar year 2006; a detailed description of business activities; historical ownership data; and confirmation that the entity is at least 51% black-owned, or that blacks own at least 51% of the controlling shares if the company is publicly traded.