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NEW YORK--Nineteen convenience stores chains were named to Forbes magazine's list of America’s largest privately held companies with the majority of named convenience store companies moving up in their ranking from 2004.
Each year Forbes magazine researches and analyzes companies for its "Largest Privately-Held Companies" feature. Companies are ranked according to 2004 revenues. Companies considered for the list had to have at least $1 billion in 2004 revenues and be privately-held.
Warren Equities of Providence, R.I. showed the biggest jump, moving from No. 288 in 2004 to no. 228 in this year’s list. Texarkana, Texas-based Truman Arnold Cos. and Red Apple Group of New York, N.Y., moved up from No. 234 to No. 182 and No. 164 to no. 114, respectively. Canton, Mass.-based Cumberland Farms moved up the list 27 slots to rank No. 78 on the Forbes 2005 list.
According to Forbes , 339 companies on the magazine’s roster of closely held businesses sold a trillion dollars worth of goods and services and employed 4 million people. "Last year’s count of privately held U.S. businesses with at least $1 billion in revenue was only 305," the magazine noted.
The 19 U.S convenience stores and petroleum marketers that made the 2005 list and their ranking are: Flying J (No. 30), QuikTrip Corp. (No. 32), Gulf Oil Corp. (No. 37), Sinclair Oil (No. 47), Racetrac Petroleum Inc.(No. 65), Colonial Group (No. 52), Wawa Inc. (No. 75), Cumberland Farms (No. 78), Sheetz Inc. (No. 87), TravelCenters of America (No. 94), Red Apple Group (No. 114), Love’s Travel Stops (No. 125), Truman Arnold Cos. (No. 182), Warren Equities (No. 228), SSP Partners (No. 231), Holiday Cos. (No. 242), Kum & Go (No. 277), U.S. Oil Co. (No. 311) and Petro Stopping Centers (No. 314).
"We’re pleased to be a part of such a prestigious list," said Kum & Go CEO Kyle Krause. "As we continue to chart our progress toward our strategic growth goal, we will look forward to moving up towards the top half of the list."