Tilman's Fertitta Entertainment is one of the largest privately owned businesses in America. Photo by J. Thomas Ford

Some Houston-area companies have some major bragging rights. Forbes has released its new list of the country’s largest privately owned companies based on annual revenue, and five local firms land on the list. They are:

  • Car dealership group Gulf States Toyota, No. 45, $8.3 billion in annual revenue.
  • Energy company Calpine, No. 48, $8 billion in annual revenue.
  • Petroleum and petrochemical products marketer Tauber Oil, No. 61, $6.7 billion in annual revenue.
  • Casino, restaurant, and sports conglomerate Fertitta Entertainment, No. 166, $2.8 billion in annual revenue.
  • BMC Software, No. 219, $2.1 billion in annual revenue.

Elsewhere in Texas, San Antonio-based H-E-B ranks fifth on Forbes’ new list of the country’s largest privately owned companies based on annual revenue. According to Forbes, the grocery chain’s annual revenue is $32.8 billion, making it the largest private company in Texas. On its website, H-E-B reports annual sales of $32 billion.

The only other San Antonio company on the Forbes list is construction engineering company Zachry Group. It ranks 225th, with annual revenue of $2 billion.

Nearly all of the other Texas companies in the Forbes ranking are based in the Houston and Dallas-Fort Worth and Houston areas. As well as the five Houston companies, 13 DFW companies companies show up on the list:

  • Grand Prairie-based alcohol and wine distributor Republic National Distributing, No. 25, $11.9 billion in annual revenue.
  • Dallas-based conglomerate Sammons Enterprises, No. 70, $5.8 billion in annual revenue.
  • McKinney-based roofing distributor SRS Distribution, No. 80, $5.4 billion in annual revenue.
  • Irving-based arts-and-crafts retailer Michaels, No. 81, $5.3 billion in annual revenue.
  • Dallas-based luxury retailer Neiman Marcus, No. 101, $4.7 billion in annual revenue.
  • Irving-based electrical systems and equipment maker Consolidated Electrical Distributors, No. 103, $4.6 billion in annual revenue.
  • Fort Worth-based food and beverage distributor Ben E. Keith, No. 107, $4.2 billion in annual revenue.
  • Dallas-based oil and gas explorer Hunt Consolidated, No. 113, $4 billion in annual revenue.
  • Frisco-based transportation and logistics software provider Transplace, No. 127, $3.6 billion in annual revenue.
  • Addison-based cosmetics retailer Mary Kay, No. 164, $2.8 billion in annual revenue.
  • Plano-based senior healthcare provider Golden Living, No. 178, $2.6 billion in annual revenue.
  • Dallas-based general contractor Austin Industries, No. 217, $2.1 billion in annual revenue.
  • Dallas-based transportation and logistics company Mode Transportation, No. 220, $2.1 billion in annual revenue.

One other company on the Forbes list, New Jersey-based IT company SHI International Corp., has a strong connection to Texas. Austin billionaire Thai Lee, with a net worth estimated at $4.1 billion, is co-founder, president, and CEO of SHI. The company ranks 28th on the Forbes list, with annual revenue of $11.1 billion.

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This article originally ran on CultureMap.

Tilman Fertitta is taking Landry's public. Photo by J. Thomas Ford

Tilman Fertitta takes much of his empire public in massive $6.6 billion merger

going public

Tilman Fertitta is about to become even wealthier. The Houston billionaire announced that his company, Fertitta Entertainment, will go public via a merger with FAST Acquisition Corp. (NYSE: FST).

In total, the deal will be worth approximately $6.6 billion. It includes over 500 restaurant locations — ranging from Saltgrass Steakhouse to Mastro's — five Golden Nugget Hotel and Casinos, and Fertitta's stake in Golden Nugget Online Gaming. That valuation is based on projected earnings of $648 million in 2022.

Fertitta will own 60 percent of the company and will serve as its president, chairman, and CEO. Prior to the transaction, Forbes estimated Fertitta's net worth at $4.1 billion. His stake in the new company will grow that amount by $2 billion.

The merger does not include Fertitta's other hotels, such as The Post Oak, his properties in Galveston such as the Pleasure Pier, or the Houston Rockets.

Landry's operated as a public company until 2010, when Fertitta took it private. Going public now allows the company to pursue acquisitions and take advantage of opportunities presented by the downturn is both restaurants and casinos as a result of the coronavirus pandemic. The new company will benefit from both the increase in casino and online gaming taking place across the country as well as decreased competition due to restaurant closures, it states in a press release.

