These Are the 1,000 Largest Iconic American Companies Staying Private: Warby Parker, Levi Strauss, In-N-Out Burger, and More

Being public once was the ultimate affirmation of corporate success. If Wall Street blessed your company by selling your stock--and taking a cut, of course--you joined the pantheon of American businesses. But not every company wants a seat in the stock market temples. The irascible, nearly invisible Forrest Mars Sr. let a candy, M&M’s, do the talking for him. Amar Bose, an electrical engineer and revered MIT faculty member, created a breakthrough loudspeaker that let his namesake company compete with consumer electronics giants. But Bose was described as someone "addicted to innovation," a pursuit he knew was better suited to a private company, which his remains.

The Inc. Private Titans list offers a window into both this history and an emerging trend in American business: Private companies are becoming the preferred vehicle for unfettered growth. Freed from the burden of quarterly earnings reports and Wall Street’s what-have-you-done-for-me-lately attitude, the Private Titans are able to steer a steadier course. This freedom to innovate drives newer companies such as Slack or Warby Parker as much as it does the 165-year-old Levi Strauss & Co.

Inc.’s list of Private Titans includes those that have reached the threshold of $250 million in annual sales but continue to evolve. Large companies, both public and private, often stumble over their own bulk. Economies of scale begin to fail them. They get too big to maneuver in a fast-changing market. Others simply ride the momentum of a brand until it fades. Our Private Titans list, developed in partnership with audit, tax, and advisory firm Grant Thornton and the research platform PitchBook (which has the same owner as Inc.), is based on a measurement of each company’s sales growth and employee growth, as well as its power of social media, the telltale sign of how effective any company is in reaching its customers or target audience.

These are some of the truly iconic American companies. They include Levi Strauss, maker of the definitive America garment, and In-N-Out Burger, the California-based cult quick-serve restaurant that pioneered the gourmet burger five decades before anyone at Shake Shack picked up a spatula. Lynsi Snyder, 35, the granddaughter of In-N-Out founders Harry and Esther Snyder, has no plans to change the company’s status or sell franchises.

Staying private isn’t just about keeping your mouth shut and your books closed. It’s also about being able to pursue a mission. New Age companies such as Specialized Bicycle Components, Yeti, and Clif Bar are as much dedicated to a lifestyle, both corporate and consumer, as they are to selling products. Not that they don’t want to increase sales and profits. But remaining private accords them the privilege of putting other constituencies--community, environment, employees--ahead of Wall Street in the pecking order if they so choose. Publicly owned companies don’t have that option.

Staying private also means having the staying power to get you through wars, financial panics, recessions and depressions, and whatever else history can throw at you. The oldest companies on this list--Levi Strauss (1853), Cargill (1865), S.C. Johnson (1886), Hearst (1887), Carhartt (1889), Sunkist (1893), and Cox Enterprises (1898)--have generations of experience to apply to any scenario.

Private has come into vogue. The number of publicly traded companies in the U.S. is at a modern low. The trend is being underwritten by the billions of dollars in funding now available to startups, which are now under less pressure to feed their growth by using public money. What an astonishing turnabout in the same decade in which tech unicorns have vaulted into the public markets with multibillion-dollar valuations that far exceed their sales--and profits, if they even have any. Case in point: automaker Tesla. It’s a public company with a $50 billion-plus stock market valuation--more than Ford’s. But genius entrepreneur Elon Musk, Tesla’s co-founder and CEO, created a furor in tweeting that he wanted to make the company private, like SpaceX, his commercial space operation, which is soaring to new heights any way you look at it. Musk eventually backed down--but not because he couldn’t raise the money.

Entrepreneurs like Mark Cuban lament that companies like Squarespace have shied away from the public markets. For employees of these firms, going public is the chance to monetize and maximize their equity holdings. For the public, it’s a chance to invest in a growth company. Cuban got extraordinarily rich that way. The initial public offering is hardly dead. Investors still eagerly await the IPOs of companies such as Stripe, Lyft, and Uber. But for many of the companies on this list, keeping heads down and a focus on the long term will be always take precedence over the glamour of the stock exchanges. That’s what has made them titans.

