Crain's Chicago Business

AFFORDABILITY: Changing the narrative in Gary, one home rehab at a time. PAGE 3

FAMILY FEUD: Battle for control escalates at Lifeway Foods. PAGE 4

CHICAGOBUSINESS.COM | APRIL 18, 2022 | $3.50

COUNCIL CONUNDRUM

Even as more dollars are pumped in, several City Council committees aren’t meeting regularly, raising questions about why they exist in the first place I BY ERIN HEGARTY, A.D. QUIG and CLAUDIA MORELL

CHICAGO’S LARGEST PRIVATELY HELD COMPANIES PAGE 15

See COMMITTEES on Page 31

Potbelly takes another shot at franchising—a big one this time CEO Wright’s aggressive growth plan would quintuple the money-losing sub sandwich chain’s store count

BY ALLY MAROTTI Potbelly’s latest CEO is taking a page from his predecessors’ playbooks as he tries to pull the Chicago-based sandwich chain out of the red.

Bob Wright recently announced plans to transfer roughly 100 of

Potbelly’s almost 450 shops to franchisees in the next three years, and reach 2,000 locations—at least 85% of which will be franchised— in the next decade.

Wright, who joined Potbelly less than two years ago, is turning to See POTBELLY on Page 29

JOHBN R. BOEHM

CRAIN’S LIST

administration.

But as more dollars are pumped in and staff are hired, several committees aren’t meeting regularly, raising questions about wasted expenditures and the effectiveness of the City Council as a check on the mayor’s administration.

Each committee is given a budget for staff and services ranging from as low as $117,000 for the Committee on Immigrant & Refugee Rights to as much as $1.15 JOHN R. BOEHM

D

espite pressing issues surrounding education, racial equity and refugees facing Chicago in recent years, the staffed, sixfigure City Council committees dedicated to those issues rarely meet, a joint analysis by Crain’s, The Daily Line and WBEZ showed.

Mayor Lori Lightfoot reorganized some committees and created two new permanent committees— Immigrant & Refugee Rights and Contracting Oversight & Equity—expanding the number of standing committees to 19, up from 16 under the previous

NEWSPAPER l VOL. 45, NO. 16 l COPYRIGHT 2022 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED

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JOE CAHILL

BOOTH INSIGHTS

COVID has hurt Hyatt’s bottom line, but not its CEO’s.

PAGE 3

Why your business depends on hiring the right sales team.

PAGE 9

4/15/22 2:46 PM

2 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

Will real estate biz pony up to challenge Kaegi?

W

alk into the office of any big-name developer or property tax attorney in Chicago, and you might not be surprised to see something like this: a picture of Cook County Assessor Fritz Kaegi, pasted onto a dart board—with a couple of darts sticking into his nose.

Kaegi is the guy Chicago’s real estate community loves to hate. He’s been busily jacking up commercial assessments 50% and more even as COVID keeps office towers and retail complexes empty, thereby shifting hundreds of millions of dollars in taxes from homeowners to business at a time when there is some real carnage in the market.

So, are they going to do anything about it as Kaegi faces voters again in the June Democratic primary?

Maybe, or maybe not. Perhaps the developers have lost their nerve now that they no longer have real estate attorneys like ex-Illinois House Speaker Mike Madigan and

indicted Ald. Ed Burke, 14th, in position to watch their back. Or maybe they’ll eventually belly up to the bar.

Kaegi’s opponent—whoever the GOP nominates won’t have a chance in the fall—is Democratic primary foe Kari Steele, currently president of the Water Reclamation District board. “We need a competent manager at the assessor’s office,” she says. Kaegi “has not created the change we wanted to see.”

With help from her husband, political organizer and noted insider Maze Jackson, Steele has garnered some powerful union backing, like an endorsement the other day from the Chicago Federation of Labor.

Union insiders say the building-trades-focused CFL never much liked Kaegi, a standoffish reformer type, and believe Steele would be much better at cozying up to the real estate community and producing the thing labor most cares about: construction jobs.

The influential operating engi-

neers union, IUOE Local 150, is particularly active on her behalf. It’s got people all over Steele’s campaign, which is led by longtime Madigan political operative Sarah Lackore.

That gives Steele an advantage in the inside precinct game.

That will help. But Steele really needs something else to win: money, and a lot of it. Right now, most voters have no idea who she is. But so far she’s raised relatively little, not even $100,000 in the last month, barely enough to feed and water some precinct captains much less to fund the huge TV ad campaign she really needs to build her name ID. Enter the real estate community.

Insiders say some of its leaders now are trying to put together an outside, independent TV campaign that would slash and burn Kaegi, perhaps for his prior work as a financial consultant in Russia. “It’s going to be a significant buy,” says one person who’s plugged into the matter. “It’ll probably have to be seven figures.

GREG HINZ ON POLITICS

But that’s just what Chicago media costs.”

“I think the developers are very interested in this,” says a top business insider. “They’ve been talking about this for a while. But, that source adds, “Right now, it’s just talk.”

Why the delay? One reason is that Steele hasn’t put together a very good campaign so far, some say privately. Another is that big donors are a little put off by her husband, who snagged himself a ton of bad publicity recently when the Better Government Association wrote about how he was in the middle of an expensive scheme to get Ald. Walter Burnett, 27th, to back off his vow to create more afford-

able housing in his ward.

I’d add one more item to the list: plain old fear. To paraphrase the old expression, if you go after the king’s head, you’d better get it lest he quadruple taxes on your castle. Not that Kaegi would even consider such a thing, mind you. He’s too busy implementing his version of reform 100% right now, whatever the cost.

Steele says she’ll be on TV one way or another, and insists she knows nothing about an independent expenditure. We’ll see. One thing’s for sure: If the real estate guys really think Kaegi is that bad, they’re going to have to show the color of their money to do something about it.

The cost of owning a home is up, but so is rent

M

ortgage rates are soaring.

The 30-year fixed mortgage rate climbed above 5% and is expected to continue to rise. The last time the 30-year fixed rate was above 5% was in 2018, but it lasted only two days. As a result, housing affordability is declining.

And it’s no secret that as millennials entered their peak homebuying years, COVID-19 and the government’s response to the pandemic drove a huge surge in home sales.

Rising demand exacerbated a pre-pandemic housing shortage, and housing prices soared.

Still, despite surging housing prices and the current rise in mortgage rates, homeowners are still better off than renters in the United States.

Why? For one, rents continue to increase. Rents already have jumped 17% over the past 12 months and are expected to keep rising.

Even though housing prices increased 20.3% in the past 12 months, the purchase price of a house is not the same as the annual cost of owning that home. In fact, the cost of owning a home is lower today than it has been for most of the post-WWII era on average.

To understand why, it’s important to look beyond the mortgage payment, maintenance costs and property tax payments homeowners face each year. The cost of owning a home also includes the forgone income that the homeowner would have received if he or she had invested the capital in alternative investments, as well as the risk involved with owning relative to renting. To offset these costs, homeowners benefit from very generous federal income tax advantages and the capital gains from owning the home, whereas renters don’t.

Let’s do the math. The cost of forgone income that the homeowner could have earned by investing in something other than a house— think of the typical down payment— is the risk-free 10-year interest rate, which is currently 2.4%. The rest of our calculation includes the top marginal income tax rate faced by the typical homebuyer of 24%, the average property tax burden of roughly 1.5%, the annual maintenance cost of approximately 2.5% of the value of the typical home, the long-run appreciation rate of housing of 3.8%, and a risk premium of 2% for owning relative to renting.

Finally, the 30-year fixed mortgage rate is now roughly 5%.

Subtracting the benefits from the cost predicts a user cost of housing at roughly 3% of the value of a home in 2022. This is considerably lower than the 5% historical average, implying that the pandemic was a great time to be a homeowner.

The typical house was worth $331,533 in February, according to real estate tech giant Zillow. That implies a user cost for the typical home in the United States of roughly $10,000 annually. In other words, if you own the typical house, you would be better off renting only if your monthly rent for an identical unit was below $840. But the typical monthly rent in the U.S. is $1,883.

As interest rates increase, the cost of owning a home increases.

However, rents are also on the rise.

Rapid increases in rents across the country reduce the risk associated with owning relative to renting.

In addition, the rise of work-fromhome may also have reduced the risk of owning relative to renting since fewer households will be forced to move for job changes in the future. When someone loses

CORRECTION In the April 11 Best New Event Spaces feature, the profile for the Royal Sonesta Chicago, which should have indicated that the hotel is now open, included an incorrect photo. The correct image can be seen at ChicagoBusiness.com/event-spaces-2022.

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their job today and has to look for new opportunities, they are less likely to be forced to sell their home quickly in order to move. The decrease in the required premium for owning relative to renting reduces the cost of homeownership.

With housing prices and mortgage rates soaring, many American families are no longer able to save up a sufficiently large down payment to become homeowners.

The bottom rungs of the property ladder are broken, and the gap between the haves and the have-nots is increasing. This is mostly because the United States is not building enough entry-level-priced homes.

Making housing affordable

ORPHE DIVOUNGUY ON THE ECONOMY

begins with reducing the number of regulatory hurdles that make building affordable units unprofitable. The National Association of Home Builders estimates that regulations at all levels of government account for about 24% of the average sales price of a new single-family home. America’s failing infrastructure is also a constraint.

Supply chain issues and higher

input costs are another obstacle.

And rising interest rates may also cause builders to think twice.

Persistent housing shortages will remain a roadblock to homeownership and will keep housing costs disproportionately higher for renters.

Crain’s contributor Orphe Divounguy is chief economist at the Illinois Policy Institute.

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4/15/22 2:24 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 3

JOE CAHILL ON BUSINESS

COVID has hurt Hyatt’s bottom line, but not its CEO’s

TODD WINTERS

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Adrian Wells-Lucas grew up in Gary. “This city suffers from a broken heart,” she says. “I want to be part of fixing it.”

She aims to flip the script in Gary, one home rehab at a time Adrian Wells-Lucas has rallied private investors behind her plan to acquire and rehab dilapidated houses, then sell them for a profit at affordable prices I BY DENNIS RODKIN

I

t’s becoming a common sight on the northeast side of Gary: a formerly dilapidated house redone with white vinyl siding, black trim and natural cedar by the front door.

Seen now on houses on Dekalb, Montana and Jasper streets and 10th Avenue and soon to appear on at least 10 others, the palette is the signature look for Gary Game Changers.

A rehab project launched by Adrian Wells-Lucas, Gary Game Changers aims not only to flip individual houses but to flip the script in a town that has endured disinvestment and decline for decades.

See GARY on Page 29

THE REHABBED HOUSES GO ON THE MARKET IN THE $120,000S AND $130,000S, A PRICE RANGE THAT SHOULD BRING A MONTHLY MORTGAGE PAYMENT OF LESS THAN $950.

MCA receives ‘one of the most impactful donations’ in its history A trustee and leading international collector gives 100 works to the Museum of Contemporary Art

BY STEVE JOHNSON Chicago’s Museum of Contemporary Art will receive some 100 contemporary works from trustee and leading international collector Dimitris Daskalopoulos, a donation that includes pieces by American multidisciplinary artists David Hammons, Robert Gober and Kiki Smith.

“This is one of the most impactful donations to the MCA collection in its entire history,”

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said Madeleine Grynsztejn, the museum’s Pritzker director, noting that it will add some 10 artists not represented in MCA holdings.

Neither Daskalopoulos nor the MCA offered an estimate of the value of the gift, and art prices are mostly speculative until works are sold. Some pieces by Hammons and Gober have sold at auction in recent years in the $2 million to $3 million range.

The gift is exceptional, too, in that it is being made jointly

to the MCA and to New York’s Solomon R. Guggenheim Museum and its foundation, the first time that a major donation has been split between museums in this way, Grynsztejn believes.

“This is the opposite of a kind of provincial way of benefiting a society or community,” she said.

“This really is a kind of more global, cosmopolitan way of thinking through how to benefit the public, because it was always Dimitris’ intent to give this body of works away.”

Other museums are sharing in the bounty of Daskalopoulos, See MCA on Page 30

he past two years have been hard on Hyatt Hotels as COVID-19 emptied out hotel rooms and submerged the bottom line in red ink.

Hyatt employees suffered, too, as the hotel chain controlled by Chicago’s billionaire Pritzker clan laid off thousands during the unprecedented slump.

But the pandemic years have been very good to one Hyatt worker: CEO Mark Hoplamazian.

Hoplamazian collected $37 million in total compensation for 2020 and 2021, his biggest two-year haul since he became CEO a decade and a half ago.

As my colleague Danny Ecker reported, Hoplamazian did particularly well last year, when his pay soared to $24 million, well above his previous annual high.

His 2021 total was up 85% from 2020, when he gave up most of his salary and collected no annual cash bonus, but got more than $12 million in equity awards. It’s also 64% higher than his pay in 2019, the year before COVID-19 decimated the hotel business.

Hoplamazian’s bounty came as Hyatt posted dismal financial results. Revenues plunged 72% to $513 million in 2020, before rebounding last year to $838 million, still 53% below the pre-pandemic level of $1.8 billion. Hyatt lost $222 million last year, on top of a $703 million loss in 2020.

Not that Hoplamazian could do much about it. Like pretty much everybody in the hotel business, he was helpless against the impact of the worst global pandemic in a century.

But he had something going for him that others didn’t—a board of directors apparently unwilling to see a CEO in financial pain. Hyatt directors moved decisively to protect Hoplamazian’s pay against the ravages of COVID. They adjusted established performance metrics, ensuring that his compensation would defy the industry downturn.

METRICS

For example, they eliminated a profitability figure as a pillar of his annual bonus calculation, relying instead on less objective measures and using profitability only as a “modifier.” The result: a $3.5 million annual cash bonus, his biggest as Hyatt CEO. Directors also eliminated 2020 results from the calculation of a long-term bonus based on three-year performance, instead giving him equity awards based on two-year results unaffected by the pandemic.

Altogether, these adjustments were worth $8 million to Hoplamazian. According to Hyatt’s proxy statement, his total com-

pensation last year would have been $16.1 million if directors hadn’t stepped in. That still would have represented a 24% raise over 2020 and a 10% bump from 2019, when Hyatt posted a $766 million profit.

Hoplamazian’s massive pay hike comes at a time when CEOs across the country are reaping raises as the worst economic effects of COVID-19 fade. But his increase was 14 times the 6% rise in median pay for CEOs of companies in the S&P 500.

RECONCILIATION

It’s hard to reconcile such an outsize boost with any notion of pay-for-performance. A Hyatt spokeswoman says its executive compensation is designed to “support business objectives and promote long-term value creation for our stockholders” while remaining competitive with “peer companies.” She called 2021 “a transformative year for Hyatt,” with its largest acquisition, record room growth and further transition to “an asset-light earnings profile.”

There seems to be a sense among corporate boards that CEOs should be made whole for purported “sacrifices” they made during the pandemic. But where’s the sacrifice if they’re made whole? And it’s worth noting that Hyatt isn’t making all those laid-off employees whole.

In any case, it wouldn’t have taken much to offset what Hoplamazian gave up in 2020. Even after forgoing most of his salary and a bonus, he still collected total compensation of $13 million. If directors hadn’t fiddled with the performance metrics, his 2021 pay still would have exceeded his highest previous annual compensation.

But they did, resulting in a payout wildly out of line with financial performance. It’s also out of line with CEO pay for companies the size of Hyatt, which has a market capitalization of $10.5 billion. Hoplamazian’s haul puts him in league with bosses of companies many times larger.

Nor does Hyatt’s stock market performance justify such largesse. After a steep drop in 2020, Hyatt shares have climbed back to trade at 4% above their preCOVID level. But the S&P 500 is up 31% during that time. Longerterm results aren’t any better.

Hyatt’s annual report shows that its stock trailed both the S&P and the Russell 1000 Hotel Index from 2016 through 2021.

CEOs who deliver exceptional results for shareholders deserve exceptional pay. Hoplamazian hasn’t.

4/15/22 3:06 PM

4 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

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Palatine’s Carlson comes home to join Fox 32

t Palatine High School, she was famous as girls volleyball standout and team captain Cassie Jane Chaplinsky.

Now, after scoring a broadcast journalism degree from the University of Illinois Urbana-Champaign Robert Feder in 2017 and TV sports jobs in Lubbock, Texas, and Memphis, Tenn., she’s coming home as Cassie Carlson, newest sports anchor and reporter at WFLD-Channel 32.

Matt Piacente, vice president and news director of the Foxowned station, told staffers April 12 that Carlson will start there the next week. She replaces

Kaitlin Sharkey, who signed off April 10 after two years at Fox 32.