"I want to do big gaming deals," Fertitta told Bloomberg News. "Thirty years ago there was gambling in two states. Now we're approving new states for online almost on a weekly basis."

Merging with FAST instead of going through a traditional IPO allows the transaction to be completed more quickly. The deal is expected to be finalized in the second quarter of 2021.

"After I compared the opportunities provided by a transaction with FAST, versus the traditional IPO route, it became abundantly clear that we could access the capital markets with more certainty and speed if we did a deal with FAST," Fertitta said in a statement. "At the end of the day, the decision to do a deal with FAST was a no-brainer."

Institutional investors will contribute $1.2 billion and own 35 percent of the company. FAST will contribute the $200 million it raised via an initial public offering; its sponsors will own 1 percent of the company. Public investors will own 4-percent. Shares in FAST are up 4 percent at the time of publication.

Fertitta has arranged a merger with a special purpose acquisition company before. In 2020, Golden Nugget Online Gaming, Inc. (NASDAQ: GNOG) went public via a similar transaction. It's currently trading at approximately $18 per share.

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This article originally ran on CultureMap.

Houston entrepreneur Megan Eddings' activewear brand has received national attention. Courtesy of Accel Lifestyle

Houston entrepreneur snags national spotlight and mentorship from Tilman Fertitta

featuring founders

Fashion and science have more in common than you think: Just ask Accel Lifestyle founder and CEO Megan Eddings, who spent three years developing the Prema fabric used in the ethical and environmentally friendly activewear brand she launched in Houston.

"I've always loved science. I've always been fascinated by things you can't see which is, to me, science and chemistry," Eddings tells CultureMap.

Her fascination with fashion and science has paid off: Eddings is one of 40 selected entrepreneurs across the United States to participate in Inc. Magazine's Founders Project. In honor of Inc.'s 40th anniversary, it launched the year-long project. Designed to assist entrepreneurs to grow their business, the initiative will match 40 established entrepreneurs, including Houston's billionaire Tilman Fertitta, MailChimp's Ben Chestnut, and Drybar's Ali Webb to provide advice, access to capital, marketing guidance, and other valuable assets.

Eddings says she was blown away and couldn't wait to learn about the new mentor-mentee relationship. "I was super excited to be paired with Tilman Fertitta," she says.

Fertitta, the sole owner of Fertitta Entertainment, the restaurant giant Landry's, the Golden Nugget Casinos and Hotels, and the NBA's Houston Rockets tells CultureMap he, "enjoyed meeting Megan and learning more about her unique product. She will surely be another successful Houston entrepreneur and look forward to following her growth."

Eddings says Fertitta has already shared his expertise as she continues pitching Accel Lifestyle to national retailers.

"We've already had a few conversations," she says. "One was about wholesale versus retail, which was printed in the November issue, and there was a video interview published on Inc.com."

With a degree in chemistry from the University of Virginia and experience working in labs at UVA and Brown University, Eddings put her education to use after pondering why her husband's sweaty gym clothes weren't coming out clean.

Her anti-stink fabric ensures consumers are less likely to throw away their clothing, which is a strong focus for the brand — not contributing to the landfill epidemic. With antimicrobial properties, the proprietary fabric is ideal for various industries besides fitness, including hospitality, medical, automotive, and more.

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This article originally ran on CultureMap.

Samantha Lewis, Tilman Fertitta, and Tiffany Masterson are this week's innovators to know in Houston. Courtesy images

3 Houston innovators to know this week

Who's who

Houston entrepreneurs never cease to impress, leaving a mark on the city for their business minds, creativity, and overall gumption. This week's three innovators to know are no exception.

From a startup venture capitalist and Houston's most recognizable billionaire to a local mom that created — and now sold — a skincare line with a cult following, these are this week's innovative Houstonians to keep an eye on.

Samantha Lewis, director at The GOOSE Society of Texas

Courtesy of Samantha Lewis

Houston has a big fan in Samantha Lewis. The New Mexico native found her way to Texas by way of Texas A&M University before joining the Houston innovation ecosystem and getting her MBA at Rice University.

On the second episode of the Houston Innovators Podcast, Lewis, who's the director at The GOOSE Society of Texas, shares her story of wanting to work in venture capital, but being afraid Houston's venture activity would be too slim. She stuck it out and now the ecosystem is in good place for growth.

