2014

BLACK ENTERPRISE Announces the Top-Grossing Black-Owned Companies Publication's June Issue Marks the 35th Anniversary of the BE 100s Report

Chronicling the Growth of U.S. Black Business



    NEW YORK, May 29 /PRNewswire/ -- BLACK ENTERPRISE (BE) today 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, this comprehensive analysis includes a total of
 275 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. 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 INDUSTRIAL/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. 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.
     The June 2007 issue of BLACK ENTERPRISE -- with complete BE 100s
 rankings, full eligibility criteria, and company overviews -- is on
 newsstands today.
     BLACK ENTERPRISE, your ultimate guide to financial empowerment, is the
 premier business and investment resource for African Americans. Since 1970,
 be has provided essential business information and advice to professionals,
 corporate executives, entrepreneurs, and decision makers. The monthly
 publication provides 3.9 million readers with information on
 entrepreneurship, careers, and financial management. As the definitive
 source of information for and about African American business markets and
 leaders, be is the authority for business news and trends.
 
 

SOURCE BLACK ENTERPRISE

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