From the October 2018 issue of Inc. Magazine

Company	Company	Description	City	State
24 Hour Fitness Provides tailored fitness programs and tools for nearly 4 million members in more than 400 clubs across the United States.	24 Hour Fitness	Provides tailored fitness programs and tools for nearly 4 million members in more than 400 clubs across the United States.	San Ramon	CA
5.11 Tactical Inc. Sells uniforms and tactical equipment for the military, law enforcement, and public safety personnel.	5.11 Tactical Inc.	Sells uniforms and tactical equipment for the military, law enforcement, and public safety personnel.	Irvine	CA
A.T. Kearney, Inc. Offers global management consulting, specializing in strategic and operational topics that businesses, organizations, and governments face.	A.T. Kearney, Inc.	Offers global management consulting, specializing in strategic and operational topics that businesses, organizations, and governments face.	Chicago	IL
AAA Cooper Transportation Provides transportation services, offering its customers Less-Than-Truckload, Port, Dedicated, and International transportation options.	AAA Cooper Transportation	Provides transportation services, offering its customers Less-Than-Truckload, Port, Dedicated, and International transportation options.	Dothan	AL
ABB Con- Cise Optical Group, LLC Distributes and supplies ophthalmic and customize gas permeable contact lenses to customers throughout the United States.	ABB Con- Cise Optical Group, LLC	Distributes and supplies ophthalmic and customize gas permeable contact lenses to customers throughout the United States.	Coral Springs	FL
ABC Supply Co., Inc. Distributes home construction and remodeling supplies such as roofing, siding, windows, and gutters to customers across America.	ABC Supply Co., Inc.	Distributes home construction and remodeling supplies such as roofing, siding, windows, and gutters to customers across America.	Beloit	WI
ABRA Auto Body & Glass Provides full auto body and glass repair for damaged vehicles from over 300 locations throughout the United States.	ABRA Auto Body & Glass	Provides full auto body and glass repair for damaged vehicles from over 300 locations throughout the United States.	Brooklyn Park	MN
ABRY Partners, LLC Delivers private equity services with a focus on investments in media.	ABRY Partners, LLC	Delivers private equity services with a focus on investments in media.	Boston	MA
Academy Sports& Outdoors Sells discount sporting goods, carrying an extensive line of name-brand equipment, clothing, and shoes for competitive sports, fitness training, and outdoor recreational activities.	Academy Sports& Outdoors	Sells discount sporting goods, carrying an extensive line of name-brand equipment, clothing, and shoes for competitive sports, fitness training, and outdoor recreational activities.	Katy	TX
Accosys Inc. Provides credit building solutions for emerging businesses.	Accosys Inc.	Leading supplier of forklift parts and accessories	Olathe	KS
ACE Cash Express Provides payday loans, cash advances, and other cash loan services.	ACE Cash Express	Provides payday loans, cash advances, and other cash loan services.	Irving	TX
Acelity LP Inc. Develops advanced medical devices for wound therapeutics.	Acelity LP Inc.	Develops advanced medical devices for wound therapeutics.	San Antonio	TX
ACN, Inc. Provides home-based business opportunities in many sectors including telecommunications, energy, merchant services, and more.	ACN, Inc.	Provides home-based business opportunities in many sectors including telecommunications, energy, merchant services, and more.	Concord	NC
Acosta, Inc. Delivers full-service sales and marketing services for consumer-packaged goods (CPG) companies.	Acosta, Inc.	Delivers full-service sales and marketing services for consumer-packaged goods (CPG) companies.	Jacksonville	FL
Acrisure Insurance broker for businesses	Acrisure	Insurance broker for businesses	Caledonia	MI
Adams Street Partners, LLC Provides private markets around the world with investment management services.	Adams Street Partners, LLC	Provides private markets around the world with investment management services.	Chicago	IL
Aden & Anais, Inc. Sells infant clothing, bath items, bibs, blankets, and other baby time needs.	Aden & Anais, Inc.	Sells infant clothing, bath items, bibs, blankets, and other baby time needs.	Brooklyn	NY
Adknowledge Delivers digital advertising technology, specializing in video, social, apps or mobile, email and content recommendation.	Adknowledge	Delivers digital advertising technology, specializing in video, social, apps or mobile, email and content recommendation.	Kansas City	MO
Adler Real Estate Partners Offers vertically integrated real estate investment services, focusing on the acquisition and operations of multi-tenant office and industrial properties throughout the Eastern and Southern United States.	Adler Real Estate Partners	Offers vertically integrated real estate investment services, focusing on the acquisition and operations of multi-tenant office and industrial properties throughout the Eastern and Southern United States.	Miami	FL
Advance Publications Operates a holding company that owns a vast array of media properties such as newspapers, magazines, and other publications.	Advance Publications	Operates a holding company that owns a vast array of media properties such as newspapers, magazines, and other publications.	Staten Island	NY