"We have to think about getting more capital available for companies that add strategic value to Houston," Lewis says on the podcast. Click here to read more and to listen.

Tilman Fertitta, owner of Fertitta Entertainment

Photo by J. Thomas Ford

Likely, Tilman Fertitta is already a name known and in need of no reminder, but the Houston billionaire is again in the headlines. Fertitta, who just recently acquired Del Frisco's steakhouse chain, has released a new business book, Shut Up and Listen! The book contains the entrepreneur's business advice and "Tilmanisms."

"I thought that I would always write a life story book, but Harper Collins approached me and said they wanted a business management book," Fertitta tells CultureMap. I can't tell you how many times we sat around with my close group and edited this book at the end and went through it five times and read it. If we found a paragraph that was boring, we got rid of it or rewrote it."

CultureMap sat down with Fertitta during a rare break to talk books, business, and his beloved Bayou City. Click here to read the interview.

Tiffany Masterson, chief creative officer and founder of Drunk Elephant

Photo via Business Wire

It was a good week for Houstonian Tiffany Masterson. She sold her skincare line, Drunk Elephant, for a reported $845 million to international makeup giant, Shiseido Company Ltd.

"I started this business as an industry outsider, and from the beginning I did things a little differently," Masterson says in a news release. "To join with a powerhouse beauty company such as Shiseido that leads the industry in innovation and global excellence is a dream come true for me and for Drunk Elephant. We share similar values, most importantly an unwavering commitment to the consumer. I chose a partner who will let the brand continue to be itself, with the same formulations and the same team."

Masterson will stay on with the company as the acquisition allows her products to reach a wider, worldwide audience. Click here to read more.

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CultureMap Emails are Awesome

Meet the 40+ finalists for the 2026 Houston Innovation Awards

The Top Startups

Editor's note: We are just days away from unveiling the winners of the 2026 Houston Innovation Awards. Before the big reveal, we've compiled all of the coverage of this year's finalists. Get to know the 40+ finalists for nine awards categories below, then stay tuned to InnovationMap.com, where we'll announce the winners on Wednesday, November 18.

Minority-founded Business Finalists 

Our Minority-founded Businesses category honors innovative Houston startups founded or co-founded by BIPOC or LGBTQ+ representation. Five minority-founded businesses have been named finalists for the 2026 award. The finalists range from an AI edtech startup to a company operating in the floating offshore energy infrastructure sector.

They are: AI Made Fun, Deep Anchor Solutions, HEXASpec, Prana Surgical, and Torres Orbital Mining Inc. Read more.

Female-founded Business Finalists

Houston is home to many standout female founders, making inroads and breakthroughs in every industry. Our Female-founded Business category honors women-led startups that are shaping Houston innovation. Five female-founded businesses have been named finalists for the 2026 award. The finalists range from an AI startup for C-Suite execs to a company developing semi-autonomous crawler robots for corrosion detection.

They are: Adair, ARIX Technologies, Bairitone Health, FlowCellutions, and ParaDocs Health. Read more.

Health Tech Business Finalists

Houston has been driving medical innovation for decades and the local healthcare ecosystem continues to improve how patients are diagnosed, treated and cared for. The Health Tech Business category in our 2026 Houston Innovation Awards honors innovative startups within the health and medical technology sectors. Four forward-thinking businesses have been named finalists for the 2026 award. This year's finalists range from a startup developing miniaturized medical technologies for space to a company using AI to help develop cancer treatment plans.

They are: Bairitone Health, InformAI Inc., Prana Surgical, and Skybound MedTech. Read more.

Deep Tech Business Finalists

Houston has long been at the forefront of innovation, from NASA’s Johnson Space Center to its startup ecosystem using technology to disrupt industries. Our Deep Tech Business category honors innovative startups providing technology solutions based on substantial scientific or engineering challenges, including those in the AI, robotics and space sectors. Five deep tech companies have been named finalists for the 2026 award.

They are: Casimir, FocisAI, Machine Saver Inc., Square Robot, and Venus Aerospace. Read more.

Energy Transition Business Finalists

Houston is home to a growing number of startups reshaping what it means to be called the "Energy Capital of the World." Our Energy Transition Business category honors those innovative startups that are providing solutions within renewables, climatetech, clean energy, alternative materials, circular economy, and more. Five clean energy startups have been named finalists for the 2026 award. The finalists range from a lower-emission steel producer to a diagnostics platform developer working to support batteries used in data centers.

