4 Houston firms land on Forbes’ list of America’s largest private companies

BIG BIZ IN H-TOWN

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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Houston tops best cities for small biz expansion and more innovation news

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Editor's note: The top innovation news in recent weeks finds Houston at the top of the pack for small business friendliness, as well as a new facility at Generation Park. Plus, an innovative air taxi network will land in Texas next year. Below are the most-read InnovationMap stories published Oct. 14-31, 2026.

Houston ranks high on best cities for small-business expansion report

For small businesses looking to expand, Houston might be the right place. Among 56 major U.S. metros, Houston grabbed the No. 6 spot on a new list of the metros boasting the strongest environments for small-business expansion. A 2025 report from the state comptroller’s office showed roughly 970,000 small businesses operate in the 13-county Gulf Coast region. The region includes the majority of the Houston metro area. Continue reading.

Generation Park lands new facility to scale xeno-organ production

Maryland-based United Therapeutics Corp. has opened a new 77,448-square-foot facility to manufacture xeno-organs in Northeast Houston’s growing biotech hub, Generation Park. The new Houston location is United Therapeutics’ third Designated Pathogen-Free (DPF) site, named for transplant pioneers Dr. Bartley P. Griffith and Dr. Robert A. Montgomery. The company says the new facility will enable it to scale commercial production of its xeno-organs once they receive regulatory approval. Continue reading.

Air taxi network to land in 'Texas triangle' of Houston, Austin, DFW next year

San Jose, California-based aerospace company Archer Aviation is bringing its air-taxi system to the “Texas triangle” of Houston, Austin and Dallas-Fort Worth. Currently, the planned zero-emission electric air taxi networks will use Archer’s Midnight air taxi to “turn 60- to 90-minute drives to major airports, business districts and major destinations into 10- to 20-minute flights,” the company said. Archer plans to begin flights in the Texas triangle next year. Continue reading.

Rice University launches AI initiative, plans to hire 75 faculty

Houston’s Rice University announced a university-wide artificial intelligence initiative this week that includes hiring 75 new AI-focused faculty. It also shared new details about its planned state-of-the-art facility, The Arc. Fresh off the announcement of Rice’s new Master of Artificial Intelligence (MAI) coming next fall, the university shared that it plans to expand its AI-related courses and be a “global leader in advanced computing and responsible AI.” Continue reading.

Houston's Rice University named the No. 1 best Texas college for 2027

Rice ranks No. 1 in Texas on new 2027 list. Rice University/Facebook

With early application season in full swing, a local university is racking up accolades on a new list of the 10 best Texas colleges for 2027. Rice University topped the list as the No. 1 best university in Texas in WalletHub's annual "College & University Rankings" report, showing Houston students don't have to travel out of state to earn a top-notch degree. Continue reading.

7 finalists compete to be crowned Houston's 2026 Startup of the Year

Cast Your Vote

Each year, the Houston Innovation Awards program recognizes the best and brightest in the local innovation community. And while most of the award winners are selected by our esteemed panel of judges, one winner is determined by you.

Voting is now open for our people's choice award: 2026 Startup of the Year. Seven exceptional finalists are in the running for the title, and your votes will determine who wins.

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.

Read about our Startup of the Year finalists and their missions and achievements below, then cast your vote. You can vote once per day through Nov. 13, so make your voice heard.

The winner, along with the winners in all other categories, will be revealed in mid-November right here on InnovationMap.com. Stay tuned.

FluxWorks

FluxWorks

Fluxworks is aiming to shape the future of the robotic supply chain with its flagship Celestial Gear. The magnetic gearbox offers a contactless design that leads to less wear, debris and maintenance. In 2026, Fluxworks closed a $5 million seed round to scale the product.

IronLattice

IronLattice

IronLattice is developing next-generation, ferroelectric memory technology for AI and high-performance computing workloads. In June 2026, the company closed a $3 million angel round. It began wafer production this fall, with its first working device targeted for completion in spring 2027.