Carlson, who grew up in northwest suburban Palatine and worked as an intern for Comcast SportsNet Chicago (forerunner of NBC Sports Chicago), most recently was a sports anchor and reporter for WMC, the NBC affiliate in Memphis.

Before that she was weekend sports anchor and reporter for KJTV, the Fox affiliate in Lubbock. She also has been a playby-play and sideline reporter for ESPN+.

In an interview last year with Shold Media Group’s Taylor Shold, Carlson recalled how her

life “revolved around sports” from the get-go.

“Whether it was watching games with my dad and brother or traveling for my own games,” she said, “I played every sport under the sun, but focused on club soccer since third grade and switched to club volleyball in high school.

“I devoted my entire high school career to volleyball. My team practiced Friday nights and played in tournaments every weekend. In hindsight that prepared me for the hours and sacrifice in the industry.”

Robert Feder has been covering the media beat in his hometown since 1980. His column is published in Crain’s under an agreement with the Daily Herald.

Cassie Carlson

Battle for control escalates at Lifeway Foods Two members of the founding family of the Morton Grove-based kefir maker want Julie Smolyansky out as chief executive, and they are preparing for a proxy fight The family feud underway at Lifeway Foods is moving toward a proxy fight, as the chairperson and a former executive of the kefir maker move to take control of the board and push for the CEO’s removal.

Edward Smolyansky and his mother, Ludmila Smolyansky, plan to nominate three new board members at the company’s annual meeting in June. If the duo’s nominees join them on the board, they would constitute a majority, giving them control of the company. They would have the power to oust the CEO and put the company up for sale, two actions Edward Smolyansky has said he wants to occur.

SIBLING RIFT

Edward Smolyansky was chief operating officer of the Morton Grove-based company from 2004 until January. His sister, Julie Smolyansky, took over as CEO in 2002, after their father died. The siblings were in their 20s when they took their roles in the C-suite. But a rift between the two has emerged. Edward Smolyansky told Crain’s in an interview that he has not spoken to his sister in about five years.

“It’s very hard to work with somebody when you don’t communicate with them,” he said.

He and his mother, company Chairperson Ludmila Smolyansky, “are extremely unhappy with current management and her board of directors,” Edward Smolyansky said in the interview. Lifeway should replace Julie Smolyansky and explore the company’s strategic alternatives, the two said in a Securities & Exchange Commission filing in late February. They announced plans to nominate new board mem-

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bers in a mid-March filing.

Edward Smolyansky said in an interview that his concerns stem from Lifeway’s performance in recent years with his sister at the helm. Besides a sales spike in 2020 that benefited most packaged-food companies, Lifeway’s net sales have declined each year since 2016. The company’s share price, which got up to almost $18 in 2016, closed at $6.84 on Wednesday. The stock is up 48.4% since Edward and Ludmila Smolyansky filed the SEC form in February saying Lifeway should find a new CEO. Other concerns are brewing, too. Lifeway said in an April 1 SEC filing that it would be late filing its annual report due to a $1.18 million accounting error dating back to a 2009 business acquisition. In the filing, Lifeway said it is “evaluating the effect of this error on its current and prior” financial filings.

Edward Smolyansky said he and his mother, who together own about 38% of the company, according to an SEC filing, want a CEO who can grow Lifeway “in a very effective and efficient manner” and work on a sale to a strategic partner. Analysts had pointed to Danone, which owned 22% of the company’s stock as of Dec. 31, 2020, as a viable candidate.

The packaged-food giant did not return a request for comment.

Edward Smolyansky said his mother is ready to retire, and he is ready to move on.

“She’s 72. Nobody wants to be a multimillionaire when they’re 95 and can’t walk anymore,” said Edward Smolyansky, who is 42.

“I’ve been doing this since I was 22, and I’m starting a family and I have my own goals in life.”

Ludmila Smolyansky and her late husband, Michael, founded Lifeway in 1986. They set out to

popularize kefir—which is like a drinkable yogurt and is still Lifeway’s staple product—after they immigrated from Ukraine.

She remains chairperson of Lifeway’s board but had a consulting agreement with the company terminated in January.

SUPPORT

Lifeway’s board expressed support for Julie Smolyansky last month, saying in a statement she has “consistently delivered growth.” In 2020, the most recent year for which annual data is available, sales were $102 million, up 8.9% from 2019, and profit was $3.2 million, a sixfold increase from 2019. In its statement, the board also pointed to growth through product innovation and acquisitions.

Early on in Julie Smolyansky’s tenure as CEO, she used her media savvy to generate broader interest in the fermented dairy drink, broadening distribution and introducing new products.

She grew sales 34% to $16.3 million in her first two years at the helm.

Edward Smolyansky, however, said he thinks the company failed to capitalize on the pandemic bump in sales and customers’ increased focus on health.

He also raised other concerns regarding his sister’s leadership style, including her business travel expenses. He pointed to an almost $12,000 private jet trip in 2018 and an almost $52,000 bill from a hotel in the Hamptons that same year.

Lifeway said in a statement that previous investigations involving outside legal counsel have led the board to determine “Julie Smolyansky behaved properly and all expenses were incurred in accordance with Lifeway’s policies.”

Lifeway’s board maintains “total

GETTY IMAGES

BY ALLY MAROTTI

confidence” in the CEO and her management team.

“Ed Smolyansky is stuck in the past. He is a former Lifeway employee who was terminated in January 2022. His allegations of misconduct are patently false,” the statement said. “These expenses were standard costs associated with marketing activities undertaken by Lifeway. Like many companies, Lifeway provides transportation and lodging for employees who travel on company business.”

STRATEGY

The statement said the company is “focused on designing and executing a business strategy that is aligned with the best interests of our Company and all of its shareholders.” The company said its strategy “has already delivered significant results for our shareholders, including eight consecutive quarters of year-over-year net sales increases. That growth is expected to continue with new product innovations such as Lifeway Oat, which has already received acceptance at many major retail partners.”

Edward Smolyansky said Lifeway has been spread too thin by what he calls his sister’s “vanity projects,” such as the newly launched MSHRM Oat line, which includes cultured oat beverages with functional mushrooms. No financial data has been reported yet on that new line.

“When you start to inundate our sales team, they can’t focus on what is actually going to drive the company forward,” Edward Smolyansky said. “It’s like throwing spaghetti at a wall and seeing what sticks. It costs money, too.”

The three board members Edward Smolyansky intends to nominate at the annual meeting are Robert Whalen, Austin Hollis and Iana Trifonova, according to a filing. Edward Smolyansky said he has a potential replacement CEO in mind—he declined to comment on who, but said it wasn’t him—and would also like to conduct a search. The rift with his sister began years ago, Edward Smolyansky said.

“She has almost a supreme court mentality where it’s her god-given right to be the CEO forever,” he said.

4/15/22 2:24 PM

Caption

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The Leukemia & Lymphoma Society applauds these leaders for their fundraising achievements. As 2021 Executive and Young Professional Challengers, they collectively generated nearly $400,000 in the fight against blood cancer.

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AMA hires first person of color as JAMA editor-in-chief Following a controversy that cost the last editor his job, the American Medical Association has brought in the first Black woman to lead the journal and network

BY JON ASPLUND Dr. Kirsten Bibbins-Domingo, a physician-scholar from the University of California, San Francisco, has been named the next editor-in-chief of the Journal of the American Medical Association. She is the first person of color to lead the medical journal and only the second woman to serve as editor-in-chief, AMA Chief Communications Officer Rodrigo Sierra said during a press conference on April 11.

Bibbins-Domingo will take the reins on July 1. The last permanent editor, Howard Bauchner, left the position following a controversy over a podcast and associated tweet that called into question the existence of systemic racism in the medical profession. Dr. Phil Fontanarosa has served as interim editor-in-chief since March 2021.

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Dr. Kirsten Bibbins-Domingo to shape health nationally and globally.”

Bibbins-Domingo was a member of the U.S. Preventive Services Task Force from 2010-2017 and led the task force as the vice chair and chair from 2014-2017.

She led the task force’s editorial process of systematic review of evidence, authorship of clinical guidelines and multichannel publication of evidence and guidelines to physicians and patients, the statement said.

Bauchner resigned his position in June 2021 following a JAMA podcast in February 2021 which came under intense criticism for suggesting that there was not really systemic racism in medicine. As interim editor-inchief, Fontanarosa helped pen an editorial apologizing for the podcast and saying “an extensive

Bibbins-Domingo co-founded the UCSF Center for Vulnerable Populations at the Zuckerberg San Francisco General Hospital and is the Lee Goldman, M.D., endowed professor of medicine and chair of the department of epidemiology and biostatistics at the UCSF School of Medicine.

“As a physician, scholar and leader, she has focused on health equity, on cardiovascular disease prevention—top priorities for the AMA— and more recently on “A TRUSTED VOICE FOR SCIENCE, COVID-19. I am con- MEDICINE, AND PUBLIC HEALTH HAS fident Dr. BibbinsDomingo—with her re- NEVER BEEN MORE IMPORTANT.” markable professional background ranging Dr. Kirsten Bibbins-Domingo, new JAMA editor from basic science to an array of scholarly approaches evidence base strongly supports to clinical studies—will effective- the presence of structural racism ly advance JAMA’s mission that in medicine and its adverse inaccelerates clinical research into fluence on health.” practice at this critical time in health care in the U.S. and in globACKNOWLEDGEMENT al public health,” AMA CEO and The controversy came at a time Executive Vice President Dr. James in which the American Medical Madara said in a statement.

Association has been re-evaluat“This is an extraordinary time ing and recognizing past examples for science, medicine and public of racist actions. health—one where the possibilBibbins-Domingo said that ities for accelerating advance- naming and taking responsibility ments in human health seem for issues such as historic struclimitless, while deep challenges tural racism is critical for the to achieving optimal health for field of medicine. all seem intractable,” Bibbins“The entire scientific and medDomingo said in the statement. ical enterprise has been plagued “Against this backdrop, a trusted by the inability to acknowledge voice for science, medicine, and these important forces,” she said public health has never been in a virtual press conference on more important. JAMA and the April 11, suggesting that more diJAMA Network represent an un- verse leadership can change that paralleled platform for the very dynamic. best science to reach the broad“Some of this blindness to seeest audience and for advancing ing these forces has to do with the discussions, debates and who is in the room when the denew ideas that will continue cisions are made.”

4/15/22 2:25 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 7

Apartment owner plans hotel in Streeterville

BY DANNY ECKER The owner of a Streeterville tower wants to turn vacant offices in the building into short-term rental units, betting the COVID-battered hotel market has a bright future near the lakefront neighborhood’s medical campus.

Apartment owner Group Fox and short-term rental operator Sonder unveiled plans last month to convert five vacant floors in the building at 446 E. Ontario St. into a 101-room hotel, according to a letter reviewing the project from the Streeterville Organization of Active Residents, or SOAR. Floors 6 through 10 in the 60-story Axis Apartments & Lofts tower would be redeveloped as rental units available for minimum two-night stays, according to the April 1 SOAR letter, which was sent to 42nd Ward Ald. Brendan Reilly. The project would require the City Council to sign off on the new use for the building.

that they will strictly adhere to their model of appealing to those traveling on business, to tourists, and to families who prefer a different hotel experience.”

Group Fox Owner Bill O’Kane declined to comment. Spokesmen for Sonder and Reilly couldn’t be reached.

FOOTPRINT

A Group Fox venture bought the tower in 2016 for more than $225 million, according to Cook County property records. The property

was built in 1986 and includes 615 apartment units above the lowerfloor commercial space.

Group Fox, founded in 1978, owns and operates more than 4,000 apartments in 15 Chicago neighborhoods, according to its website. That footprint includes the Lofts at River East along the Ogden Slip in Streeterville, a former warehouse that Group Fox converted into apartments in 2015. The building also includes a Target store and a Pinstripes bowling alley.

GOOGLE

Group Fox and Sonder want to convert five vacant office floors in the Axis Apartments & Lofts tower into short-term rental units

The Axis Apartments & Lofts tower in Streeterville

MY BENESCH

GAINING POPULARITY

Group Fox and Sonder are wagering that hotel rooms between Navy Pier and the Northwestern Memorial Hospital campus will fare better than offices despite the pandemic’s assault on the downtown hospitality sector. A handful of hotels in Streeterville have been sold at severe discounts over the past two years, with demand for hotel rooms in the central business district heavily reliant on business travel that is still subdued.

But demand for short-term rentals could be resilient from people visiting the medical campus. And such offerings have gained popularity among apartment landlords in recent years as a way to lock in revenue from big blocks of units by renting them out to operators like Sonder.

Some play them up as amenities to residents in the building who want visiting friends and family to stay close by. San Francisco-based Sonder lists nine downtown Chicago locations on its website, but none in Streeterville.

Rental units in the tower would range from one to three bedrooms, and the project would include an open terrace with landscaping on the sixth floor, according to the SOAR letter. “We believe that this is a creative reuse of the vacant space,” the letter said.

Such units would likely be more akin to Airbnb or Vrbo rentals than typical hotel rooms. More travelers have flocked to such offerings in recent years, but they have also drawn pushback from residents and aldermen worried about security risks and transient guests disturbing people that live in a given building.

SOAR praised Group Fox and Sonder for committing to minimum two-night stays, hoping that will help limit problems. “Streeterville has been plagued with short term hotel room occupancy which has contributed to the increased crime,” the letter said. “We hope

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4/15/22 2:26 PM

8 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

New York law firm doubling office footprint in River North

BY ELYSSA CHERNEY Law firm Willkie Farr & Gallagher, which opened its first Chicago location in the early days of the pandemic, is taking out an additional 25,000 square feet at its River North office building to accommodate a growing roster of attorneys.

The New York-based firm is leasing a second floor at 300 N. LaSalle Drive and will begin a buildout in late 2022, doubling its current footprint, the company announced April 12. The Chicago office that launched with six attorneys in March 2020—including the former chairman of rival firm Jenner & Block—now employs more than 60 lawyers. The new space will add more perimeter

offices, collaborative spaces and a state-of-the-art mock courtroom when construction is complete next year.

“We are pleased that the market has responded as we expected with continued and increasing demand for our services, and we are continuing to grow to meet that demand,” Craig Martin, who leads Willkie’s Midwest operations, said in a statement. He was the youngest member of Jenner’s management committee before he left with five colleagues to run Willkie’s Chicago office and represents noteworthy clients, including the Crown family and Sara Lee. Unlike other tech-focused firms that have recently come to Chicago, Willkie’s bread and

butter is trials and litigation.

The international law firm employs about 1,000 attorneys in a dozen offices and among the country’s top 200 law firms was ranked 44th by revenue in 2021

by The American Lawyer. The news came on the same day that tech- and startup-oriented firm Norton Rose Fulbright announced that it’s opening a Chicago office in Fulton Market.

EXPANSION

Willkie’s Chicago attorneys focus on antitrust litigation, class actions, commercial litigation, Employee Retirement Income Security Act, or ERISA, litigation and patents. With the revamped office space, the firm plans to increase its transactional capabilities in areas such

COSTAR GROUP

Willkie Farr & Gallagher, which opened a Chicago shop during the pandemic, is leasing an additional floor at 300 N. LaSalle Drive, a much-needed win for a building that’s about to lose its two largest tenants

GTCR is based at 300 N. LaSalle Drive in River North. as corporate and financial services, business reorganization and asset management.

“The Willkie Chicago office developed from our strong trials and litigation practice,” Martin said. “Having a mock courtroom accessible to our lawyers enables them not only to prepare for upcoming matters, but also will help to integrate new technologies into our playbook.”

Willkie’s expansion also brings a badly-needed win for Newport Beach, Calif.-based Irvine, which owns the tower and

is losing its two largest tenants in behemoth law firm Kirkland & Ellis and Boston Consulting Group. Those pending departures will leave Irvine with more than 850,000 square feet of offices to fill, while record-high vacancy plagues the downtown office market and the rise of remote work pushes many companies to re-evaluate their workspace needs.

Willkie will occupy the building’s 50th and 51st floors. Both leases expire in 2031.

Danny Ecker contributed.

Former leasing broker plans Fulton Market office project

BY DANNY ECKER A Chicago office leasing broker who helped lure companies to Willis Tower and most recently worked on the Lincoln Yards campus is trying her hand at development, kicking off a new venture with plans for a $100 million office project in the Fulton Market District.

Former Telos Group and Sterling Bay leasing agent Joy Jordan said she is under contract to purchase a property in the former meatpacking district and will file a zoning application with the city in the weeks ahead to develop an office building there as large as 200,000 square feet. Jordan declined to say which property she is buying, but sources familiar with the plan said her venture is planning to redevelop the half-acre site at 415-417 N. Sangamon St. that has been marketed for sale since last fall.

