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OC’s Largest Private Cos. Report 2023 Revenue Up 4.5%

The largest private companies based in OC saw their 2023 sales continue steady growth from the year prior.

The 34 companies on the Business Journal’s annual list reported a 4.5% increase in revenue to a combined $105.4 billion. This follows a 1.4% increase in 2022 and a 26% jump in 2021.

The increase was more widespread this year with 14 companies boosting their sales, including nine by more than double digits. Seven companies reported a drop in sales.
Familiar companies led the list with the same top five retaining their positions from last year.

Irvine-based Allied Universal, the world’s largest private security firm, stayed at No. 1 with a 6.3% increase to $20.7 billion.

Insurance Broker Growth

The Business Journal’s annual list includes those with at least $500 million in annual sales.
Alliant Insurance Services Inc. moved up two spots to the No. 6 position, reporting a 22% increase in revenue to $3.9 billion.

The Irvine-based brokerage kept busy with mergers and acquisitions last year, including acquisitions of three insurance agencies in Oklahoma.

“In the past year, we have achieved considerable growth across all facets of our organization while remaining true to our culture of teamwork, collaboration and innovation,” Executive Chairman Tom Corbett said in a statement.

The company said that it “is currently in the midst of a significant expansion fueled by organic growth, strategic acquisitions and the recruitment of top talent in insurance brokerage, employee benefits, underwriting and direct-to-consumer programs.”

Alliant at the beginning of this year announced the appointment of Greg Zimmer as its new chief executive, replacing Corbett who has led the company since 1994 and retains his position as executive chairman.

Zimmer has been president at Alliant since 2007 and helped implement the company’s acquisition strategy, overseeing the purchase of more than 100 companies.

Alliant’s biggest acquisition took place in 2021 when it purchased Huntington Beach-based Confie, the largest personal lines insurance distributor in the U.S.

Newcomers

The largest percentage increase in revenue came from two newcomers to the list.
Anaheim-based ATI Restoration, No. 31 on the list, grew 49% to $599.3 million.

The company, which specializes in restoring and reconstruction buildings damaged by natural and man-made disasters, completed over 100,000 projects that “ranged from a few thousand to millions of dollars,” according to a yearly company report. One of these projects was the remediation process of the Tustin Hangar fire.

ATI saw increases in both residential and commercial restoration jobs last year, President and Chief Growth Officer Ryan Moore told the Business Journal.

“This expansion was driven by a rise in the number and complexity of losses requiring our services,” Moore said.

Right below ATI Restoration was Salas O’Brien, which reported a 39% increase to $561.6 million. The Irvine-based engineering firm said its growth came from a combination of organic growth and mergers and acquisitions.

This year’s list indicates that OC’s largest private companies increased their local employee count by 3.2% to 31,148 as of May. Companywide, that number increased nearly 1% to 1 million; about 800,000 of those employees are at Allied Universal. ATI Restoration grew its companywide headcount the most, increasing 52% to 3,350.

Dropping off the list this year was New American Funding, a Tustin-based mortgage lender, which last year ranked No. 24 on the list; as would be expected, rising interest rates caused a decline in new mortgages and refinancings—its 2023 revenue fell 51% to $462.7 million, missing the $500 million cutoff.

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