Black Enterprise Releases 30th Anniversary Top 100 List

OBSERVER STAFF REPORT

Russell Simmons

NEW YORK - Black Enterprise recently revealed its 2002 BE100s list, ranking the top grossing African American-owned businesses in the nation. Comprised of eight lists, the BE100s is the publication's annual report on Black-owned businesses and is recognized as the nation's most respected measure of their performance.

The BE100s were first recognized in 1973 as one list with 100 companies reporting sales of $473.4 million.
Today, on the 30th anniversary of the BE100s, despite last year's tragedy and subsequent economic downturn, the 100 largest African American-owned industrial/service businesses boast an outstanding $11.5 billion in revenues.

Earnings for the companies on the seven additional lists of the BE100s are:

• $8.9 billion in sales from the nation's top African American auto dealers
  
  
• $1.4 billion in billings produced by the nation's top African American advertising agencies
  
  
• $4.3 billion in assets posted by the nation's top African American banks
  
  
• $559.4 million in assets posted by the nation's top African American insurance companies
  
  
• $664.4 billion in issues managed by the nation's top African American investment banks
  
  
• $49.3 billion in assets under management reported by the nation's top African American asset management companies
  
  
• $2.5 billion in capital managed by the nation's top African American private equity firms

In addition, the 300 ranked businesses of the BE100s provided employment for more than 80,000 of the nation's workforce.

CAMAC Holdings, Inc., a Houston-based energy producer and distributor run by Nigerian-born Kase L. Lawal, tops the list of the largest Black-owned businesses and earns the No. 1 spot on the B.E. Industrial/Service 100.

CAMAC reported impressive earnings of $979.51 million in 2001.

Rush Communications, parent company of New York City-based clothing-line Phat Farm and dRush Advertising, was awarded the coveted title of "Company of the Year." Spearhead by hip-hop mogul Russell Simmons, the urban apparel, advertising and media conglomerate posted revenues of $192 million in 2001.

In a year where falling revenues and profits were the norm, the company's earnings represent a 92 percent increase from 2000.

Other businesses holding No. 1 positions on the BE100s lists:

• B.E. Auto Dealer 100 - The Harrell Co., Atlanta, Ga.
  
  
• B.E. Advertising Agencies - Don Coleman Advertising Inc., Southfield, Mich.
  
  
• B.E. Banks - Carver Federal Savings Bank, New York, N.Y.
  
  
• B.E. Insurance Companies - North Carolina Mutual Life Insurance Co., Durham, N.C.
  
  
• B.E. Investment Banks - The Williams Capital Group L.P., New York, N.Y.
  
  
• B.E. Asset Managers - Ariel Capital Management Inc., Chicago, Ill.
  
  
• B.E. Private Equity Firms - TSG Capital Group L.L.C., Stanford, Conn.

The 2002 BE100s were honored at an awards gala during the Seventh Annual Black Enterprise/Microsoft Entrepreneurs Conference, held May 15-19, 2002 at the Gaylord Opryland Resort and Convention Center in Nashville, Tenn. Award winners included:

• B.E. Company of the Year - Rush Communications Inc.
  
  
• B.E. Advertising Agency of the Year - The Burrell Communications Group
  
  
• B.E. Auto Dealer of the Year - Winston Pittman Enterprises
  
  
• B.E. Financial Company of the Year - Ariel Capital Management Inc.

The June issue of BLACK ENTERPRISES magazine hit newsstands on May 28, 2002.