The project would be the 34-year-old’s first since launching her own development firm last year and would add to a Fulton Market building frenzy fueled by companies flocking to the trendy corridor. KimberlyClark, Deere, Tock and Calamos Investments are among those that have signed new office leases in the once-gritty neighborhood since the start of the COVID-19 pandemic, defying a downtown office market that has been largely sluggish.

Jordan will need to win City Council approval and land financing for her project. She will

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also face plenty of competition for tenants from established developers, including Sterling Bay and Trammell Crow, that have drawn up other plans for new office buildings in the neighborhood. Another 150,000-squarefoot office building at 1045 W. Fulton St. was recently completed by developer Fulton Street Cos. without any tenants signed, though it is close to finalizing a deal with law firm Norton Rose Fulbright.

STANDING OUT

Jordan said she has raised some equity for the project from local high-net-worth real estate investors and would develop the building on speculation, or without any tenants signed in advance, given Fulton Market’s proven corporate magnetism.

“Fulton Market has just been on fire, and there’s not enough supply to meet the demand on the office side,” she said.

Jordan stands out in a local development scene whose major players are mostly led by men, one reason she named her firm Fortem Voluntas, a Latin phrase meaning “strong will.”

“Any time you start a company, especially in a heavily male business, you have to have strong will behind it,” said Jordan, who spent more than seven years at Chicago-based leasing brokerage Telos Group before joining Sterling Bay in 2019, where she helped leasing efforts at the Lincoln Yards megaproject along the North Branch of the Chicago River. She parted ways with the de-

veloper early last year.

“A lot of women are just too scared and don’t feel like they have the support from capital (investors). It’s a very male, buddy-buddy business (where) the capital knows the capital and women are just not part of that community,” she said.

Jordan has partnered with Chicago real estate veteran Howard Blair as a development consultant to oversee construction aspects of the project. Blair, who has had a hand in construction of some of the most The site at 415-417 N. Sangamon St. prominent new office buildings in the city over Bemis-Kelley, according to the past three decades, recently Cook County property records. left Sterling Bay after almost four The ownership venture hired years with the firm. the Chicago office of Cushman “She is a real force,” Blair said & Wakefield last fall to market of Jordan, adding that he is also the property for sale. The listing an investor in the planned proj- did not include an asking price, ect. “I’m a believer.” but a source familiar with the Jordan declined to disclose offering expected bids would how much she is under contract come in north of $11 million, or to pay for her development site, more than $500 per square foot, but said she expects the whole based on prices paid recently project would cost around $100 for development sites on other million, including the cost of nearby blocks. land acquisition.

Jordan would be far from the only investor betting on the northern portion of the Fulton COMPETITION The property at the north- Market District. The site she is east corner of Sangamon and said to be eyeing is immediately Kinzie streets today includes north of a long-vacant railroad a 43,378-square-foot build- terminal building that is being ing and an adjacent vacant redeveloped into a Guinness lot, all of which is owned by a brewery. Prolific Fulton Marventure led by investor Grey ket developer Shapack Partners

CUSHMAN & WAKEFIELD

Joy Jordan aims to break into the development world with an office building in the trendy former meatpacking district

owns the property immediately east of Jordan’s potential development site, while New Yorkbased Vista Property Group last year bought the Morgan Manufacturing property to the west and other development sites nearby.

Jordan was named to Crain’s 40 Under 40 list in 2019 and was previously named to Crain’s 20 in their 20s list in 2015. She helped market Willis Tower to new office users as privateequity giant Blackstone Group began its massive renovation of the skyscraper, brokering a big new lease at the building with financial services firm Morgan Stanley. Jordan also helped Telos win a leasing assignment for the redeveloped upper floors of the Marshall Field building before departing for Sterling Bay.

4/15/22 2:26 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 9

W

hen I started in the online payroll business, in 2000, we struggled to find the right salespeople. We poached seasoned reps from competitors, assuming they would be successful because they knew payroll and could chase leads and close deals. But they failed. It was an absolute hiring disaster.

As I learned, there is a lot more to successful salespeople than industry experience and a good track record. You need to hire the right sales skills for the stage and maturity of your business.

Failing to do so can be crippling, especially for startups and small businesses that can’t afford the revenue hit and reputational damage of a bad first impression.

The experienced reps we hired from competitors came with a rigid mindset of how to sell payroll services. But our company was new, unknown, unproven and selling over the phone and internet rather than face to face—

P009_CCB_20220418.indd 9

unusual at the time.

As a startup still figuring out the market, we should have focused less on hiring for experience and more on entrepreneurial instincts: people who are good at building, figuring out something from nothing, who thrive in ambiguity. Our sales rock stars were confident on the phone, good at multitasking, quick to pivot and tech literate.

Their industry experience mattered less than their cultural fit.

That vintage example remains relevant today. Early-stage businesses should hire small sales teams composed of entrepreneurial reps who treat every sale as unique and use it to learn how customers acquire and use the product. These “builders” help you figure out the sales process, or what I call, “selling-market fit.” They can be hard to identify — perhaps their résumés show work in new business development or at small companies you’ve never heard of.

It helps to ask interview questions

GETTY IMAGES

Your business depends on hiring the right sales team

about how they navigated a challenging sale. Listen for answers that illustrate their knack for learning, adapting and building.

‘SCALERS’

As a company matures, you need a different salesperson: a “scaler.” A company in the scaling stage should recruit salespeople who thrive on process and predictability and can execute a rinseand-repeat method to drive more sales. They often come with solid sales performance records at large companies. Founders can tell it is time to transition when the entrepreneurial salespeople have figured out a winning strategy worth

codifying and start to get bored.

That’s not to say builders cease to be useful once a company matures. Entrepreneurial sellers are valuable when launching a new product, market or partnership.

They find the best strategy and then engage the rest of your salesforce to scale it.

The founder’s role in selling also shifts as the company evolves. The younger the business, the more involved founders must be because they have the passion and knowledge that builds trust with customers. They have the vision of what they are selling, which is hard to communicate without having done it themselves.

Michael D. Alter is a clinical professor of entrepreneurship at the University of Chicago Booth School of Business and a faculty coach for the Edward L. Kaplan, ’71, New Venture Challenge, a student accelerator run by the Polsky Center for Entrepreneurship & Innovation. He previously was CEO of The Tie Bar and co-founder and CEO of SurePayroll, now a wholly owned subsidiary of Paychex.

Advice for small businesses and entrepreneurs in partnership with the University of Chicago Booth School of Business.

Only once the builders have achieved selling-market fit should the entrepreneur get out of the way and let the scalers do what they do best.

4/15/22 2:35 PM

10 April 18, 2022 • CRAIN’S CHICAGO BUSINESS

On homelessness tax, key questions remain

CRAIN’S ILLUSTRATION / CALDWELL BANKER PHOTO

I

t’s a phenomenon nearly as old as time: When any industry is doing well, government will come along and find a way to tax it. And so it shouldn’t surprise anyone that with high-end Chicago home sales on a record-setting roll, a proposal has resurfaced up to siphon off a bit of that action and use it to help people for whom dreams of a home—never mind a million-dollar one—is little more than a pipe dream.

As Crain’s Dennis Rodkin reported April 11, talk of making buyers of top-of-market homes pay an additional tax to help homeless people has come back to the fore in Chicago. It’s an idea that last circulated back in 2018, dying on the vine amid a city residential market that was decidedly cooler than it is today.

Indeed, the number of Chicago-area homes sold at $1 million-plus in 2021 hit a record high, up 19% from 2020, the year the pandemic housing boom kicked off. And in the past 12 months, 2,535 of the 46,720 homes sold within city limits went for $1 million or more, Rodkin reports. That’s about 5% of all homes sold in the city.

In all that activity, backers of the “Bring Chicago Home” effort see an opportunity to generate what they reckon would be $163 million to support homelessness prevention programs by imposing a so-called mansion tax. The Bring Chicago Home campaign wants to increase the city’s transfer tax on property sales of $1 million or more. Right now, a buyer pays $7,500 in transfer taxes for every $1 million in purchase price, and the seller pays $3,000. It’s a one-time charge.

Bring Chicago Home wants to more than triple the buyer’s transfer tax, to

WHAT SORT OF OVERSIGHT WOULD BE IN PLACE TO BE SURE THIS DOESN’T BECOME ANOTHER CHICAGO-STYLE OPPORTUNITY TO LINE THE POCKETS OF CERTAIN CONNECTED PEOPLE? $26,500 per $1 million.

That transfer tax, we should note, would also apply to commercial real estate transactions but, as a political matter, the conversation around the idea has more or less been framed as a “mansion tax,” the better to highlight the contrast between wealthy homebuyers whom homeless advocates say should be able to afford the tax and

those who undoubtedly need all the help they can get to secure shelter.

The initiative’s backers say the funds generated would support housing for 12,000 families in its first 10 years. In 2019, according to the Chicago Coalition for the Homeless, more than 58,000 Chicagoans were without homes.

It’s the sort of idea that may sound at-

tractive on the surface—and in the run-up to a citywide election, it’s also the kind of “eat the rich” notion that can appeal to a candidate eager to win votes. And while there’s no debate on this one point—that nearly 60,000 people in this city sleep each night without a roof over their heads is tragic—the finer points of the mansion tax idea are very much up for debate.

First and most important, what’s the plan for spending the new transfer tax proceeds? Who would be responsible for divvying up the money, and what sort of oversight would be in place to be sure this doesn’t become another Chicago-style opportunity to line the pockets of certain connected people?

Also: Will revenues go toward mental health funding and other sorts of services to address the root causes of homelessness?

The website detailing Bring Chicago Home’s plans is light on details. And then there are questions of fairness. If Chicago wants to get serious about homelessness prevention, are there more equitable ways to spread the costs of a well-thought-out program around?

The good news is that no such proposal can be implemented without going to the voters first in the form of a ballot referendum. The outcome of that referendum would be advisory only. But smart pols who are concerned about Chicago’s economy, our competitiveness with nearby states looking to woo away residents and businesses, and the fairness of targeting one small slice of the population to fix a problem we all have a stake in solving will listen closely to what the public has to say before socking homebuyers with a transfer tax that would jump from $7,500 to $26,500—or more.

ployed in order to truly move the needle. In January 2021, Metra launched a pilot program that improves transit services while lowering costs. Up to now, the Chicago Transit Authority has refused to participate in this program.

This pilot program can be even more impactful if CTA were a full partner, by allowing transfers to and from Metra to CTA for free or reduced costs and better-syncing bus schedules with Metra.

This month, I filed a resolution in the Illinois House of Representatives asking the CTA to reconsider its partnership in this pilot and to bring better services to forgotten corners of the city.

KEY CORRIDORS

We will also urge the CTA to reduce fares along key corridors during these peak inflationary times and high gas prices. We should build on what was recently done by the Chicago-born mayor of Boston and identify the top 10 highest ridership routes during the pandemic, increase the number of buses and reduce the fares by making them free

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters to Crain’s Chicago Business, 130 E. Randolph St., Suite 3200, Chicago, IL 60601, or email us at letters@chicagobusiness.com.

Please include your full name, the city from which you’re writing and a phone number for fact-checking purposes.

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YOUR VIEW

a network of options for all s the pinch that ChicaChicagoans to get where they goans feel at the pump need to go is of the utmost intensifies, there are importance. some well-meaning responsThe situation in Ukraine es that have been employed, should remind us of the tenufrom gas giveaways to the ous nature of Democracy and rollback of motor fuel taxes. the world geopolitical balThese short-term fixes are ance as well as the volatility of smart politically, but not very our international oil markets. effective from a long-term Making transit more affordpublic policy standpoint. Gas able, safe and convenient is the prices are high, but just givway to reduce our demands on ing gas away or rolling back Kam Buckner is a fuel taxes that pay for criti- Democratic member foreign oil that fuels war and dictators. It is also our tickcal services won’t solve the of the Illinois House et to cleaner air and reduced problem. of Representatives congestion—Black and Latino This moment in our his- from the 26th Distory needs to be a moment trict and chair of the children are disproportionately affected by asthma. that creates urgency for us to House Legislative We also need to make it fix the way we move around Black Caucus. safer to walk and bike, particChicago. We need to reduce the costs of getting around and we need ularly in Black and Latino communities to make travel as clean, safe and afford- where roads designed for high speeds able as possible. That starts with fixing are killing more pedestrians and bicyclists than anywhere else. our transit system.

There are short-term, midrange, and Over 25% of households in Chicago don’t have a car. Therefore, creating long-term solutions that must be em-

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or cutting the fare in half. We should enhance this pilot program to grow ridership by installing pop-up bus priority lanes and retime stoplights so these buses carrying Chicagoans who are building back our city can literally get the green light, making bus service even more attractive and welcoming more riders to the system—addressing both racial equity and improvement to our city’s economy.

Long term, we need to accelerate the adoption and deployment of electric buses. CTA and Pace must plan now for the conversion of their fleets to electric together, so we don’t waste money buying two separate systems to charge and maintain these new buses. We can make Chicago the cleanest transit system in the country.

If these ridiculous gas prices have taught us anything, it is that gasoline and car dependency are a problem we need to solve and we’ll continue to belt toxic pollutants into our air or spill more heavy metals into our backyard, Lake Michigan, if we continue to celebrate

Sound off: Send a column for the Opinion page to editor@ chicagobusiness.com. Please include a phone number for verification purposes, and limit submissions to 425 words or fewer.

4/15/22 4:14 PM

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YOUR VIEW Continued burning gas in cars. We took a gigantic step in Springfield last year as we passed the nation’s most comprehensive clean energy legislation—the climate change crises and our city’s future depend on a cleaner, safer, affordable and independent transportation future; let’s not miss this moment.

DISORDER

Lastly, “Game of Thrones” fans may be familiar with the phrase “chaos is a ladder,” meaning that a state of disorder can often lead to a benefit to someone.

There is evidence that some gas stations around the city are using the organic spike in prices to inch prices up a little

higher for more profit. At some gas stations, prices are way above the current city average. I have sent a letter to the attorney general asking him to continue his work to combat price gouging to keep consumers in the state safe from unscrupulous actors and unfair pricing.

Today’s high gas prices—the result of Vladimir Putin’s inhumane war in Ukraine—should be a moment for us to reflect on how we as a city can make alternatives to driving a priority by reducing our reliance on oil and directly addressing some of the wrongs of the past, while creating a city that seamlessly and safely moves people and goods in ways that make us the envy of the world.

BLOOMBERG

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CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 11

CRAIN’S CHICAGO BUSINESS

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4/15/22 3:13 PM

12 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

Mansion tax proposal finds new life in hot market

BY DENNIS RODKIN A revived effort to make buyers of high-end homes pay an additional tax to help homelessness may have come at the right time, as some real estate industry sources say affluent homebuyers “won’t flinch” at paying it.

After running the gauntlet of finding a home in a market where inventory is tight, bidding is competitive and prices are rising fast, buyers “aren’t going to blink at paying one more fee, which is what this tax is,” said Leslie Struthers, senior loan officer at the mortgage firm Guaranteed Rate.

“I think they’ll grumble,” Struthers said, but because they feel flush with stock wealth and higher salaries in a reviving economy, “they won’t flinch.”

That’s a 180-degree turn from 2018, when Struthers told Crain’s that the proposal “would be a significant deterrent for people who are stretching to afford a house.”

The difference between then and now, Struthers said, is “there’s a lot more money out there now” and the housing market is far healthier than it was in 2018.

The Bring Chicago Home campaign wants to increase the city’s transfer tax on property sales at $1 million or more. Today, a buyer pays $7,500 transfer tax for every $1 million in purchase price, and the seller pays $3,000. It’s a one-time charge.

Bring Chicago Home’s proposal would more than triple the buyer’s transfer tax, to $26,500 per $1 million. This is an increase from the 2018 proposal, when buyers’ transfer tax would have gone up to $19,500.

The amount the sellers pay

would be unchanged, at $3,000.

“We know the city’s real estate market has been doing really well, it’s rebounding after the pandemic,” said Mike Eldridge, a member of the Jewish Council on Urban Affairs, one of several organizations backing the Bring Chicago Home effort, along with the Chicago Coalition for the Homeless. The number of Chicago-area homes sold at $1 million-plus in 2021 hit a new record high, up 19% from 2020, the year the pandemic housing boom kicked off.

“And if we’re being honest,” Eldridge said, “anyone purchasing a million-dollar property can afford to pay a little bit extra in order to make sure others have a place to live.”

DIFFERENT CONDITIONS

In the past 12 months, 2,535 of the 46,720 homes sold in Chicago went for $1 million or more, or about 5.4% of all homes sold in the city, according to Midwest Real Estate Data. The “mansion tax” would generate $163 million in funding for programs that combat homelessness, according to the campaign’s website.