They are: Capwell Services, FlowCellutions, Hertha Metals, Mars Materials, and Solidec. Read more.

Scaleup of the Year Finalists

From IPOs to groundbreakings, some of Houston's most innovative companies reached major milestones this year. Our Scaleup of the Year category honors innovative later-stage startups that have recently reached a significant milestone in company growth. Three scaleups have been named finalists for the 2026 award.

They are: Erock, Hertha Metals, and Venus Aerospace. Read more.

Incubator/Accelerator of the Year Finalists

It takes a village to launch a business. That's where Houston's network of incubators and accelerators can step in, providing the resources, mentorship and community needed to push a fledgling company forward. Our Incubator/Accelerator of the Year category honors local organizations that are championing and fueling the growth of Houston startups. Three incubators and accelerators have been named finalists for the 2026 award. They support startups ranging from hard-tech companies to food and youth concepts.

They are: Activate, Impact Hub Houston, and MarMo Innovation. Read more.

Startup of the Year Finalists

Seven exceptional finalists are in the running for the title of Startup of the Year, which is our people's choice award in the annual Houston Innovation Awards. From innovative platforms benefiting the education, commerce, health, investment and IT sectors to next-gen memory technology and improvements for robotic supply chains, these startups are making an impact in Houston and beyond.

The finalists are: Fluxworks, IronLattice, Lumino, Progress Report, Rosarium Health, TokenRoster, and Thread. Read more.

Mentor of the Year Finalists

Houston’s thriving startup ecosystem is supported by a network of experienced leaders who work behind the scenes, investing their time and knowledge to help the next generation of entrepreneurs succeed. Our Mentor of the Year category honors those who dedicate their time and expertise to guide and support budding entrepreneurs. Six individuals have been named finalists for the 2026 award. They support promising startups in the medical tech, digital health, clean energy, hardware sectors and more.

They are: Al Danto, Rice University; Eric Rubenstein, New Climate Ventures; Jeremy Pitts, Activate; Joe Alapat, Liongard; Kyle Judah, Rice University's Liu Idea Lab for Innovation & Entrepreneurship; Rachel Bickham, Bickham Services Unlimited LLC. Read more.

Houston's new state-of-the-art academy FLAMA breaks ground at historic site

Groundbreaking Education

Houston’s newest school for arts and music broke ground in October in the city’s historic East End. The Frank Liu Jr. Academy for Music and Arts (FLAMA), a tuition-free charter school, will welcome students in pre-K through 8th grade next August.

Members of the Liu family, the school’s founding board members, elected officials, and East End community partners gathered at Buffalo Bayou Partnership’s historic Turkey Bend development for the official groundbreaking ceremony on October 8, which kicked off with a performance by the Kinder High School for the Performing and Visual Arts’ Mariachi group.

The new school is on a portion of the former Folgers Coffee Plant, located at 235 N. Norwood St. OMA, an international architectural firm known for its approach to urbanism, cultural projects, and adaptive reuse, is transforming the 1930s plant into a state-of-the-art educational facility.

“We’re excited to celebrate this milestone for FLAMA and look forward to seeing the transformation of the historic Folgers plant into a new home for music and arts education,” said Jason Long, one of the firm’s partners. “Like fine-tuning an instrument, our design recalibrates the existing industrial structure into an open, connected, and expressive environment for learning. FLAMA will be a new learning environment that builds on the character of the existing building while giving it new life for the community.”

Flama academy Courtesy rendering

Unfolding across three stories, the school draws inspiration from Montessori education principles, which prioritize openness, independence, and collective learning through shared “neighborhoods.”

It all begins when students, families and guests enter through a private courtyard. The welcoming space will change the building’s original industrial facade into a brightly colored, kid-friendly spot, complete with yellow and green blocks spelling out the school’s name. The original windows will be restored to preserve the building’s historic character and upgraded to meet contemporary energy standards. Similarly, all of the school’s classrooms are located around the building’s perimeter, providing an abundance of natural light.

Inside, FLAMA’s three stories are divided so that younger students will find their classrooms at the school’s base, and they will move upward through the school as they progress through grade levels. The ground level has a common area for younger kids that could host drum circles, movement classes, or “breakout play.”

Children in first and second grade have their own larger open space, with an eye-catching staircase, that's inspired by the curve of a French horn. The space lends itself to everything from small gatherings to performances by the school’s early musicians.