Lumino

Lumino

Lumino is a unified commerce ecosystem and payments platform designed to provide businesses with the technology, payments infrastructure, intelligence and tools they need to grow while creating impact in their communities. Lumino publicly launched its platform in 2026 in Houston and is rolling out its next stage of global expansion.

Progress Report

Progress Report is a K-12 learning-intelligence platform designed to go beyond identifying that a student is struggling. It traces performance to learning gaps and prerequisite skills, helping educators understand where a student is struggling and what may be causing it. Progress Report recently released a fully built production platform and launched pilots with 35 educators and 200 students across Texas and Arizona.

Rosarium Health

Rosarium Health is a platform that coordinates the full process for home accessibility upgrades and modifications for seniors and people living with disabilities. In 2026, the startup announced $6 million in seed funding and scaled to a national network of 800-plus clinicians and 3,000-plus contractors.

Thread

Thread

Thread is building an AI-powered service desk platform for Managed Service Providers (MSPs). Its technology combines agentic AI, assistive AI, automation, and real-time communication to help MSPs resolve IT support requests faster and with less manual work.

TokenRoster

TokenRoster is an AI-powered assessment platform for early-stage startups, providing founders with an investor-grade evaluation of their company before the pitch and giving investors a curated roster of vetted companies. Since launch, TokenRoster has grown to 65 companies and 43 founder accounts, with 10 assessment frameworks available.

Houston Innovation Awards honor Don Kendall Jr. with posthumous​ Trailblazer Legacy Award

lasting legacy

Every year, the Houston Innovation Awards honor one Houstonian with the Trailblazer Award, whose impact is felt throughout the city's innovation and business ecosystem.

This year, the Trailblazer Legacy Award will be given posthumously to Don Kendall Jr., who died in September while on a trip to the Republic of the Congo with the Jane Goodall Institute, one of the many organizations he was deeply involved with.

Kendall's obituary puts it simply: "Don’s truest passions were conservation and his family." Many saw those passions play out in his career, particularly in the role he played in shaping Houston's clean energy sector.

Kendall served as general partner of New Climate Ventures, a Houston-based early-stage venture capital firm that invests in next-gen energy, materials and fuel technologies and startups. The firm's portfolio includes Houston-based clean energy companies like Solidec, Syzygy Plasmonics and Rheom Materials.

Kendall was also founding managing director and CEO of Kenmont Capital LP. He ran a $500 million distressed debt and credit-based hedge fund focused on the energy, power and transportation sectors and one of the top-performing private equity funds under the Kenmont umbrella.

He served on the board of Talos Energy, American Midstream Partners, Syzygy Plasmonics, Tangent Energy, Stream Energy and others. Notably, he served as Chair of the Special Committee of the SolarCity board during its acquisition by Tesla in 2016. According to his obituary, Kendall negotiated with "Elon Musk in the middle of the night on a rickety pier in Indonesia after eluding a poisonous snake."

Outside of the clean energy space, Kendall also served on the boards of the Jane Goodall Institute, Earthwatch International and Ecological Defense Group. He also served as vice chair of the Houston Zoo Inc. and chair of its Conservation Committee.

Kendall was selected by our esteemed panel of judges to receive the 2026 Trailblazer Legacy Award. The panel includes carbon removal entrepreneur and CEO of Houston-based Mars Materials Aaron Fitzgerald.

Fitzgerald shares the profound impact Kendall had on his career and those of many others.

"Honoring Don with the Trailblazer Legacy Award is a fitting tribute to a leader whose impact spanned civic work with the Houston Zoo, wildlife conservation, and the growth of our startup ecosystem," Fitzgerald says. "He paired a keen eye for potential with the relentless drive to unlock it. For Mars Materials, his early backing carried us through a critical valley when we needed belief the most, and his presence as a personal mentor is profoundly missed."

Don was an avid traveler, cyclist and collector. He is survived by his wife of 50 years, Diane S. Kendall. A celebration of life will be held early in 2027.

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