The group estimates the funds would support housing for 12,000 families in its first 10 years. In 2019, according to the Chicago Coalition for the Homeless, more than 58,000 Chicagoans were without homes.

Mario Greco is another real estate industry source who believes the increased mansion tax would cause little stir among buyers.

“I want to be clear that I’m not in favor of it,” said Greco, a Berkshire Hathaway HomeServices agent who often sells in the $1 millionand-up range. “But I think buyers will accept it.”

ENGEL & VOELKERS

A new push is underway to impose a surcharge of more than $19,000 per million dollars of purchase price to help combat homelessness

If buyers pay the full $1.019 million asking price for this home for sale now in Bucktown, they will pay the city $7,642 in transfer taxes. Under the Bring Chicago Home proposal, they would pay $27,003.

There are two main reasons, Greco said. First, buyers of upper-end homes “are likely selling one whose value has gone up 20% in the turn-up of the past couple of years,” so they’re not feeling a need to pinch pennies.

Also convincing him, Greco said, is “the commitment to buying in Chicago, living in Chicago that I’ve seen in the past few years.” While the city’s housing market slowed in the early, uncertain stages of the pandemic, with the exception for the downtown condo market, it has more than come back.

Greco said conditions were different in 2018, when the luxury market, indeed all of the Chicago-area housing market, was lukewarm.

An increase in the transfer tax, Greco said, “is not going to be determinative. If you decided you want to live in Chicago, you’re go-

ing to do it. The transfer tax won’t change your decision.”

Not everyone in the real estate industry feels that way. Kris Anderson, director of government and external affairs for the Chicago Association of Realtors, called the Bring Chicago Home campaign “an us-versus-them litmus test. ‘Do you stand with the everyday man, or do you stand with those who can afford to buy expensive real estate?’ ”

GENERATING SUPPORT

While Anderson said he agrees that Chicago needs to boost its funding for homelessness programs, he doesn’t accept that high-end homebuyers should be the source. “There’s no direct cause and effect,” Anderson said.

“The person who’s buying a million-dollar home isn’t causing somebody else to be homeless.”

The Bring Chicago Home cam-

paign held a series of four town hall meetings about the transfer tax proposal in the past month.

The aim, Eldredge said, is to generate support for putting the transfer tax question out to city voters as a ballot referendum. The ordinance allowing a referendum, which would be advisory only, has nine Aldermen as co-sponsors.

Ald. Walter Burnett, whose 27th Ward includes both high-end housing markets and moderate-income areas, said he would like to see a referendum on the question. Burnett said that while it seems likely on the surface that “people who can buy million-dollar homes will vote, ‘No, I don’t want this tax,’ ” it may not be so clear cut.

“I think those people, like people all over the city, are feeling the homelessness that we have out here,” he said, and might support the increase.

In Illinois banking world, customer satisfaction tumbles Rosemont-based Wintrust Financial reclaimed the top spot from JPMorgan Chase in J.D. Power’s annual retail banking survey. But the news for all banks in the market shows there’s post-pandemic work to do Bank customers are souring on the service they’re getting.

The entire banking sector’s customer satisfaction ratings in Illinois slipped 19% in 2021 from the year before, according to the latest annual survey from J.D. Power. Similarly negative results were seen in other parts of the country as well.

Particular backsliders in Illinois included JPMorgan Chase, the largest bank in the Chicago area by deposits. Its ratings dropped 17% to 684 on a 1,000-point scale from 829 in last year’s survey, when Chase was the top-ranked bank in Illinois.

P012_CCB_20220418.indd 12

It’s third in this year’s assessment.

Regaining the top slot after being displaced for a year by Chase is Rosemont-based Wintrust Financial, the fifth-largest area bank by deposits. But its ratings dropped as well. The 11% reduction just wasn’t as much as most of its rivals in the market.

Also slipping in the ranks was BMO Harris Bank, the secondlargest bank by deposits in the area. BMO Harris’ score was just below the average for Illinois and dropped 19% from the year before.

The top three after Wintrust were Pittsburgh-based PNC Bank, Chase and First Midwest, which

since was acquired by Evansville, Ind.-based Old National.

MORE HELP

Consumers want more personalized service from their banks, despite a banking landscape that rapidly has gravitated to digital transactions, said Jennifer White, senior consultant for banking intelligence at J.D. Power.

“As consumer financial health has trended downward, so has overall satisfaction,” she said.

When asked, consumers told J.D. Power they wanted their banks to help them with which alerts they should use and provide ways to save more, prioritize

JOHN R. BOEHM

BY STEVE DANIELS

which debts to reduce and find ways to avoid fees, she said.

Those are fairly complex desires not easily satisfied remotely.

Likewise, banks are getting credit from consumers for their moves to reduce overdraft fees. White

thinks that’s because consumers largely aren’t yet aware of those efforts.

Nationally, J.D. Power received responses from more than 100,000 consumers from April 2021 through January of this year.

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4/14/22 4:33 PM

14 ARIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

PEOPLE ON THE MOVE

Advertising Section To place your listing, visit www.chicagobusiness.com/peoplemoves or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

ACCOUNTING

BANKING / FINANCE

FINANCE

LAW

PROFESSIONAL SERVICES

ORBA, Chicago

Artisan Advisors, LLC, Barrington

Sycamore Advisors, LLC, Chicago

Ropes & Gray LLP, Chicago

Ferguson Partners, Chicago

ORBA, one of Chicago’s largest public accounting firms, welcomes Skylar Doran and Azuwa Omietimi to the firm.

Skylar Doran joins the firm’s Cloud CFO Doran Services Group. She is knowledgeable in maintaining monthly ledger accounts, handling accounts payable and receivable, and reconciling accounts.

Azuwa Omietimi joins the firm’s Tax Group.

She is experienced in Omietimi preparing tax returns, performing tax research and reviewing tax information.

Artisan Advisors, specialists in strategic, support and risk management services for community banks, welcomes David Larson, as a Managing Director.

A Chicago banking veteran, David has broad financial services expertise with concentrations in commercial credit, special assets, core business development and acquisitions. In his new role, David will focus on board advisory and strategic planning, commercial-CRE credit, troubled assets and M&A advisory-due diligence.

Sycamore Advisors, LLC, an independent municipal advisory firm, has added veteran banker and issuer Phil Wasserman as a senior vice president of the firm’s national municipal advisory practice.

Phil previously served as deputy director of the Nassau County Office of Management and Budget, where he developed and implemented a strategy to restructure the County’s debt. He has 21 years of experience as a banker and issuer, including 13 years on New York City’s Finance Policy Team.

Ropes & Gray is pleased to announce Renai Rodney has joined the firm’s 400-lawyer litigation & enforcement practice.

Renai brings in-depth local, state, and federal expertise to Ropes & Gray’s Chicago office. As First Assistant Corporation Counsel for the City of Chicago Department of Law, Renai advised on complex litigation matters including alleged police misconduct and wrongful death, and served as counsel to Chicago Mayor Lori Lightfoot. She previously served as AUSA in Chicago.

Gemma Burgess has been named Chief Executive Officer of Ferguson Partners, effective June 1. The first female to hold this position, Burgess has over 15 years of global leadership experience and brings a vision for 2022 and beyond, which will continue to focus on providing customized, client-centric solutions today while evolving the business for tomorrow’s needs. Burgess’s appointment comes as the firm plans an expansion of its corporate leadership team, with future announcements to follow.

CONSTRUCTION Development Solutions Inc., Chicago

ARCHITECTURE / DESIGN Whitney Architects, Chicago Whitney is proud to announce the promotion of Veronika Bocanova Diffley & Matt Churchill to Associate. Licensed architect Veronika Bocanova Diffley, AIA, NCARB, has been with Diffley Whitney since 2011.

Originally from Prague, Czech Republic, Veronika is inspired by her Czech heritage. She also serves on the Board of Directors for nonprofit, DIFFA Chicago.

Matt Churchill, AIA, Churchill NCARB, joined Whitney in 2012 after receiving a Master of Architecture from Judson University.

He also has a BFA in Interior Design from the Illinois Institute of Art. Matt is a licensed architect, and his background in both design and architecture make him an invaluable asset to Whitney.

BANKING First Bank Chicago, Northbrook First Bank Chicago, a Division of First Bank of Highland Park, is pleased to announce Lesley Prestegaard has been promoted to Senior Vice President, Treasury Management Advisor. Lesley is responsible for supporting our growth strategy by enhancing client relationships while delivering a full suite of Treasury Management banking solutions. Lesley brings 20 years of banking expertise and came to us from MB Financial in 2019.

P014_CCB_20220418_v1.indd 1

Development Solutions Inc. (DSI) is pleased to announce the promotion of Lindsey Beers to Project Manager. Lindsey joined the Illinois based General Contractor in 2016 as Assistant Project Manager, where she worked diligently to advance her knowledge and expertise in construction management within their interiors team. In her new role, she will be responsible for managing all phases of construction, ensuring each project meets DSI’s high standards of quality, safety, and client satisfaction.

INSURANCE NFP Insurance Solutions, Chicago NFP Insurance Solutions (NFPIS) welcomes Steve Schaumberger to the firm as managing director. In his new role, Schaumberger creates synergies by connecting people and leveraging his expertise in innovative, cost-effective insurance and risk management solutions.

Schaumberger has been connecting friends, advocating for clients and solving problems throughout his professional career. For the past 35 years, he has worked closely with professionals and advisors to design and implement insurance.

INSURANCE Trustmark, Lake Forest EXECUTIVE RECRUITMENT Jobplex, a DHR Global Company, Chicago Justin Hirsch has been promoted to Chief Executive Officer and HR Practice Group Leader at Jobplex, the emerging leader search services arm of DHR Global.

In the past 10 years under Hirsch’s leadership as President, Jobplex has seen revenue grow 10-fold, along with a steadily growing number of clients and projects. The company’s footprint has expanded from a few offices in the United States to nearly 20 across North America and Europe, with Asia on the near horizon.

Kathleen Sweitzer has joined national employee benefits provider Trustmark as SVP, General Counsel and Corporate Secretary. She will lead Trustmark’s legal, compliance and government affairs functions. Her previous leadership roles were at Maestro Health, where she served as Chief Legal Officer and Corporate Secretary; at Aon, where she was Associate General Counsel, Health Solutions; and Tressler, LLP, where she was a partner and co-chair of its ERISA/Life and Health Practice Group.

Sikich LLP, Chicago

MARKETING The Mx Group, Burr Ridge Tony Riley, president of The Mx Group, has been named its new CEO, effective March 1, as founding partner and CEO Andy Mahler steps into the executive chairman role. The Mx Group’s other founding partner, Peter Wroblewski, will serve as vice chairman. The Mx Group is one of the largest remaining independent B2B agencies and the 2nd fastest growing U.S. B2B agency.

NON-PROFIT CAN TV, Chicago

LAW Benesch, Chicago

To order frames or plaques of profiles contact Lauren Melesio at lmelesio@crain.com or 212-210-0707

PROFESSIONAL SERVICES

Jonathan (JJ) Asarch has joined Benesch as a Partner in the Corporate & Securities Practice Group. Mr. Asarch focuses his practice on private equity, strategic, financial, and healthcare transactions, including mergers & acquisitions, dispositions, financings, and joint ventures while also representing clients in connection with general corporate and real estate matters. He regularly serves as outside general counsel and strategic advisor to clients.

After an extensive nationwide search, Chicago Access Network Television (CAN TV) has announced the appointment of Darrious D. Hilmon as Executive Director. Hilmon will join CAN TV after serving most recently as the Executive Director of Chicago State Foundation (CSF), serving as the chief time, treasure and talent partner to Chicago State University. He brings more than 25 years of experience in strategy driven fund development, marketing and communications, and non-profit operations.

Professional services firm Sikich LLP is pleased to announce the addition of Anthony Martorano.

Tony will work closely in the Chicagoland market as Business Development Director. Tony’s diverse background – including founding and running an accounting and financial consulting firm – spans decades of partnering with businesses and leaders to build successful companies. He will apply his extensive business development and leadership experience to further developing Sikich’s global footprint.

REAL ESTATE Midloch Investment Partners, Chicago Midloch, a real estate investment firm specializing in JV Equity investments, announced the hiring of two team members located in Midloch’s Chicago Office.

Commercial real estate Kerns finance expert Brian Kerns joins as Executive Managing Director. Prior to joining Midloch, Brian was a Managing Director at CrowdStreet. Brian will lead Midloch’s real estate deal sourcing efforts to invest joint venture Jackson equity of $1-$15 million with sponsors.

In addition, Brooke Jackson joins the Midloch team as Director of Investor Relations. Brooke’s focus is on strengthening existing and expanding prospective investor relationships. Prior to Midloch, Ms. Jackson was Vice President, Multifamily Capital Markets, Debt & Structured Finance at Newmark.

4/12/22 4:43 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 15

CRAIN’S LIST

◗ UPS AND DOWNS

CHICAGO’S LARGEST PRIVATELY HELD COMPANIES Ranked by 2021 revenue. e = Crain’s estimate (in gray).

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

1

STATE FARM MUTUAL AUTOMOBILE INSURANCE CO., Bloomington

309-766-2311 StateFarm.com

Michael L. Tipsord, chairman, president, CEO

$82,200.0 1 250 4.2% 53,400

Auto, fire, life, health policies and financial services

2 3

2

HEALTH CARE SERVICE CORP., Chicago

317-690-4734 HCSC.com

Maurice Smith, president, CEO

$50,200.0 6.8%

Health insurer

3

REYES HOLDINGS LLC, Rosemont

847-227-6500 ReyesHoldings.com

M. Jude Reyes J. Christopher Reyes, co-chairmen

$31,500.0 1 3,000 12.5% 31,000

Food and beverage distributor

4 5 6 7 8 9 10 11 12 13 14 15

4

ALDI U.S., Batavia

630-879-8100 ALDI.us

Jason Hart, CEO

$24,333.6 e 2,600 e 20.2% e 18,375 e

Grocery chain

5

MEDLINE INDUSTRIES INC., Northfield

847-949-5500 Medline.com

Charlie N. Mills, CEO Andy J. Mills, president

$20,161.0 15.2%

5,236 27,000

Health care, manufacturer and distributor of medical supplies

6

TOPCO ASSOCIATES LLC, Elk Grove Village

847-676-3030 Topco.com

Randy Skoda, president, CEO

$16,137.0 5.5%

399 502

Supplier to supermarkets and food-service companies

7

HAVI GROUP LP, Downers Grove 630-353-4200 HAVI.com

Frank Ravndal, CEO

$10,080.0 e 700 10,000 3.8% e

Supply chain, sourcing and marketing

8

ACE HARDWARE CORP., Oak Brook

630-990-6600 AceHardware.com

John Venhuizen, president, CEO

$8,600.0 10.8%

1,100 7,750

Retail hardware cooperative

11

CITADEL, Chicago

312-395-2100 Citadel.com

Ken C. Griffin, CEO

$8,000.0 33.3% e

530 2,700

Hedge fund

10

OSI GROUP LLC, Aurora

630-851-6600 OSIGroup.com

Sheldon Lavin, chairman, CEO

$7,100.0 16.4%

2,200 20,000

Food processor

9

CITADEL SECURITIES, Chicago

312-395-3100 CitadelSecurities.com

Peng Zhao, CEO

$7,000.0 1 4.5% e

537 1,316

Market-making firm

12

KEHE DISTRIBUTORS LLC, Naperville

630-343-0000 KeHE.com

Brandon K. Barnholt, president, CEO

$6,291.0 2 14.4%

— 6,000

Distributor of specialty, fresh, natural and organic products to retailers

14

KIRKLAND & ELLIS LLP, Chicago 312-862-2000 Kirkland.com

Jon A. Ballis, chairman

$6,042.0 3 25.1%

1,700 5,700

Law firm

21

MADISON INDUSTRIES, Chicago

312-277-0156 Madison.net

Larry Gies, CEO

$5,684.2 95.5%

444 20,732

Filtration, indoor air quality and safety

13

THE WALSH GROUP LTD., Chicago

312-563-5400 WalshGroup.com

Daniel J. Walsh Matthew M. Walsh, co-chairmen

$5,000.0 -7.1%

1,500 8,000

General contractor, design-builder, construction manager

15

CLAYCO INC., Chicago

312-658-0747 ClayCorp.com

Robert G. Clark, executive $4,984.0 chairman 30.9%

1,150 2,860

17

NAPLETON AUTOMOTIVE GROUP, Oakbrook Terrace

630-530-3955 EdNapleton.com

Edward F. Napleton, president

$4,154.3 24.1%

16

KOCH FOODS INC., Park Ridge

847-384-5940 KochFoods.com

Joseph C. Grendys, CEO

NR

ECHO GLOBAL LOGISTICS INC., Chicago

800-354-7993 Echo.com

20

AMSTED INDUSTRIES INC., Chicago

24

RANK

1

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2021 RANK

7,753 24,228

TYPE OF BUSINESS

TOP 20 COMPANIES BY INCREASE IN REVENUE FROM 2020 218.9%

TransLoop Becknell Industrial

178.7%*

Chicago Cubs Baseball Club LLC

160.7%1

VillageMD

160.0%

TPS Parking Management LLC Program Productions Inc. Becker Logistics LLC AIT Worldwide Logistics

156.3%e 133.1% 129.0% 124.2%

Transportation One XLT Management Systems Inc. A. Epstein and Sons International Inc.

