The largest minority-owned businesses with headquarters in Orange County combined for just a little over $16 billion in revenue last year, up 9% over 2014’s number and the same percentage increase as last year’s.
This week’s Business Journal list features 80 companies that are at least 51% owned by minorities, including Latinos, blacks and Asians per federal guidelines for designations of minority status.
The entries are ranked by 2015 revenue, with a $5 million minimum. Other data on the list, such as locally based employees and companywide employees, didn’t affect the rankings.
The total number of OC employees at the companies was essentially flat, rising from 12,266 to 12,339.
Our annual list of minority-owned businesses keeps growing and this year includes 12 additional companies.
• The top two companies remained in their respective rankings: Kingston Technology Co. in Fountain Valley at No. 1, and Vizio Inc. in Irvine at No. 2.
Kingston, which makes computer products, netted an estimated $6.4 billion in the 2015 calendar year. The Business Journal had estimated $5.9 billion in 2014 revenue.
Vizio, which designs and sells televisions, audio products and other consumer electronics products, netted an estimated $3.5 billion in 2015, the same as the Business Journal estimated for 2014.
• Alorica in Irvine jumped from No. 5 to No. 3, netting $1.1 billion, an increase of approximately 83%.
It services companies that outsource in industries including communications, financial services, healthcare, retail and technology, many of which are in the Fortune 500.
The privately held company doesn’t disclose specific information about growth and projections, according to a spokesperson.
Chief Executive Andy Lee said its growth is strategic.
“Since our founding in 1999 with just $10,000, our long-term growth strategy has been to focus on just one industry at a time to build our credibility before we expand,” he said in an email.
“We create insanely great experiences for our clients’ customers and then build case studies that highlight our innovative strategies. Leveraging these successes has helped us grow our market share and expand into new verticals.”
• Another fast mover in the top 10 was New American Funding in Tustin. The company, which originates and services home loans, took in $380.9 million in revenue, up 90% over 2014 and catapulting it from No. 10 to No. 6.
“We’re focusing on increasing our market share by growing our retail sales division with more branch locations in communities across America,” President Patty Arvielo said. “The best way to do that is to pay attention to local market trends, understand the needs of various market segments and become the solution.
“We created our Latino Focus Committee and American Dream Project to do just that, and we couldn’t be more pleased with the progress we’re making in developing services to enrich underserved markets and communities through home ownership.”
• Irvine-based Office Design Group Inc. experienced the biggest revenue drop among ranked companies, falling from No. 42 to No. 63 on the list. Its revenue fell from $12 million in 2014 to $9 million, down 25%. Its local employee count stayed the same at seven.
The company does a lot of business with the federal government, which impacted its revenue, according to Chief Executive J. Russell Smith.
“Our revenues were affected by projects that began in 2015 but will finish in 2016,” he said. “It is all about timing.”
Two companies that didn’t make the list in 2014 experienced significant revenue increases last year.
• Revenue at Ahtna Design-Build Inc. in Irvine, which debuted at No. 73, rose from approximately $785,000 in 2014 to approximately $6.6 million last year.
President Craig O’Rourke attributes the dramatic jump to new contracts with federal agencies, including the U.S. Army Corps of Engineers, the General Services Administration, and the Naval Facilities Engineering Command, as well as various commercial clients.
O’Rourke said he anticipates the company to accrue revenue upwards of $10 million this year. The engineering and construction company added one employee in Orange County since early last year and projects it will have 15 local employees at the end of this year.
• TJ Aerospace Inc. in Garden Grove, which debuted at No. 67, doubled its revenue from $4 million in 2014 to $8 million. It also added 10 employees.