Advantage Rent A Car Provides rental car services throughout the nation.	Advantage Rent A Car	Provides rental car services throughout the nation.	San Antonio	TX
Advent International Operates a global private equity and investment company	Advent International	Operates a global private equity and investment company	Boston	MA
Agility Fuel Solutions LLC Delivers compressed natural gas, liquid natural gas, propane, and hydrogen fuel systems and Type 4 composite cylinders for medium and heavy-duty commercial vehicles.	Agility Fuel Solutions LLC	Delivers compressed natural gas, liquid natural gas, propane, and hydrogen fuel systems and Type 4 composite cylinders for medium and heavy-duty commercial vehicles.	Costa Mesa	CA
Airbnb Hosts an online marketplace that connects people looking to rent their homes with people who are looking for accommodations around the world.	Airbnb	Hosts an online marketplace that connects people looking to rent their homes with people who are looking for accommodations around the world.	San Fransisco	CA
Airgas, Inc. Supplies industrial, medical, and specialty gases, hardgoods and related products.	Airgas, Inc.	Supplies industrial, medical, and specialty gases, hardgoods and related products.	Radnor	PA
Alro Steel Stocks and supplies metals, industrial supplies, and plastics.	Alro Steel	Stocks and supplies metals, industrial supplies, and plastics.	Jackson	MI
Airxcel Inc. Designs and manufactures climate control and complementary products for a variety of end markets under popular brand names.	Airxcel Inc.	Designs and manufactures climate control and complementary products for a variety of end markets under popular brand names.	Wichita	KS
Albertsons Owns and operates a chain of privately held grocery stores located throughout the U.S.	Albertsons	Owns and operates a chain of privately held grocery stores located throughout the U.S.	Boise	ID
Alert Logic, Inc. Provides security as a service, combining Cloud-based software and analytics with human services to assess, detect, and block threats to applications and other workloads.	Alert Logic, Inc.	Provides security as a service, combining Cloud-based software and analytics with human services to assess, detect, and block threats to applications and other workloads.	Houston	TX
Aleut Provides facilities and systems management, communications, and information technology.	Aleut	Provides facilities and systems management, communications, and information technology.	Colorado Springs	CO
Alex Lee, Inc. Distributes wholesale to supermarkets and operates a chain of grocery store brands throughout North Carolina, South Carolina, and Virginia.	Alex Lee, Inc.	Distributes wholesale to supermarkets and operates a chain of grocery store brands throughout North Carolina, South Carolina, and Virginia.	Hickory	NC
Alleghany Capital Corporation Engages in and presides over investments and acquisitions, specializing in insurance and reinsurance.	Alleghany Capital Corporation	Engages in and presides over investments and acquisitions, specializing in insurance and reinsurance.	New York	NY
Allegis Group Provides staffing services to clients in the IT, sales and marketing, law, financial, and human resource sectors.	Allegis Group	Provides staffing services to clients in the IT, sales and marketing, law, financial, and human resource sectors.	Hanover	MD
Allied Universal Offers facility services, including security systems services, janitorial services and staffing.	Allied Universal	Offers facility services, including security systems services, janitorial services and staffing.	Conshohocken	PA
All Market Produces coconut water and related products such as coconut water with espresso and milk; coconut water for children, and coconut oil for cooking, baking, and more.	All Market	Produces coconut water and related products such as coconut water with espresso and milk; coconut water for children, and coconut oil for cooking, baking, and more.	New York	NY
Alphabroder Supplies printable apparel and accessories to promotional products distributors, screenprinters, embroiderers, and other businesses.	Alphabroder	Supplies printable apparel and accessories to promotional products distributors, screenprinters, embroiderers, and other businesses.	Trevose	PA
Alsco, Inc. Offers direct-purchase, rental, and leasing options for a variety of garments, linens, and uniforms.	Alsco, Inc.	Offers direct-purchase, rental, and leasing options for a variety of garments, linens, and uniforms.	Salt Lake City	UT
American & Efird, Inc. Manufactures sewing thread, embroidery thread, and technical textiles.	American & Efird, Inc.	Manufactures sewing thread, embroidery thread, and technical textiles.	Mount Holly	NC
American Bath Group, LLC Designs and manufactures fiberglass, sheet molded, and acrylic bathtubs and showers.	American Bath Group, LLC	Designs and manufactures fiberglass, sheet molded, and acrylic bathtubs and showers.	Savannah	TN
American Century Investments Offers private and independent investment management services.	American Century Investments	Offers private and independent investment management services.	Kansas City	MO