121.1% 113.3% 110.9%

SEKO Logistics

110.8%*

Chicago White Sox

108.1%1

Elements Global Services

99.8%e

Redline Metals Inc.

98.7%

First Hospitality

96.3%

Madison Industries

95.5%

RIM Logistics Ltd.

94.8%

Business IT Source Inc.

92.4%

Edge Logistics

91.7%

20 COMPANIES BY DECREASE IN REVENUE FROM 2020 -7.1%

The Walsh Group Ltd.

-7.7%e

George Sollitt Construction Co.

-7.8% e

Gallant Building Solutions

Real estate development, architecture, engineering, design-build, construction

-7.8%e

McHugh Enterprises

1,005 3,585

Auto dealerships

-9.2%

The McShane Cos.

$4,000.0 11.1%

1,250 13,300

Supplier of fresh and frozen poultry

-9.4%*

Executive Construction Inc.

Douglas Waggoner, CEO

$3,745.0 49.1%

1,578 2,593

Technology-enabled transportation management services

-10.2%

Overture Promotions

312-645-1700 Amsted.com

Stephen R. Smith, chairman, president, CEO

$3,403.7 11.1%

450 13,400

Industrial components manufacturer

-10.4%*

Meridian Group International Inc.

INLAND REAL ESTATE GROUP OF COS., Oak Brook

630-218-8000 InlandGroup.com

Daniel L. Goodwin, chairman, CEO

$3,300.0 e 17.9% e

700 e 1,100 e

Commercial real estate, investment, property management, leasing

-13.1%

Corporate Concepts Inc.

18

GUARANTEED RATE COS., Chicago

773-290-0505 Rate.com

Victor Ciardelli III, president, CEO

$3,238.6 1 0.0%

5,422 12,611

Mortgage lending and financial services

25

HUB INTERNATIONAL LTD., Chicago

800-432-2558 HubInternational.com

Marc I. Cohen, president, CEO

$3,230.9 19.4%

951 15,081

Risk, insurance, employee benefits, retirement and private wealth

19

HEARTHSIDE FOOD SOLUTIONS LLC, Downers Grove

630-967-3600 HearthsideFoods.com

Chuck Metzger, CEO

$3,145.0 0.0%

2,517 10,088

Food contract manufacturing

23

RSM US LLP, Chicago

980-233-4710 RSMUS.com

Joseph M. Adams, CEO, managing partner

$3,134.4 8.9%

1,450 13,968

Audit, tax and consulting services focused on the middle market

22

BAKER MCKENZIE, Chicago

312-861-8000 BakerMcKenzie.com

David Malliband, Chicago $3,126.7 office managing partner 7.9%

468 11,873

Law firm

31

HEICO COS. LLC, Chicago

312-419-8220 HeicoCompanies.com

Emily Heisley Stoeckel, chairman

$2,810.0 17.1%

704 8,600

Metal processing, construction, industrial products and cargo control

30

SIDLEY AUSTIN LLP, Chicago

312-853-7000 Sidley.com

Larry A. Barden, chairman, management committee; Teresa Wilton Harmon, managing partner, Chicago

$2,795.4 13.5%

648 3,928

Law firm

Shlomo Crandus, CEO

$2,624.0 e 5 580 e 31.6% e 755 e

Automotive fleet management

$2,618.9 e 5.0% e

Retail hardware cooperative

37

WHEELS DONLEN, Des Plaines 4 847-699-7000 Wheels.com

29

TRUE VALUE CO., Chicago

773-695-5000 Chris Kempa, CEO TrueValueCompany.com

500 e 2,500 e

NOTES: e. Crain's estimate. 1. Company estimate. 2. From Moody's. 3. From American Lawyer. 4. Formerly Wheels Inc. 5. This estimate reflects Wheels Inc.'s merger with Donlen.

P015-P027_CCB_20220418.indd 15

-19.0%*

Netrix LLC

-20.0%

Ferrara

-21.1%

Forward Space LLC

-21.9%

W.S. Darley & Co.

-22.7%

Skender

-26.3%

BOS

-29.0%1

Chicago Bulls

-30.6%

IHC Construction Cos. LLC

-35.4%

Focus

-39.3%e, 2

Tuthill Corp.

-53.9%

BEAR Construction Co.

e = Crain’s estimate. * = Company estimate.

1. Estimate from Forbes. 2. Decrease reflects sale of two divisions.

Source: Crain’s list

4/15/22 1:52 PM

16 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

◗ UPS AND◗ DOWNS INDUSTRY MIX COMPANIES BY INDUSTRY 48 Construction/ architecture/ engineering

45 Manufacturing

43 Business services

32 Food and beverage

27 Wholesale/ distribution

27 Financial services

23 Logistics/ transportation

20 Tech/ telecom

18 Retail

17 Automobiles

14 Law 13 Real estate

12 Consumer products/services 12 Health care 10 Media/marketing 9 Insurance 4 Arts/entertainment/recreation 1: Utilities Source: Crain’s list

P015-P027_CCB_20220418.indd 16

CRAIN’S LIST PRIVATELY HELD COMPANIES

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

RANK

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

312-855-4000 GreatDane.com

William H. Crown, president, CEO

$2,600.0 e 13.0% e

800-723-7546 BerlinPackaging.com

TYPE OF BUSINESS

RANK

450 e 8,300 e

Diversified manufacturing and distribution

William J. Hayes, president, $2,500.0 CEO 19.0%

253 2,236

Hybrid packaging supplier providing plastic, glass and metal components

Brent Gledhill, president, CEO

1,327 1,879

Investment banking, investment management and private wealth management

181 210

Distributor of janitorial, food service, packaging and printing products

1,105 4,985

Manufacturer of food coatings and seasonings

64 65 66 67 68 69 70 71

31 32 33

32

CC INDUSTRIES INC., Chicago

34

BERLIN PACKAGING LLC, Chicago

54

WILLIAM BLAIR & CO., Chicago 312-236-1600 WilliamBlair.com

34 35 36 37 38 39 40

33

NETWORK DISTRIBUTION, Schaumburg

847-803-4888 Alan R. Tomblin, president, $2,335.7 NetworkDistribution.com CEO 4.5%

35

NEWLY WEDS FOODS INC., Chicago

773-489-7000 NewlyWedsFoods.com

Charles T. Angel, president

36

WIRTZ CORP., Chicago

312-943-7000 WirtzCorp.com

W. Rockwell "Rocky" Wirtz, $2,200.0 1 chairman 10.0%

1,250 2,700

Beverage distribution, real estate, Chicago Blackhawks

57

AIT WORLDWIDE LOGISTICS, Itasca

800-669-4248 AITWorldwide.com

Vaughn Moore, executive chairman, CEO

$2,129.6 124.2%

400 2,140

Global freight forwarder and logistics provider

39

BDO USA LLP, Chicago

312-856-9100 BDO.com

Wayne Berson, CEO

$2,000.3 10.6%

848 9,072

Accounting, assurance, tax and advisory services firm

28

FERRARA, Chicago

773-243-4300 FerraraUSA.com

Marco Capurso, CEO

$2,000.0 1 -20.0%

2,610 5,900

Sweet packaged goods

38

GRANT THORNTON LLP, Chicago

312-856-0200 GrantThornton.com

Mark Sullivan, office managing principal Nichole Jordan, central region managing partner

$1,972.9 2.8%

900 9,024

Audit, tax and advisory services

41 42 43 44 45 46

75

SEKO LOGISTICS, Itasca

800-228-2711 SekoLogistics.com

James T. Gagne, president, CEO

$1,971.7 1 110.8%

180 3,000

Freight forwarding, transportation, white glove and e-commerce logistics

40

MAT HOLDINGS INC., Long Grove

847-821-9630 MATHoldingsInc.com

Steve W. Wang, chairman, CEO

$1,923.9 e 9.9% e

334 e 13,000 e

Manufacturer and distributor of automotive and consumer products

43

MAYER BROWN LLP, Chicago

312-782-0600 MayerBrown.com

Jon Van Gorp, chairman

$1,840.0 21.1%

875 3,690

Law firm

NR

ANTARES CAPITAL LP, Chicago 203-810-8054 Antares.com

Timothy G. Lyne, CEO

$1,822.9 —

226 387

Private debt provider

46

BOLER CO. (HENDRICKSON), Woodridge

630-773-9111 Hendrickson-Intl.com

Matthew J. Boler, chairman, president, CEO

$1,776.6 e 25.7% e

160 e 6,540 e

Manufacturer of truck and trailer suspension systems

47

CULLIGAN INTERNATIONAL CO., Rosemont

847-430-2800 Culligan.com

Scott G. Clawson, CEO

$1,750.0 1 34.6%

300 8,700

Consumer water services and solutions

47 48

47

CONVERGINT, Schaumburg

847-620-5302 Convergint.com

Ken Lochiatto, president, CEO

$1,704.2 27.6%

226 7,222

Integrator of security, fire alarm and lifesafety systems

50

MCDERMOTT WILL & EMERY LLP, Chicago

312-372-2000 MWE.com

Ira J. Coleman, chairman Michael L. Boykins, office managing partner

$1,665.2 20.5%

580 2,505

Law firm

49 50 50 52 53 54 55 55 55 56 58 59 60 61

41

TTX COMPANY, Chicago

312-853-3223 TTX.com

Thomas F. Wells, president, $1,607.0 CEO -0.5%

584 1,984

Provider of rail cars and freight management services

48

INFORMATION RESOURCES INC., Chicago

312-726-1221 IRIWorldwide.com

Kirk Perry, president, CEO

$1,600.0 1 14.3%

796 4,177

Consumer and retail market research firm

52

SIRVA WORLDWIDE INC., Oakbrook Terrace

630-570-3050 Sirva.com

Tom Oberdorf, chairman, CEO

$1,600.0 2 20.3% e

— 2,655 e

Relocation and moving services

NR

CHAMBERLAIN GROUP LLC, Oak Brook

630-279-3600 ChamberlainGroup.com

Jeff Meredith, CEO

$1,571.0 18.4%

857 6,632

Manufacturer, creator of residential and commercial smart access control solutions

58

ROHRMAN AUTOMOTIVE GROUP, Arlington Heights

847-991-0444 Rohrman.com

Ryan V. Rohrman, president, CEO

$1,547.9 3 28.6%

— —

Auto dealerships

73

SRAM LLC, Chicago

312-664-8800 Sram.com

Ken Lousberg, CEO

$1,512.0 55.2%

165 4,900

Bicycle components manufacturer

76

HOLLISTER INC., Libertyville

847-680-1000 Hollister.com

V. George Maliekel, president, CEO

$1,500.0 e 63.9% e

550 e 4,000 e

Medical devices and supplies

69

OLD WORLD INDUSTRIES LLC, Northbrook

847-559-2000 OWI.com

Greg Noethlich, CEO

$1,500.0 e 11.1% e

318 e 378 e

Products for the automotive and heavyduty trucking industry

44

VOYANT BEAUTY, Hodgkins

708-482-8881 VoyantBeauty.com

Richard McEvoy, CEO

$1,500.0 0.0%

324 3,518

External manufacturer of beauty and personal care products

60

AHEAD INC., Chicago

312-924-4492 Ahead.com

Daniel Adamany, CEO

$1,480.6 35.1%

239 1,224

IT products, cloud solutions and strategic consulting

42

THE MCSHANE COS., Rosemont

847-292-4300 McShane.com

Molly McShane, CEO

$1,451.4 -9.2%

84 400

Real estate development and construction services

59

ZS ASSOCIATES INC., Evanston 847-492-3600 ZS.com

Pratap Khedkar, CEO

$1,410.0 e 20.0% e

660 12,407

Professional services firm

61

DULY HEALTH AND CARE, Downers Grove 4

630-469-9200 DulyHealthandCare.com

Steve Nelson, co-chairman, $1,400.0 1 CEO 27.3% Paul F. Merrick, co-chairman, chief physician executive

5,481 6,401

Health care provider

87

TANDEM HR INC., Westchester

630-928-0510 TandemHR.com

Tara Conger, president

$1,400.0 e 76.8% e

170 e 170 e

HR outsourcing firm

55

KEARNEY, Chicago

312-648-0111 Kearney.com

Alex Liu, chairman, managing partner

$1,380.0 14.0%

320 4,200

Management consulting firm

61 63

$2,350.0 81.6%

$2,205.0 8.6%

72 72

74 75 76 77 78 79 80 81 81 81 84

85 86

87 88 89

90 91 92 93 94 95 96

NOTES: e. Crain's estimate. 1. Company estimate. 2. From Moody's; for 12 months ending September 2021. 3. From Automotive News. 4. Formerly DuPage Medical Group.

NOT

Source: Crain’s list

4/15/22 1:52 PM

ion

astic,

go

y

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 17

◗ UPS ANDTHE DOWNS WHERE MONEY IS REVENUE BY INDUSTRY

RANK

64 65 66 67 68 69 70 71 72 72

2021 RANK

-

m

ons

-

ic

ion

TYPE OF BUSINESS

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

51

CLUNE CONSTRUCTION, Chicago

312-726-6103 CluneGC.com

R. David Hall, CEO

$1,352.3 1.2%

166 556

General contractor

56

PEPPER CONSTRUCTION GROUP, Chicago

312-266-4700 J. Stanley Pepper, PepperConstruction.com chairman, CEO

$1,329.9 5.9%

737 1,116

General construction and construction management

77

FCL BUILDERS LLC, Itasca

630-773-0050 FCLBuilders.com

Christopher P. Linn, president, CEO

$1,323.0 1 44.6%

128 274

Design-build general contractor

132

VILLAGEMD, Chicago

312-465-7900 VillageMD.com

Tim Barry, CEO

$1,300.0 160.0%

283 3,967

Provider of technology, operations and staffing support for primary care physicians

62

READERLINK LLC, Oak Brook

708-356-3600 ReaderLink.com

Dennis E. Abboud Sr., chairman, president, CEO

$1,258.2 18.6%

401 1,372

Book distributor

72

POWER CONSTRUCTION CO. LLC, Chicago

312-596-6960 PowerConstruction.net

Terry Graber, CEO

$1,254.0 28.6%

500 500

Construction management and general contracting firm

91

REDWOOD LOGISTICS, Chicago 844-467-3396 RedwoodLogistics.com

Mark A. Yeager, CEO

$1,160.0 51.7%

444 868

Logistics platform company

71

WINSTON & STRAWN LLP, Chicago

312-558-5600 Winston.com

Thomas P. Fitzgerald, chairman Cardelle Spangler, Chicago managing partner

$1,153.2 17.5%

571 1,668

Law firm

64

GRIFFITH FOODS GROUP INC., Alsip

708-371-0900 GriffithFoods.com

Brian L. Griffith, executive $1,100.0 e chairman 10.0% e

736 e 4,730 e

Food ingredient developer and manufacturer

66

KLEIN TOOLS INC., Lincolnshire

847-821-5500 KleinTools.com

Thomas R. Klein Sr., chairman, CEO Thomas R. Klein Jr., president, chief operating officer

