InterPublic companies tend to dominate the headlines, but middle-market enterprises make up the core of North Carolina’s business community. The annual BNC 125 list continues a decades-old tradition of highlighting the biggest private employers based in the state.
This year’s list cites 59 enterprises with annual revenue topping $300 million, including 30 that top $1 billion.
The goal is to make the list more comprehensive every year, although we unintentionally miss some businesses. Tips are always appreciated, and we’ll keep looking.
Most companies on the BNC 125 list provide revenue and employment information. For the others, we conduct research through public sources to develop estimates. Trade publications with deep expertise in specific industries are key data sources.
Newcomers this year include building products distributor Cornerstone Building Brands of Cary; construction services contractor Crete United of Charlotte; transportation broker Odyssey Logistics of Charlotte; and medical services provider Lumexa Imaging of Raleigh.
Each of those four companies is controlled by private-equity companies, while many others on the list are closely held organizations, including many family-owned operations.
Many thanks to the contributors to this report.
KEY UPDATES
Changes at some BNC 125 Top Private Companies over the past year.
2. Epic Games
The games company won a decisive court victory over Google in late July, meaning its games store for Android users will be available on the Google Play store, CEO Tim Sweeney said on July 31. Epic first filed its lawsuit against Google in 2020, with a jury and trial judge saying Google needs to open its store to rivals. Google is expected to appeal. Epic doesn’t share information about its finances or operations, but is believed to employ more than 5,000 people. Its estimated valuation was $31.5 billion in 2022, Reuters reported.
4. Cornerstone Building Brands
The Cary-based manufacturer of windows, siding and other building products named Gunner Smith as CEO in August. He had worked for Owens Corning
for 17 years. He succeeded Rose Lee, who resigned in March after heading the company since 2021. Cornerstone was acquired by New York-based private equity firm Clayton Dubilier & Rice for $5.8 billion in 2022.
14. Bojangles
Private-equity owners Durational Capital Management and Jordan Company are shopping the restaurant chain, seeking a $1.5 billion sale, The Wall Street Journal reported in June. Franchised chicken restaurants are hot, with more consumers opting for the protein over beef. The chain has expanded aggressively under CEO Jose Armario, and operates more than 830 restaurants in 20 states. That compares with about 600 units in 12 states in 2019.
23. Variety Wholesalers
CEO Art Pope studied the Big Lots chain for decades, then pounced when the business went into bankruptcy reorganization. In April, Raleigh-based Variety took over 219 Big Lots stores and has gradually reopened the locations with remodeled stores, lots of closeout deals and new merchandise categories including apparel and electronics, says CEO Lisa Seigies. Variety promptly ended Big Lots’ ecommerce website, focusing purely on brick-and-mortar retailing.
47. Window World
The North Wilkesboro-based franchise company operates more than 220 locations and says it is the largest U.S. replacement window company with sales of more than 1 million windows annually. It was formed in 1995. CEO Tammy Whitworth has orchestrated more than $19 million of donations to St. Jude’s Children’s Hospital over the past 12 years, the company says.
53. Captrust
The Raleigh business, led by Wilson Hoyle, Fielding Miller and Ben Goldstein, hired Mike Wunderli to lead its merger and acquisition efforts as it seeks to build on its $1 trillion of assets under management. Wunderli, who is based in Los Angeles, was part of more than $2 billion of transactions while working at Lehman Brothers, UBS and Echelon Partners. Captrust has acquired more than 80 advisory practices since 2006, including Carolina Investment Consulting of Charlotte in March.
69. Quality Restaurant Group
The newcomer to the Private 125 operates about 350 quick-service restaurants across about 15 states. The Greensboro company was formed by Matt Ailey and Matt Slaine in 2017 with its brands including Arby’s, Moe’s, Pizza Hut and Sonic. Matt Zeiger, a former executive with Yum! Brands and Fleet Feet, succeeded Slaine as CEO in 2021.
82. Baker Roofing
The Raleigh-based business converted to an Employee Stock Ownership Plan this summer. W.P. Baker formed the business in downtown Raleigh in 1915. It now operates in eight states and employs more than 1,000 people, making it one of the largest roofing contractors nationally. Leadership isn’t changing as a result of the corporate change. Mark Lee has been president since 2010, having joined the company in 1998. The move rewards its workforce and “ensures the company’s core values endure for generations
to come,” according to a press release.
90. Landmark Builders
The Winston-Salem-based general contractor is celebrating its 50th anniversary, and now has other offices in Charlotte, Columbia and Myrtle Beach, South Carolina. Paul Stephens, a civil engineering graduate of NC State, started Landmark in 1975 and led the business for more than 30 years. Randy Elliott was named president in early 2024. In April, the company said it established an Employee Stock Ownership Plan that will provide equity to all employees.
95. Pine Gate Renewables
The developer and owner-operator of utility-scale solar and energy storage projects faces a more challenging future after the budget bill passed by Congress reduced various incentive programs for alternative energy development. In July, solar energy trade publications reported that Pine Gate had laid off about 15% of its staff, or more than 50 people. The company, which was formed in 2016 declined comment, citing the privacy of
its employees. ■
David Mildenberg is editor of Business North Carolina. Reach him at dmildenberg@businessnc.com.