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.

------

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.

------

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.

------

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.

Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

5 Houston-area companies named among world's most innovative for 2026

In The Spotlight

Led by Conroe-based Hertha Metals, five organizations in the Houston area earned praise on Fast Company’s list of the World’s Most Innovative Companies of 2026.

Hertha Metals ranked No. 1 in the manufacturing category.

Last year, Hertha unveiled a single-step process for steelmaking that it says is cheaper, more energy-efficient and just as scalable as traditional steel manufacturing. It started testing the process in 2024 at a one-metric-ton-per-day pilot plant.

At the same time, Hertha announced more than $17 million in venture capital funding from investors such as Breakthrough Energy, Clean Energy Ventures, Khosla Ventures, and Pear VC.

“We’re not just reinventing steelmaking; we’re redefining what’s possible in materials, manufacturing, and national resilience,” Laureen Meroueh, founder and CEO of Hertha, said at the time.

Meroueh was also recently named to Inc. Magazine's 2026 Female Founders 500 list.

Hertha, founded in 2022, says traditional steelmaking relies on an outdated, coal-based multistep process that is costly, and contributes up to 9 percent of industrial energy use and 10 percent of global carbon emissions.

By contrast, Hertha’s method converts low-grade iron ore into molten steel or high-purity iron in one step. The company says its process is 30 percent more energy-efficient than traditional steelmaking and costs less than producing steel in China.

Last year, Hertha said it planned to break ground in 2026 on a plant capable of producing more than 9,000 metric tons of steel per year. In its next phase, the company plans to operate at 500,000 metric tons of steel production per year.

Here are Fast Company’s rankings for the four other Houston-area organizations:

  • Houston-based Vaulted Deep, No. 3 in catchall “other” category.
  • XGS Energy, No. 7 in the energy category. XGS’ proprietary solid-state geothermal system uses thermally conductive materials to deliver affordable energy anywhere hot rock is located. While Fast Company lists Houston as XGS’ headquarters, and the company has a major presence in the city, XGS is based in Palo Alto, California.
  • Houston-based residential real estate brokerage Epique Realty, No. 10 in the business services category. Epique, which bills itself as the industry’s first AI brokerage, provides a free AI toolkit for real estate agents to enhance marketing, streamline content creation, and improve engagement with clients and prospects.
  • Texas A&M University’s Nanostructured Materials Lab in College Station. The lab studies nano-structured materials to make materials lighter for the aerospace industry, improve energy storage, and enable the creation of “smart” textiles.
---

This article first appeared on our sister site, EnergyCapitalHTX.com.

UH lands $11.8M for first-of-its-kind early language development study

speech funding

Researchers at the University of Houston have secured an $11.8 million grant from the National Institutes of Health to conduct a first-of-its-kind study of early language development.

Led by Elena Grigorenko, the Hugh Roy and Lillie Cranz Cullen Distinguished Professor of Psychology, and research professor Jack Fletcher, the study will follow 3,600 children aged 18 to 24 months to uncover how language skills develop at this critical stage and why some children experience delays that can influence later growth.

The NIH funding will also support the development of the new national Clinical Research Center on Developmental Language Disorders at UH, which aims to bring experts from psychology, education, health and measurement sciences to study how children learn language.

“This will be the first national study to estimate how common late talking is using a large, representative sample of Houston toddlers,” Grigorenko said in a news release. “By following these children as they grow, we hope to better understand the developmental pathways that can lead to conditions such as developmental language disorder and autism.”

UH’s team will partner with the pediatric clinic network at Texas Children’s Hospital, where children will be screened for early language development, allowing researchers to identify those who show signs of delayed speech. Next, researchers will follow the cohort through early childhood to examine how language abilities evolve and how early delays may lead to later challenges.

The Clinical Research Center on Developmental Language Disorders will be the 14th national research center established at UH, and will include researchers from multiple UH departments, as well as partners at Baylor College of Medicine and the Texas Center for Learning Disorders.

“This level of investment from the National Institutes of Health reflects the significance of this work to address a complex challenge affecting children, families and communities,” Claudia Neuhauser, vice president for research at UH, said in a news release. “By bringing together experts from multiple disciplines and partnering with major health systems across the region, the project reflects our commitment to advancing discoveries that impact our community.”

Rice Alliance names Houston healthtech exec as first head of platform

new hire

The Rice Alliance for Technology and Entrepreneurship has named its first head of platform.

Houston entrepreneur Laura Neder stepped into the newly created role last month, according to an email from Rice Alliance. Neder will focus on building and growing Houston’s Venture Advantage Platform.

The emerging platform, which is being promoted by Rice Alliance and the Ion, aims to connect founders with the "people, capital and expertise they need to scale."

"I’ve spent a lot of time thinking about what it takes to make an innovation ecosystem more navigable, more connected, and more useful for founders," Neder said in a LinkedIn post. "I’m grateful for the opportunity to do that work at Rice Alliance, alongside a team with a long history of supporting entrepreneurship and innovation."

"Houston has the talent, institutions, and industry base to create real advantage for founders," she added. "I’m looking forward to listening, learning, and building stronger pathways across the ecosystem."

Neder most recently served as CEO of Houston-based Careset, where she helped bring the Medicare data startup to commercialization. Prior to that, Neder served as COO of Houston-based telemedicine startup 2nd.MD, which was acquired for $460 million by Accolade in 2021.

"Laura brings a rare combination of founder empathy, operational experience and ecosystem leadership," Rice Alliance shared.

Neder and Rice Alliance also shared that the organization is hiring developers to design the new Venture Advantage Platform. Learn more here.

View All Listings