$1,100.0 1 10.0%

300 2,500

Manufacturer of professional hand tools and protective equipment

e

otive

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

78

MACLEAN-FOGG CO., Mundelein

847-566-0010 MacLean-Fogg.com

Barry L. MacLean, chairman

$1,050.0 16.7%

400 3,500

Manufacturer of components for automotive, industrial and utility industries

88

PARTS TOWN, Addison

800-438-8898 PartsTown.com

Steve Snower, CEO

$1,046.8 32.8%

724 3,108

OEM parts distributor for the food-service industry

Ken Barrett, president

$1,014.8 e 35.3% e

1,480 e 8,560 e

Hotel ownership, development and management

85 86 87 88 89 90 91 92 93 94 95 96

94

WHITE LODGING, Merrillville

79

MIDLAND PAPER CO., Wheeling 847-777-2700 MidlandPaper.com

Michael Graves, president, CEO

$1,012.7 17.9%

203 568

Distributor of printing paper and packaging materials

83

SPENCER STUART, Chicago

312-822-0080 SpencerStuart.com

Ben Williams, CEO

$1,011.9 20.9%

119 2,230

Executive search and assessment

89

PREGIS, Deerfield

877-692-6163 Pregis.com

Kevin Baudhuin, president, CEO

$1,003.2 36.9%

450 3,000

Protective packaging

90

EDWARD DON & CO., Woodridge

708-442-9400 Don.com

Steven R. Don, president, CEO

$1,002.0 30.4%

500 1,100

Distributor of food-service equipment and supplies

64

BAKER TILLY, Chicago

312-729-8000 BakerTilly.com

Alan D. Whitman, chairman, CEO

$1,000.0 8.7%

435 5,115

Advisory, tax and assurance services firm

67

PANDUIT CORP., Tinley Park

708-532-1800 Panduit.com

Shannon McDaniel, president, CEO

$1,000.0 1 0.0%

1,211 5,305

Manufacturer of industrial, electrical and network infrastructure products

74

S&C ELECTRIC CO., Chicago

773-338-1000 SandC.com

Anders B. Sjoelin, president, CEO

$1,000.0 1 5.3%

2,150 3,500

Manufacturer of electric switching, protective and automation products

82

DANIEL J. EDELMAN INC., Chicago

312-240-3000 Edelman.com

Richard W. Edelman, CEO $984.9 Kevin Cook, president, 17.3% Chicago

561 5,996

Communications

65

INSTANT BRANDS, Downers Grove

847-233-8600 InstantBrands.com

Ben Gadbois, CEO

$975.0 e -2.5% e

225 e 2,400

Kitchen products company

100

NAPLETON AUTO GROUP, Rosemont

847-825-1800 ShopNapleton.com

Paul Napleton William Napleton, presidents

$929.3 2 31.4%

— —

Auto dealerships

70

CROWE LLP, Chicago

312-899-7000 Crowe.com

Stuart J. Miller, office managing partner

$925.9 -5.8%

993 40,566 3

Accounting, consulting and technology

93

O'NEIL INDUSTRIES INC., Chicago

773-755-1611 WEONeil.com

Brian G. Ramsay, CEO $917.5 John A. Russell, president 20.2%

110 422

General contractor, construction management

101

FELLOWES INC., Itasca

630-893-1600 Fellowes.com

John E. Fellowes II, president, CEO

$905.2 17.7%

493 1,617

Manufacturer and distributor of office equipment, furniture, air purifiers and mobile phone accessories

84

WEATHERTECH DIRECT LLC, Bolingbrook

630-241-0715 WeatherTech.com

David MacNeil, CEO

$900.0 12.5%

1,750 1,770

Manufacturer of automotive, home and pet accessories

140

PARENT PETROLEUM INC., St. Charles

630-584-2509 ParentPetroleum.com

Ryan M. Fuelling, president

$860.0 1 87.0%

290 290

Wholesaler and retailer of gasoline, diesel and lubricants

80

TRUSTMARK, Lake Forest

847-283-1500 TrustmarkBenefits.com

Kevin R. Slawin, president, CEO

$853.8 0.1%

625 2,490

Employee benefits, administration, and health and fitness management

107

GRAYCOR, Oakbrook Terrace

630-684-7110 Graycor.com

Melvin Gray, nonexecutive chairman

$853.0 33.1%

116 1,081

Construction services

96

ENDURANCE WARRANTY SERVICES, Northbrook

866-432-4443 Rich Holland, CEO EnduranceWarranty.com

$850.0 16.2%

315 600

Vehicle service contracts

81

SHURE INC., Niles

847-600-2000 Shure.com

Christine Schyvinck, president, CEO

$845.0 e 0.0% e

990 e 2,760 e

Manufacturer of microphones, headphones and audio electronics

106

EMPIRE TODAY LLC, Northlake

844-519-1850 EmpireToday.com

Keith Weinberger, CEO

$830.0 4 18.6%

400 e 1,900 e

Carpet, flooring and window treatment installation

$40.09 billion Retail

$38.95 billion Wholesale/ distribution

$32.16 billion Financial services

$30.84 billion Business services

$28.07 billion Construction/architecture/engineering $25.73 billion Health care

$19.58 billion Law $18.62 billion Logistics/transportation

NOTES: e. Crain's estimate. 1. Company estimate. 2. From Automotive News. 3. Includes international membership firms. 4. From Moody's; for 12 months ending June 2021.

P015-P027_CCB_20220418.indd 17

$58.95 billion Food/beverage

$37.69 billion Manufacturing

74 75 76 77 78 79 80 81 81 81 84

219-472-2900 WhiteLodging.com

$137.33 billion Insurance

$11.53 billion Automobiles

$8.34 billion Real estate

$7.21 billion Consumer products/services

$5.90 billion Tech and telecom

$4.43 billion Media/marketing $1.27 billion Arts/entertainment/recreation $86.57 million Utilities1 1. Represents one company.

Source: Crain’s list

4/15/22 1:52 PM

18 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

◗ HOT MARKETS AVERAGE CHANGE IN REVENUE,

BY INDUSTRY FROM 2020 Arts/entertainment/ recreation

65.8%

Logistics/ transportation

58.6%

Real estate

32.9%

Consumer products/ services

29.8%

Health care

28.8%

Business services

26.7%

Tech/telecom

24.4%

Financial services

24.4%

Automobiles

19.7%

Media/marketing

18.2%

Manufacturing

17.7%

Wholesale/distribution

15.8%

Insurance

13.6%

Food/beverage

11.9%

Law

11.5%

Retail

11.5%

Construction/ architecture/ engineering Utilities

8.9% 1.8%1

AVERAGE CHANGE IN EMPLOYEES (GLOBAL), BY INDUSTRY FROM 2020 34.0%

Health care Logistics/ transportation

27.5%

Consumer products/ services

26.6%

Arts/entertainment/ recreation

26.4% 22.6%

Business services Tech and telecom

20.1%

Financial services

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

2021 RANK

12.9%

Construction/ architecture/ engineering

10.1%

Manufacturing

9.7%

Media/marketing

8.8%

Wholesale/distribution

8.8%

Insurance

6.5%

Food/beverage

5.0%

Law

4.7%

Retail

4.7% 1.5%

Automobiles

0

1

1. Represents one company.

Source: Crain’s lists

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

TYPE OF BUSINESS

RANK

85

NOW HEALTH GROUP INC., Bloomingdale

630-545-9098 NowFoods.com

Jim Emme, CEO

$827.0 3.6%

1,200 1,700

Manufacturer of natural products

92

HALO BRANDED SOLUTIONS INC., Sterling

630-216-0672 Halo.com

Marc S. Simon, CEO

$822.0 7.4%

68 1,982

Distributor of promotional products and employee recognition services

102

STAMPEDE MEAT INC., Bridgeview

800-353-0933 StampedeMeat.com

Brock Furlong, president, CEO

$812.0 e 16.0% e

1,130 e 1,700 e

Meat processor

13 13 13

111

ABT ELECTRONICS INC., Glenview

847-967-8830 Abt.com

Ricky Abt Jon Abt Michael Abt Billy Abt, co-presidents

$811.8 e 20.0%

1,700 1,700

Retailer of consumer electronics and major appliances

101 101

119

ADDISON GROUP, Chicago

312-424-0300 AddisonGroup.com

Thomas B. Moran, CEO

$800.0 1 36.2%

359 1,888

Professional services specializing in consulting services, talent solutions

103

ELKAY MANUFACTURING CO., Downers Grove

630-574-8484 Elkay.com

Tim C. Jahnke, interim president, CEO

$800.0 e 19.4% e

470 e 2,392

Manufacturer of sinks, faucets, water delivery systems, bottle fillers, commercial interiors

103 104

120

AMERICAN HOTEL REGISTER CO., Vernon Hills

847-743-6002 AmericanHotel.com

Angela M. Korompilas, president, CEO

$787.4 e 35.3% e

430 e 800 e

Distributor and provider of hotel supplies and services

98

SEYFARTH SHAW LLP, Chicago

312-460-5000 Seyfarth.com

Tracy Billows Cory Hirsch, Chicago co-managing partners

$786.6 9.7%

544 1,883

Law firm

105 106 107 108 109 110 111

97

CARL BUDDIG & CO., Homewood

708-798-0900 Buddig.com

Robert J. Buddig, CEO

$763.0 6.0%

1,900 2,200

Maker of lunch meat, snack meats, barbecue meats and ribs

112

PARKSITE INC., Batavia

630-761-9490 Parksite.com

Ron Heitzman, CEO

$750.6 22.9%

95 750

Sales, marketing and distribution of building products

99

EXP, Chicago

312-616-0000 EXP.com

Mark Dvorak, president, chief operating officer

$750.0 1 6.2%

214 3,391

Engineering, architecture, design and consulting services

104

ENSONO, Downers Grove

866-880-8611 Ensono.com

Jeff VonDeylen, CEO

$730.6 11.6%

438 2,649

Information technology managed service provider

193

BECKNELL INDUSTRIAL, La Grange

708-443-9300 BecknellIndustrial.com

Mark Shapland, president, CEO

$727.4 1 178.7%

71 101

Real estate development firm focused exclusively on industrial buildings

95

F.H. PASCHEN S.N. NIELSEN & ASSOCIATES LLC, Chicago

773-444-3474 FHPaschen.com

James V. Blair, president, CEO

$723.9 -1.1%

1,255 1,330

General contractor, construction management, design-builder

109

EMKAY INC., Itasca

630-250-7400 EMKAY.com

Greg L. Tepas, vice chairman Greg P. DePace, president

$720.3 14.0%

145 169

Corporate vehicle leasing and fleet management

112 113 114 115 116 117 118

132

ALERA GROUP INC., Deerfield 888-253-7288 AleraGroup.com

Alan J. Levitz, CEO

$720.0 1 44.0%

295 3,492

Insurance and wealth management firm

105

KATTEN, Chicago

Gil M. Soffer, managing partner, Chicago

$713.9 10.4%

492 1,206

Law firm

115

ED MINIAT LLC, South Holland 708-589-2400 Miniat.com

David J. Miniat, chairman

$699.8 18.0%

894 1,023

Manufacturer of processed meats and cooking oils

134

BOB LOQUERCIO AUTO GROUP, Streamwood

773-728-5000 BLAutoGroup.com

Robert Loquercio, president

$698.1 2 45.2%

— —

Auto dealerships

136

MCGRATH IMPORTS, Chicago

773-342-6300 McGrathImports.com

Michael J. McGrath, president, CEO

$668.4 39.6%

711 711

Auto dealerships

118

COMPSYCH CORP., Chicago

312-595-4000 ComPsych.com

Richard A. Chaifetz, chairman, CEO

$667.5 3 8.2%

1,275 1,500

Employee services provider

135

MOTOR WERKS AUTO GROUP, Barrington

847-381-8900 MotorWerks.com

Mick Austin, president, CEO Paul D. Tamraz, chairman

$646.9 35.1%

330 330

Auto dealerships

119 120 121 122 123 124 125

122

BRIGHTSTAR CARE, Gurnee

866-777-7110 BrightStarCare.com

Shelly Sun, CEO

$639.0 1 12.3%

63 130

Home health care, medical staffing, franchising

121

THE FEDERAL SAVINGS BANK, Chicago

312-738-6000 John Calk, chairman, TheFederalSavingsBank.com CEO

$631.3 8.9%

641 1,640

Mortgage lender

148

HIGHTOWER ADVISORS LLC, Chicago

312-962-3800 HightowerAdvisors.com

Bob Oros, CEO

$630.6 1 54.5%

285 1,150

Financial services and wealth management

125

WATERTON, Chicago

312-948-4500 Waterton.com

David R. Schwartz, chairman, CEO

$619.2 17.1%

882 1,800

Real estate investment and management

123

ALDRIDGE ELECTRIC INC., Libertyville

847-680-5200 AldridgeGroup.com

Kenneth Aldridge, chairman

$605.3 7.0%

625 1,287

Electrical and foundation contractor

114

HENIFF TRANSPORTATION SYSTEMS, Oak Brook

877-436-4331 Heniff.com

Robert J. Heniff, president, CEO

$600.0 4 14.3%

523 e 2,150 e

Liquid bulk transportation services provider

146

@PROPERTIES (AT WORLD PROPERTIES LLC), Chicago

312-506-0200 AtProperties.com

Michael Golden Thaddeus Wong, coCEOs

$597.7 45.5%

327 517

Real estate brokerage firm

126 127 128 129

130

ROYAL BUYING GROUP INC., Lisle

630-986-5416 RoyalBuying.com

Robert W. Juckniess, chairman

$594.7 e 17.5% e

54 e 54 e

Negotiates marketing programs for gas stations and convenience stores

124

SMS ASSIST LLC, Chicago

312-698-7000 SMSAssist.com

Marc Shiffman, president, CEO

$590.0 1 11.3%

553 868

Facilities maintenance technology company

256

BASIS TECHNOLOGIES, Chicago 5

844-637-0321 Basis.net

Shawn Riegsecker, CEO

$578.0 e 49.1% e

245 870

Workflow automation and media buying software

NR

BRADFORD HAMMACHER GROUP, Niles

847-966-2770 BradfordHammacher.com

Richard W. Tinberg, CEO $575.9 e 4.7% e

— 900 e

Marketer of gifts, collectibles, home décor and novelty products

RANK

97 98 99 100

312-902-5200 Katten.com

14.3%

Real estate

Utilities

CRAIN’S LIST PRIVATELY HELD COMPANIES

NOTES: e. Crain's estimate. 1. Company estimate. 2. From Automotive News. 3. Estimate from IBISWorld as of May 2021. 4. From Bulk Transporter. 5. Formerly Centro.

P015-P027_CCB_20220418.indd 18

4/15/22 1:52 PM

13 13

13 13 13 13 13 14 14

14 14 14 14 14 14 14 14 15 15 15

15 15 15

15 15 15 15 16 16 16

NOT

nd

major

rcial

lies

vice

m

ent

s

ng

écor

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 19

◗ UPS DOWNS WHOAND WORKS WHERE

RANK

2021 RANK

LOCAL EMPLOYEES BY INDUSTRY AS OF DEC. 31

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

847-433-1150 Mazzetta.com

Thomas J. Mazzetta, CEO

$560.0 38.3%

30 60

Importer of frozen seafood

TYPE OF BUSINESS

130 131 132

131

MAZZETTA CO. LLC, Highland Park

126

VI, Chicago

312-803-8880 ViLiving.com

Randal J. Richardson, president

$559.0 e 8.0% e

341 e 2,310 e

Developer, owner and manager of senior living communities

137

ARCO/MURRAY NATIONAL CONSTRUCTION CO., Downers Grove

331-251-2726 ArcoMurray.com

Brad Dannegger, president

$545.5 1 9.9%

353 353

Design and construction, specializing in commercial

133 134

161

WEST MONROE PARTNERS LLC, Chicago

312-602-4000 WestMonroe.com

Kevin J. McCarty, chairman, president, CEO

$538.0 53.7%

900 2,000

Digital consulting firm

142

CLOVER IMAGING, Hoffman Estates

866-734-6548 CloverImaging.com

Jim Cerkleski, executive chairman George Milton, CEO

$530.1 e 16.0% e

200 e 5,600 e

Recycler and remarketer of printer cartridges

135 136 137 138 139 140 141

138

SENIOR LIFESTYLE CORP., Chicago

312-673-4333 SeniorLifestyle.com

Jon DeLuca, president, CEO

$516.4 e 8.0% e

490 e 6,300 e

Owner, operator and developer of senior living communities

153

UNITED SCRAP METAL INC., Cicero

708-780-6800 UnitedScrap.com

Marsha E. Serlin, CEO

$506.0 33.5%

316 511

Metal buyer and recycler

160

LOEBER MOTORS INC., Lincolnwood

847-675-1000 LoeberMotors.com

Michael Loeber, president

$498.7 42.2%

145 145

Auto dealerships

$494.5 e 6.8% e

170 e 903 e

Retailer and importer of Indian foods

80 285

Manufacturer and distributor of first responder equipment

$474.3 e -7.8% e

505 e 533 e

Construction services

$468.8 46.6%

175 239

Parcel shipping carrier

142 143 144 145 146 147 148 149 150 151 152 153 154 155

150

164

BINNY'S BEVERAGE DEPOT (GOLD STANDARD ENTERPRISES INC.), Niles

156 157 158 159 160 161 162

147

139

RAJA FOODS LLC (PATEL BROTHERS), Skokie

847-675-4455 RajaFoods.com

Rakesh Patel, president

110

W.S. DARLEY & CO., Itasca

708-267-6288 Darley.com

Paul C. Darley, chairman, $491.5 president, CEO -21.9%

127

MCHUGH ENTERPRISES, Chicago

312-986-8000 Patricia H. McHugh, McHughConstruction.com chairman

172

OSM WORLDWIDE (ONE STOP 847-233-9999 MAILING LLC), OSMWorldwide.com Glendale Heights

