Orange County’s largest women-owned businesses are on a growth streak that, once again, bested the national performance of women-owned businesses.
The 98 companies on this year’s Business Journal list reported total revenue of $4.8 billion, an 8.5% year-over-year increase for the 12 months ended Dec. 31, 2018. Nationally, revenue among women-owned businesses last year grew by 5.6% to an estimated $1.8 trillion, according to an annual research report commissioned by American Express Co. (NYSE: AXP).
For the first time, the study looked back to 1972—when the U.S. Census Bureau first began tracking women-owned and minority-owned businesses—and found the number of women-owned businesses grew from 402,000 to 12.3 million in 2018. It also found revenue among those firms had $8.1 billion in 1972.
Julie Tomich, senior vice president of American Express Global Commercial Serves, said the new data shows the impact women entrepreneurs have on the U.S. economy.
“Over the past 11 years, we’ve seen women’s entrepreneurship and economic impact increase, especially among the growing number of women-owned companies that generate more than $1 million in revenue,” Tomich said in a statement.
Meanwhile, the Business Journal’s list ranks companies with a minimum of $5 million in annual revenue and at least 51% female ownership, a standard for certification by the Women’s Business Enterprise National Council.
Fifty-three companies reported revenue increased, 11 said sales were down, four were flat, and the remaining are Business Journal estimates. Thirteen companies dropped off the list with most citing they were no longer majority women-owned.
The number of local employees dropped slightly to 7,700 workers, down about 1%, while the number of companywide employees was flat at about 33,200 workers in the past year.
Leading the Pack
• List newcomer SeneGence International Inc. debuted on the list at No. 1 with an estimated $1 billion in revenue—dethroning longtime leader Irvine-based restaurant chain In-N-Out Burger Inc.
SeneGence, a skincare and cosmetics company, employs 500 at its Foothill Ranch headquarters and has a network of more than 500,000 independent distributors. Founded in 1999 by Chief Executive Joni Rogers-Kante, the company is currently building a 744,448-square-foot corporate campus on 225 acres in Sapulpa, Okla. to accommodate its growth. It currently operates a 255,000-square-foot manufacturing facility in Corona.
• In-N-Out dropped by one spot to No. 2 with an estimated $926 million in revenue and a local workforce of 2,350. Companywide employees are estimated to be 25,350.
• No. 3, Mercedes-Benz of Laguna Niguel remained flat at an estimated $242 million with 250 employees.
• Systems Source Inc. in Newport Beach, No. 4, experienced a jump in revenue rising by 46% to $192 million. It added 17 employees in Orange County for a total of 99 while total staff stands at 216, up about 28%. The commercial furniture dealership, founded by Chief Executive Rosemarie Smith, said growing demand for modern workspaces, as well as expanded services for clients such as Experian PLC, Allergan PLC, and Mazda North American Operations helped fuel its growth.
• One of the biggest gainers on the list is Irvine-based Linmarr Associates Inc., which leapfrogged 20 spots to No. 25. The defense contractor and supply chain partner for the U.S. government and military nearly doubled its revenue last year to $34 million, up 94% year-over-year. It has 20 employees. Founded in 1983, the firm initially focused on manufacturing fabricated military vehicle parts for the government. Chief Executive Sharon Hoffman and President and Chief Financial Officer Ken Hoffman acquired the business in 2010 and moved it from its previous headquarters in Las Vegas to Irvine. The husband and wife team then expanded the company’s services to include military hardware, aircraft parts, electronics, among others.
There were six list newcomers with all, except SeneGence, reporting double-digit growth—Irvine-based heating, ventilation, and air conditioning construction and services firm Spectrum Mechanical Inc., No. 56; Orange-based paint contractor Meyer Coatings Inc., No. 59; Irvine staffing agency Alliance Resource Group, No. 84; Newport Beach marketing agency Brandtailers, No. 85; and analytics company BioMedGPS in Irvine at No. 98.