As students progress through third grade and up, they’ll find FLAMA’s upper floors created to meet their growing artistic and intellectual needs. One example is the open library, a shared spot for students in third through fifth grades. It has flexible furniture that can transform the space into a place for group study and project work, as well as one that can host after-school activities. Directly above this library is a second common room for middle schoolers where students in sixth, seventh, and eighth grades can study.

FLAMA academy Courtesy rendering

These two libraries are connected by an F-shaped floor opening that references both the F-hole of a string instrument and the forte symbol. Musicians know this curly f as a note indicating them to play a passage with strength. That could easily be a metaphor for the school itself, which will combine high-quality education with rigorous academics. This visual cue emphasizes FLAMA’s desire for music and art instruction to amplify learning across reading, writing, math, and science.

“This will be a place where children can discover their talents, families can find opportunities close to home, and music and art can open the doors to a stronger education,” said Congresswoman Sylvia Garcia, who attended the groundbreaking. “I know how much it matters when someone brings opportunity within the reach of a child.”

Dr. R. Scott Allen, FLAMA’s founding superintendent and former principal of Kinder HSPVA, spoke about the school’s vision to pair a rigorous, engaging academic opportunity with deep immersion in music and visual arts.

Congressman Christian Menefee, State Senator Carol Alvarado, and Houston City Councilmember Mario Castillo also delivered remarks at the ceremony, speaking about the school’s power to not only transform Houston’s Second, Third, and Fifth Ward communities, but also bring incredible education opportunities to students. Former Mayor Annise Parker, former State Board of Education Member Staci Childs, State Representative Christina Morales, and Houston City Councilmembers Joaquin Martinez and Sallie Alcorn also attended the event.

“In this city, known for our undeniable contributions to music and arts, the gap has never been ability or talent; it has always been opportunity, and opportunity can be built,” said Kirby Liu, who spoke at the groundbreaking, memorializing his late brother’s vision of arts education for the youngest Houstonians. “When it comes to opportunity being foreclosed on our children, we will try like hell to bust those damned doors down.”

The Frank Liu Jr. Foundation has pledged $20 million in financial support during FLAMA’s first years of operation. Applications are now open for kindergarten and first grade for the 2027-2028 school year.

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This article first appeared on CultureMap.com.

New manufacturing facility breaks ground at NASA’s Johnson Space Center

making space

HITT Contracting has broken ground on NASA’s Applied Spaceflight Fabrication Facility (ASFF) at Johnson Space Center, the Washington, D.C.-based construction firm announced late last month.

The project, known as Building 70, will house a high-bay machine shop to support component production for future NASA space missions, according to HITT. The 37,625-square-foot building is the first part of a larger goal to create an engineering complex that unites assembly space, lab capabilities and manufacturing at JSC. It will consolidate machining equipment and operations that are currently spread across multiple campus buildings into one location.

The project broke ground in October at JSC’s Historic District. The Houston Business Journal reports construction is expected to wrap in August of 2028.

“This project will modernize facilities that support America’s space missions,” PJ Ross, chief financial officer at HITT, said in a LinkedIn post. “Proud of our team and partners as we begin construction that will advance aerospace testing and innovation.”

HITT Contracting is one of seven companies awarded infrastructure contracts by NASA earlier this year for work at JSC. According to NASA, the construction contracts “[support] up to $300 million in upgrades to mission‑support facilities, utilities, and equipment across the NASA Johnson campus.”

Construction Drive reports that HITT will also renovate Building 13 South on the JSC campus as part of the $300 million initiative.

“Building for precision manufacturing starts with understanding how the space needs to perform,” Todd Hudson, vice president at HITT Contracting, added in the release. “Our team brings the technical expertise and collaborative approach to deliver a facility that meets the Johnson Space Center’s needs today and supports the next generation of spaceflight innovation. We’re proud to continue our partnership with NASA.”

NASA also recently announced awards as part of its expanded Moon Base exploration, science and infrastructure capabilities. Houston-based Intuitive Machines and seven other spacetech companies, including SpaceX, Blue Origin and Firefly Aerospace, were selected to receive funding.

The awards are part of the next phase of NASA’s CLPS (Commercial Lunar Payload Services) initiative, which will grant the companies a combined total of up to $10 billion over 10 years.

Intuitive Machines and Webster-based MEI Technologies were also awarded contracts this past summer from NASA to develop robots for exploring the surface of Mars. Read more here.