James Kelley, president

144

JENNER & BLOCK LLP, Chicago 312-222-9350 Jenner.com

Randy E. Mehrberg, co-managing partner

$465.6 4.3%

465 833

Law firm

197

MEDIX, Chicago

886-446-3349 MedixTeam.com

Andrew Limouris, president, CEO

$460.6 1 79.5%

125 641

Health care, life sciences, technology and engineering/construction staffing

145

ATHLETICO PHYSICAL THERAPY, Oak Brook

630-575-6200 Athletico.com

Chris Throckmorton, president, CEO

$450.0 4.2% e

1,387 2,984

Orthopedic rehabilitation services

152

LETTUCE ENTERTAIN YOU ENTERPRISES INC., Chicago

773-878-7340 LEYE.com

Kevin J. Brown, CEO R.J. Melman, president

$447.9 e 16.0% e

4,255 e 6,060 e

Restaurant owner

156

PATRICK DEALER GROUP, Schaumburg

847-605-4000 PatrickCars.com

Hanley Dawson IV, president

$433.4 16.8% e

370 398

Auto dealerships

149

EMPLOYCO USA INC., Westmont

630-286-7356 Employco.com

Rob W. Wilson, CEO

$427.8 5.9% e

7,798 13,374

Human resources outsourcing

218

RIM LOGISTICS LTD., Roselle

224-306-5700 RimLogistics.com

Robert J. Mueller IV, president

$427.2 94.8%

149 245

Freight forwarding, distribution, logistics, supply chain, import, export

204

LRS, Rosemont

773-685-8811 LRSRecycles.com

Alan T. Handley, CEO

$426.1 1 74.6%

1,200 1,900

Waste management

254

CHICAGO CUBS BASEBALL CLUB LLC, Chicago

800-843-2827 Cubs.com

Thomas S. Ricketts, chairman

$425.0 2 160.7%

— —

Major League Baseball team

169

CAMPAGNA-TURANO BAKERY INC., Berwyn

708-788-9220 Turano.com

Joseph M. Turano, president

$415.0 29.7%

682 1,006

Maker of baked goods and breads

140

MERIDIAN GROUP INTERNATIONAL INC., Deerfield

847-964-2700 TheMeridian.com

Jeff Murray, CEO

$412.0 1 -10.4%

133 767

Information technology services provider and equipment lessor

FLEXERA SOFTWARE LLC, Itasca

847-466-4000 Flexera.com

Jim P. Ryan, president, CEO

$395.0 3 -1.3%

250 4 1,300

Software and IT asset management

Bill A. Terlato, president, CEO

$390.0 1

21.1%

125 300

Wine, spirits and non-alcoholic beverages production, marketing and sales

Michael Binstein, CEO

$384.6 e 12.0% e

— —

Retailer of wine, spirits, beer, cigars and related gifts

CAREERBUILDER LLC, Chicago 773-527-3600 CareerBuilder.com

Susan Arthur, CEO

$375.0 e 32.5% e

625 e 1,250 e

Online recruiting and job listings

163

ALDEN MANAGEMENT SERVICES INC., Chicago

773-286-3883 TheAldenNetwork.com

Randi SchlossbergSchullo, president

$371.7 e 8.0% e

5,141 e 5,406 e

Health care and senior living provider

175

CHICAGO BEARS FOOTBALL CLUB INC., Lake Forest

847-295-6600 ChicagoBears.com

George H. McCaskey, chairman

$370.0 2 23.3%

316 e 316 e

National Football League team

157

SAFEWAY INSURANCE CO., Westmont

630-887-8300 SafewayIns.com

Christopher Hidalgo, chairman, CEO

$361.5 -0.5%

96 475

Property and casualty insurance

173

MESIROW FINANCIAL HOLDINGS INC., Chicago

312-595-6000 Mesirow.com

Richard S. Price, chairman, CEO

$360.0 e 13.6% e

310 495

Financial services

225

CLIMATE PROS, Glendale Heights

630-893-8511 ClimateProsInc.com

Todd Ernest, president, CEO

$355.3 42.7%

254 1,468

Commercial and industrial refrigeration and HVAC

154

PREMIER DESIGN & BUILD GROUP LLC, Itasca

847-297-4200 PDBGroup.com

Michael Pacini, president $350.0 1 -7.1%

51 e 86 e

Design-build general contractor

166

TERLATO WINE GROUP LTD., Lake Bluff

847-604-8900 TWG.com 847-933-7600 Binnys.com

21,416 Business services

21,147 Health care

17,116 Manufacturing

14,700 Financial services

14,299 Construction/ architecture/ engineering

13,327 Retail

10,188 Insurance

7,787 Law

6,773 Wholesale/distribution 6,039 Logistics/transportation 5,577 Real estate 4,727 Consumer products/services 4,603 Tech/telecom 4,130

NOTES: e. Crain's estimate. 1. Company estimate. 2. Estimate from Forbes. 3. From Moody's; for 12 months ending September 2021. 4. From Chicago Tribune 2021 Top Workplaces list.

P015-P027_CCB_20220418.indd 19

28,741 Food/beverage

Media/marketing 3,893 Automobiles 316 Arts/entertainment/recreation 105 Utilities1 1. Represents one company.

Source: Crain’s list

4/15/22 1:52 PM

20 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

◗ LOCATION, LOCATION COUNTIES WHERE THE PRIVATELY HELD COMPANIES ARE BASED

CRAIN’S LIST PRIVATELY HELD COMPANIES

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

244 Cook

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

TYPE OF BUSINESS

RANK

163 164

159

MR. BULT'S INC., Burnham

708-868-0059 MrBults.com

James Bult, CEO

$347.8 e 7.7% e

— 1,330 e

Long-haul waste transportation

199

ITSAVVY LLC, Addison

630-396-6300 ITsavvy.com

Mike Theriault, CEO Munu Gandhi, president, chief operating officer

$347.0 38.1%

125 300

Integrated IT products and technology solutions provider

19 19

165 166

177

UNIVERSAL SCRAP METALS INC., Chicago

312-666-0011 USMRecycles.com

Jason I. Zeid, CEO

$344.2 e 14.7% e

250 e 298 e

Scrap metal recycling

158

BULLEY & ANDREWS LLC, Chicago

773-235-2433 Bulley.com

Allan E. Bulley Jr., executive chairman

$340.0 1 -4.2%

450 450

Construction management, general contracting, concrete and masonry restoration

companies are based in Chicago. Itasca has the next most with 12. Both Downers Grove and Oak Brook have 11, while Rosemont has eight.

167 168

174

CHICAGOLAND AUTOMOTIVE GROUP, Lisle

630-852-7200 Horst Korallus, ChicagolandAutoGroup.com president

$338.4 e 10.6% e

385 e 385 e

Auto dealerships

179

SUTTON AUTO TEAM, Matteson

708-720-8000 SuttonAutoTeam.com

Nathaniel K. Sutton, president, CEO Karen M. Ford, dealer principal

$337.4 14.2%

97 270

Automotive dealerships

THE THREE LARGEST COMPANIES IN EACH OF SIX AREA COUNTIES

169 170

169

THE JEL SERT CO., West Chicago

630-231-7590 JelSert.com

Ken Wegner, president, CEO

$335.0 1 4.7%

900 1,100

Manufacturer of beverages, dessert mixes, medicinal foods and supplements

165

MAGID GLOVE & SAFETY MANUFACTURING CO. LLC, Romeoville

800-867-1083 MagidGlove.com

Greg Cohen, CEO

$331.0 -1.2%

468 1,187

Manufacturer and distributor of personal protective equipment

171 171

183

ILLINOIS BONE & JOINT INSTITUTE LLC, Des Plaines

847-375-3984 IBJI.com

Andre Blom, CEO

$329.0 17.5% e

1,950 2,000

Independent physician-owned musculoskeletal health system

170

SKIDMORE OWINGS & MERRILL, Chicago

312-554-9090 SOM.com

Xuan Fu Jonathan Stein Adam Semel, managing partners

$329.0 2.8%

256 1,200

Architecture, engineering, urban planning, sustainable design, interior design

173

195

COOPER'S HAWK WINERY & RESTAURANTS, Downers Grove

708-215-5674 CHWinery.com

Tim McEnery, CEO

$320.0 e 25.5% e

660 e 1,600 e

Winery, modern casual restaurants, tasting rooms, artisan markets, wine club

174 175 176

239

PROSPECT AIRPORT SERVICES INC., Des Plaines

847-299-3636 ProspectAir.com

Vicki Strobel, president, CEO

$319.0 e 77.2% e

270 e 5,000 e

Airport services

168

LEOPARDO COS. INC., Hoffman Estates

847-783-3000 Leopardo.com

Michael T. Leopardo, president, CEO

$315.5 -1.4%

293 320

Construction, general contracting, designbuild and development services

176

GRECIAN DELIGHT FOODS|KRONOS (WORLD FOODS HOLDINGS), Elk Grove Village

847-364-1010 GDKFoods.com

Peter Parthenis Jr., president, CEO

$315.0 5.0%

500 500

Manufacturer and marketer of Greek and Mediterranean foods

177 178 179 180 181 182 183 183 185 186 187

184

LINCOLN PROVISION INC., Chicago

773-254-2400 LincolnProvision.com

James J. Stevens Jr., president, CEO

$314.2 e 12.3% e

103 e 128 e

Meat processing, export, carcass fabrication

188

BALDWIN RICHARDSON FOODS CO., Oakbrook Terrace

630-607-1780 BRFoods.com

Eric G. Johnson, CEO

$310.0 14.8%

21 400

Manufacturer of sauces and condiments

206

EN ENGINEERING LLC, Warrenville

630-353-4000 EnEngineering.com

Adam Biggam, CEO

$308.4 1 28.5%

600 2,500

Engineering, consulting and automation services

202

RTC INC., Rolling Meadows

847-640-2400 RTC.com

Richard Nathan, CEO

$307.0 25.0% e

600 875

Retail merchandising products and services

180

TY INC., Oak Brook

630-920-1515 Ty.com

H. Ty Warner, chairman, CEO

$302.5 e 3.6% e

— —

Manufacturer of toys and collectibles

151

SKENDER, Chicago

312-781-0265 Skender.com

Justin Brown, president, CEO

$301.2 -22.7%

248 251

General contracting, construction management

185

HILL GROUP, Franklin Park

847-451-5000 HillGrp.com

Jim B. Hill, president

$300.0 1 8.3% e

910 910

Mechanical building systems and maintenance

189

SEGERDAHL (SG360), Wheeling

847-541-1080 SG360.com

James Andersen, interim CEO

$300.0 0.0%

800 841

Direct mail and marketing services company

187

GUARANTEE TRUST LIFE INSURANCE CO., Glenview

847-699-0600 GTLIC.com

Richard S. Holson III, $293.3 chairman, president, CEO 8.2%

288 296

Life and health insurance

194

FLYING FOOD GROUP LLC, Chicago

312-243-2122 FlyingFood.com

David L. Cotton, CEO

$290.0 e 11.5% e

350 e 4,200 e

Meals and snacks catering for airlines and global retail partners

188

ATLAS TOYOTA MATERIAL HANDLING LLC, Elk Grove Village

847-678-3450 AtlasToyota.com

Allen C. Rawson, president, CEO

$289.0 7.0%

375 450

Distributor of Toyota material handling equipment

188 189 190 191 192 193 194 195

215

PARIS PRESENTS INC., Gurnee

847-263-5500 ParisPresents.com

James Stammer, CEO

$289.0 e 30.0% e

— —

Manufacturer and distributor of cosmetic accessories

238

CELEBRITY HOME LOANS, Oakbrook Terrace

630-572-8200 CelebrityHomeLoans.com

Pete Gabrione, chief operating officer

$286.0 1 58.9%

131 1,476

Mortgage banking

181

BERGLUND CONSTRUCTION CO., Chicago

773-374-1000 BerglundCo.com

Fred Berglund, president

$281.0 1 -1.4%

210 350

General contractor and construction manager

205

BAIRD & WARNER INC., Chicago

312-644-1855 BairdWarner.com

Stephen W. Baird, president, CEO

$276.7 14.4%

457 457

Real estate services; mortgage, title and real estate sales

195

VEDDER PRICE, Chicago

312-609-7500 VedderPrice.com

Michael A. Nemeroff, president, CEO

$272.2 6.7%

407 599

Law firm

NR

HOFSETH NORTH AMERICA, Rosemont

312-971-9050 Hofseth-NA.com

Matt Mixter, CEO

$269.9 —

23 23

Fresh and frozen seafood supplier

200

VISTEX INC., Hoffman Estates

847-490-0420 Vistex.com

Sanjay Shah, CEO

$269.9 8.6%

303 1,710

Enterprise software and services provider

201

VENTURI RESTORATION, Wheeling

262-437-7400 VenturiRestoration.com

Mark San Fratello, CEO

$268.9 e 8.6% e

101 e 830 e

Disaster restoration, reconstruction and renovation

71 DuPage

35 Lake 12 Kane 6 Will 5 McHenry Note: Excludes companies outside the seven-county area.

151

By 2021 revenue

COOK COUNTY Health Care Service Corp.

$50.2 billion Reyes Holdings LLC

$31.5 billion*

RANK

Medline Industries Inc.

$20.2 billion DUPAGE COUNTY Havi Group LP

$10.1 billione Ace Hardware Corp.

$8.6 billion KeHE Distributors LLC

$6.3 billion1 KANE COUNTY Aldi U.S.

$24.3 billion

e

OSI Group LLC

$7.1 billion Parental Petroleum Inc.

$860 million* LAKE COUNTY MAT Holdings Inc.

$1.9 billion Hollister Inc.

$1.5 billion Klein Tools

$1.1 billion* MCHENRY COUNTY Gary Lang Auto Group

$180 million Curran Contracting Co.

$149 million* Other World Computing Inc.

$147.3 millione WILL COUNTY WeatherTech Direct LLC

$900 million Magid Glove & Safety Manufacturing Co.

$331 million Amsive

$210 million e = Crain’s estimate. * = Company estimate. 1. From Moody’s Source: Crain’s lists

20 20

20 20 21

21 21 21 21 21 21 21 21 21 22 22

22 22 22 22 22 22 22

NOT

NOTES: e. Crain's estimate. 1. Company estimate.

P015-P027_CCB_20220418.indd 20

19 19 20 20 20 20 20 20

4/15/22 1:52 PM

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CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 21

◗ LARGEST EMPLOYERS TOP 20 COMPANIES BY TOTAL FULLTIME EMPLOYEES AS OF DEC. 31

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

223

AMERICORP LTD., Chicago

708-250-2696 MattLaricy.com

Matt Laricy, managing partner

$267.4 31.4%

14 14

Real estate, realtor, real estate agent

219

ENERGY DISTRIBUTION PARTNERS (EDPO LLC), Chicago

312-254-5950 EDPLP.net

Thomas E. Knauff, CEO

$266.0 22.6%

21 622

Residential and commercial marketing and distribution of propane and light fuels

198 199 200 201 202 203 204 205

213

CHAPMAN AND CUTLER LLP, Chicago

312-845-3000 Chapman.com

Gregory Klamrzynski, chief executive partner

$262.0 15.6%

315 405

Law firm

225

HALLSTAR, Chicago

312-554-7400 Hallstar.com

John J. Paro, chairman, CEO

$260.0 e 30.0% e

120 e 300 e

Specialty chemical supplier for beauty and industrial sectors

292

CHICAGO WHITE SOX, Chicago

312-674-1000 WhiteSox.com

Jerry M. Reinsdorf, chairman

$258.0 1 108.1%

— —

Major League Baseball team

270

NOVAK CONSTRUCTION CO., Chicago

773-278-1100 John Novak, president NovakConstruction.com

$257.0 79.7% e

92 e 92 e

General contractor

228

HENRICKSEN & CO. INC., Itasca 630-250-9090 Henricksen.com

Russell Frees, president, CEO

$255.3 e 11.0% e

129 e 265 e

Contract office furniture dealer

NR

PHARMACANN, Chicago

312-667-6246 PharmaCann.com

Brett Novey, CEO

$250.9 60.8%

388 1,278

Vertically integrated cannabis company

211

MILLENNIUM TRUST CO., Oak Brook

800-258-7878 MTrustCompany.com

Gary Anetsberger, CEO

$250.2 9.1%

353 434

Provides individual and workplace retirement and financial services

209

CONTINENTAL MOTORS GROUP, Hodgkins

708-716-4497 Cheryl Nelson ContinentalMotors.com Jay Weinberger Joel F. Weinberger, owners

$250.0 2 6.4%

200 200

Auto dealerships

205 207

207

DOALL CO., Vernon Hills

847-495-6800 DGISupply.com

Jim Hobbs, president, CEO

$250.0 4.6%

116 597

Industrial supplies distributor, machine tool manufacturer

212

SENTINEL TECHNOLOGIES INC., Downers Grove

800-769-4343 Sentinel.com

Brian Osborne Timothy Hill Robert Lenartowicz, co-presidents

$249.2 8.6%

349 612

Technology design, deployment, support and integration

208 209 210

198

MIRACAPO PIZZA CO., Elk Grove Village

847-631-3500 MiracapoPizza.com

Steven Kunkle, president

$248.2 e -1.6% e

466 e 466 e

Frozen-food processor

192

AVANT, Chicago

800-712-5407 Avant.com

Matt Bochenek, CEO

$247.7 -7.0%

257 507

Financial technology company

210

PLS FINANCIAL SERVICES INC., Chicago

312-491-7300 PLS247.com

Dan Wolfberg Bob Wolfberg, co-presidents

$246.9 2 6.2%

484 2,837

Check cashing and related services

211 212 213 214 215 216 217 218 219 220 220

285

BUSINESS IT SOURCE INC., Buffalo Grove

847-793-0600 BitsInc.com

Bob Frauenheim, CEO

$245.7 92.4%

92 92

IT products and services provider

214

HICKORY FARMS INC., Chicago 800-433-6005 HickoryFarms.com

Judy Ransford, CEO

$243.2 e 8.1% e

— —

Food gift retailer

216

STEINER ELECTRIC CO., Elk Grove Village

847-228-0400 SteinerElectric.com

John Burke, president, CEO

$240.9 e 8.5% e

300 300

Electrical and industrial supplies, automation products

191

EXECUTIVE CONSTRUCTION INC., Hillside

708-236-3300 ECIBuild.com

David Hetrick, president

$240.0 2 -9.4%

160 160

General contracting and construction management

208

GONNELLA BAKING CO., Schaumburg

312-733-2020 Gonnella.com

Robert Gonnella, president

$238.0 0.0%

500 675

Manufacturer and distributor of bakery products

Hearthside Food Solutions LLC

233

SIKICH LLP, Chicago

312-648-6666 Sikich.com

Christopher L. Geier, CEO, managing partner

$228.6 24.1%

330 1,014

Accounting, technology and advisory services

Havi Group LP

232

WILLIAM A. RANDOLPH INC., Gurnee

847-856-0123 WARandolph.com

Tony Riccardi, president

$228.0 2 23.2%

80 80

Construction, general contractor

221

PARAGON MICRO INC., Lake Zurich

847-719-8406 ParagonMicro.com

Jeff Reimer, CEO

$225.0 10.9%

78 114

Computing hardware, software and solutions provider

222

BURWOOD GROUP INC., Chicago

312-327-4600 Burwood.com

Mark Theoharous, CEO

$223.6 e 8.0% e

115 e 250 e

IT integration and consulting firm

249

THE ROOMPLACE, Lombard

630-261-1600 TheRoomPlace.com

Bruce Berman, chairman

$220.0 29.4%

451 536

Furniture and mattress retailer

217

SCHULZE & BURCH BISCUIT CO., Chicago

773-927-6622 SchulzeBurch.com

Kevin M. Boyle, president, chief operating officer

$220.0 2 0.0%

300 500

Contract manufacturer and marketer of pastries and snacks

222 223 223 225 226 227 228

242

WILLIAM RYAN HOMES INC., Glenview

847-995-8700 William J. Ryan, WilliamRyanHomes.com chairman, CEO

$215.9 22.8%

37 125

Homebuilding, construction

175

CHICAGO BULLS, Chicago

312-455-4000 Bulls.com

Jerry M. Reinsdorf, chairman

$213.0 1 -29.0%

— —

National Basketball Association team

293

SHIPBOB, Chicago

844-474-4726 ShipBob.com

Dhruv Saxena, CEO

$213.0 67.3%

328 931

Global omnifulfillment platform

267

STOUT, Chicago

312-857-9000 Stout.com

Craige L. Stout, chairman, $211.0 CEO 37.9%

136 530

Global investment bank and advisory firm

229

ADVANTAGE CHEVROLET OF HODGKINS, Hodgkins

708-352-2400 Desmond A. Roberts, HodgkinsChevrolet.com president

$210.7 e 10.6% e

97 e 538 e

Auto dealerships

262

AMSIVE, Bolingbrook

331-318-7800 Amsive.com

Brad Moore, CEO

$210.0 38.2%

226 720

Strategic marketing services provider

251

INTERNATIONAL SERVICES INC., Arlington Heights

224-676-7272 ISI-Services.com

Tyler P. Burgess, managing director

$205.0 21.3%

280 820

Management consulting

RANK

196 197

NOTES: e. Crain's estimate. 1. Estimate from Forbes. 2. Company estimate.

P015-P027_CCB_20220418.indd 21

TYPE OF BUSINESS

State Farm Mutual Automobile Insurance Co.

53,400 Crowe LLP

40,5661 Reyes Holdings LLC

31,000 Medline Industries Inc.

27,000 Health Care Service Corp.

24,228 Madison Industries

20,732 OSI Group LLC

20,000 Aldi U.S.

18,375e Hub International Ltd.

15,081 RSM US LLP

13,968 Amsted Industries Inc.

13,400 Employco USA Inc.

13,374 Koch Foods Inc.

13,300 MAT Holdings Inc.

13,000e Guaranteed Rate Cos.

12,611 ZS Associates Inc.

12,407 Baker McKenzie

11,873 10,088 10,000 BDO USA LLP

9,072 e = Crain’s estimate. * = Company estimate. 1. Includes international membership firms.

THESE COMPANIES ACCOUNT FOR: 383,475 of all 820,999 employees on the list, or 46.7%1.

$261.2 billion of all $506.8 billion in revenue, or 51.5%.

1. The list does not include employment data for every company.

45,324

Together, the companies above employ this many local workers.

Source: Crain’s lists

4/15/22 1:52 PM

22 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

◗ SMALL LOCAL PRESENCE COMPANIES WITH THE SMALLEST PERCENTAGE OF LOCAL EMPLOYEES, 2021

CRAIN’S LIST PRIVATELY HELD COMPANIES

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

State Farm Mutual Automobile Insurance Co.

0.5% Peer Foods Group Inc.

2.0% Madison Industries

2.1% Boler Co. (Hendrickson)

2.5% Crowe LLP

2.5% MAT Holdings Inc.

2.6% TPS Parking Management LLC

2.8% QST Industries Inc.

3.1% Convergint

3.1% Amsted Industries Inc.

3.4% SRAM LLC

3.4% Energy Distribution Partners (EDPO LLC)

3.4% Halo Branded Solutions Inc.

3.4% Culligan International Co.

3.5% Clover Imaging

3.6% Baker McKenzie

3.9% Thrall Enterprises Inc.

4.4% Launch Technical Workforce Solutions

4.8% Baldwin Richardson Foods

5.3% ZS Associates Inc.

5.3%

RANK

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

TYPE OF BUSINESS

RANK

312-453-1700 TheParkingSpot.com

Jeff Foland, president, CEO

$205.0 e 156.3% e

50 e 1,800 e

Off-airport parking

26 26 26 26 26 26

228 230 231 232

357

TPS PARKING MANAGEMENT LLC, Chicago

230

MINER ENTERPRISES INC., Geneva

630-232-3000 MinerEnt.com

David W. Withall, CEO

$203.9 e 8.4% e

127 e 402 e

Manufacturer of rail car components

227

FIDELITONE INC., Wauconda

847-487-3300 Fidelitone.com

Josh Johnson, CEO

$203.3 3.1%

115 780

Supply chain management

328

A. EPSTEIN AND SONS INTERNATIONAL INC., Chicago

312-454-9100 EpsteinGlobal.com

Jim A. Jirsa, executive managing director, chief financial officer

$201.1 110.9%

133 200

Architecture, interior design, engineering, construction

233 234 234

220

BIGGERS CHEVROLET/ ISUZU INC., Elgin

866-431-1555 BiggersChevy.com

Jim Leichter, president, CEO

$201.0 -6.9%

140 140

Auto dealership

238

PEER FOODS GROUP INC., Chicago

773-475-2375 PeerFoods.com

Larry O'Connell, president

$200.0 1 9.5%

10 500

Processor of meats for food-service and retail

243

PHUSION PROJECTS LLC, Chicago

312-667-1071 PhusionProjects.com

Jeff Wright Jaisen Freeman, managing partners

$200.0 14.3%

100 250

Alcoholic beverage manufacturer

283

SAYERS TECHNOLOGY, Vernon Hills

800-323-5357 Sayers.com

Chris Callahan, president, $200.0 e CEO 43.9% e

115 e 205 e

Information technology products and services provider

251

SIPI METALS CORP., Chicago

773-276-0070 SipiCorp.com

Marion Cameron, CEO

$197.2 e 16.7% e

179 e 210 e

Refiner of precious metal scrap, producer of copper alloys

245

ALFRED BENESCH & CO., Chicago

312-565-0450 Benesch.com

Kevin J. Fitzpatrick, president, CEO

$197.2 13.3%

138 772

Engineering consultant

324

FIRST HOSPITALITY, Rosemont

224-257-4000 FirstHospitality.com

David Duncan, president, $194.6 CEO 96.3%

544 1,980

Hotel management, acquisitions, development

237

HINSHAW & CULBERTSON LLP, Chicago

312-704-3000 HinshawLaw.com

Peter D. Sullivan, chairman

$191.8 6.5%

278 734

Law firm

241

WEBER PACKAGING SOLUTIONS INC., Arlington Heights

800-843-4242 WeberPackaging.com

Doug Weber, president, CEO

$189.0 e 6.8% e

300 e 775 e

Labeling and coding solutions

242 243 244 245 246 246 246 247 249 250

247

TYSON MOTOR LLC, Shorewood

815-741-5530 TysonMotor.com

Anthony H. Blake, president

$189.0 e 10.6% e

81 e 81 e

Auto dealerships and real estate

27 27 27 27

261

ADVANCED CLINICAL, Deerfield

847-267-1176 AdvancedClinical.com

Julie Ross, president

$185.2 14.8%

45 383

Clinical development

27

253

WISS JANNEY ELSTNER ASSOCIATES INC., Northbrook

847-272-7400 WJE.com

William J. Nugent, president, CEO

$184.0 1 10.2%

235 669

Engineering, architectural and materials science problem solving

243

CAPITAL FITNESS INC. (XSPORT FITNESS), St. Charles

630-556-3731 XSportFitness.com

Dan Morrissey, CEO

$183.2 e 4.7% e

2,835 e 3,448 e

Owner and operator of XSport gyms

248

GARY LANG AUTO GROUP, McHenry

815-385-2100 GaryLangAuto.com

Gary L. Lang, president

$180.0 5.9%

165 165

Automotive sales and service

274

PEERLESS NETWORK INC., Chicago

312-506-0920 PeerlessNetwork.com

John Barnicle, president, CEO

$180.0 1 29.5% e

170 240

Telecom services

NR

THRALL ENTERPRISES INC., Chicago

312-621-4538 Nazdar.com

Dan Potts, president, CEO $180.0 24.1%

20 450

Family holding company

273

NITEL, Chicago

888-450-2100 NitelUSA.com

Margi Shaw, CEO

$178.2 28.2%

119 177

Network and security solutions provider

246

ARENTFOX SCHIFF, Chicago 2

312-258-5545 AFSLaw.com

Joseph Krasovec III, firmwide co-managing partner

$176.6 1.5%

259 346

Law firm

251 252 252 252 253 255

236

MNJ TECHNOLOGIES DIRECT INC., Buffalo Grove

847-634-0700 MNJTech.com

Susan L. Kozak, CEO

$176.0 -3.8%

81 112

Valued-added IT reseller and managed services provider

305

DAUBERT INDUSTRIES INC., Chicago

708-496-7350 Daubert.com

Matthew Puz, president

$175.0 1 16.7%

170 190

Specialty chemical manufacturer and car care product provider

248

LOOP CAPITAL LLC, Chicago

312-913-4900 LoopCapital.com

James Reynolds Jr., chairman, CEO

$175.0 1 2.9%

98 209

Investment banking, brokerage and advisory firm

267

NATIONAL VAN LINES INC., Broadview

708-450-2900 NationalVanLines.com

Timothy Helenthal, chairman, CEO

$175.0 1 19.9%

140 150

Interstate moving and storage of household goods

231

GEORGE SOLLITT CONSTRUCTION CO., Wood Dale

630-860-7333 Sollitt.com

James Zielinski John D. Pridmore, presidents

$173.0 e -7.7% e

61 e 61 e

General contractor, construction manager

256 257 258 259 260 261

257

MEDSPEED, Elmhurst

630-379-5388 MedSpeed.com

Jake Crampton, CEO

$172.7 1 8.0%

464 1,934

Health care logistics, same-day transportation

259

BENESTAR BRANDS, Chicago

773-254-7400 BenestarBrands.com

Carl E. Lee Jr., CEO

$167.7 e 8.0% e

88 e 350 e

Food and beverage

346

BECKER LOGISTICS LLC, Glendale Heights

630-529-0700 BeckerLogistics.com

Jim Becker, CEO

$167.2 129.0%

— 160

Third-party logistics

28 29

258

TURTLE WAX INC., Addison

630-455-3700 TurtleWax.com

Denis J. Healy Jr., executive chairman

$166.2 e 6.9% e

423 e 955 e

Manufacturer of automotive products

29

368

TRANSPORTATION ONE, Chicago

312-429-6670 Jamie Teets, CEO TransportationOne.com

$165.8 121.1%

83 83

Logistics services

NR

NEXUS PHARMACEUTICALS, Lincolnshire

847-996-3790 NexusPharma.net

$165.2 34.5%

79 132

Pharmaceutical manufacturer

234 235 237 238 239 240 241

Mariam S. Darsot, president, CEO

27 27

27 28

28 28 28

28 28

28 28 28

29 29

NOT

NOTES: e. Crain's estimate. 1. Company estimate. 2. Schiff Hardin merged with Arent Fox effective March 1, 2022.

Source: Crain’s list

P015-P027_CCB_20220418.indd 22

26 26 27 27

4/15/22 1:52 PM

g,

r of

r

hold

er

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 23

◗ LOCAL EMPLOYERS

RANK

262 263 264 265 266 267

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF 12/31/2021; (MILLIONS); 1-YEAR CHANGE WORLDWIDE

TOP 20 COMPANIES WITH MORE THAN 1,000 LOCAL FULL-TIME EMPLOYEES, 2021 TYPE OF BUSINESS

NR

FAY FINANCIAL LLC, Chicago 800-495-7166 FayServicing.com

Ed Fay, CEO

$163.2 33.8%

300 846

Financial services

288

KELSO-BURNETT CO., Rolling Meadows

847-259-0720 Kelso-Burnett.com

Stefan R. Lopata, CEO

$162.9 30.2%

600 600

Electrical and telecommunications contractor

289

AMERICAN LITHO, Carol Stream

630-949-3456 ALitho.com

Michael Fontana, president

$161.0 40.0%

355 355

Printing and direct marketing services company

255

BLISTEX INC., Oak Brook

630-571-2870 Blistex.com

Justin Arch, CEO

$159.3 1 -1.9%

255 271

Manufacturer and marketer of consumer health care products

317

BOUNTEOUS, Chicago

877-220-5862 Bounteous.com

Keith Schwartz, CEO

$155.5 1 54.1%

161 1,462

Digital experience consultancy

272

INTERNATIONAL CONTRACTORS INC., Elmhurst

630-834-8043 ICIBuilds.com

Bruce R. Bronge, president

$155.0 10.8% e

71 71

Construction manager, general contractor, design builder

267 269 270 271

260

RAISE, Chicago

888-578-8422 Raise.com

Jay Klauminzer, CEO

$155.0 1 0.0% e

45 78

Commerce payments platform

235

ENESCO LLC, Itasca

630-875-5300 Enesco.com

Todd L. Mavis, CEO

$153.9 e 4.7% e

170 e 600 e

Designer and marketer of gifts, home décor and personalized products

265

H.W. LOCHNER INC., Chicago 312-372-7346 HWLochner.com

Terry Ruhl, chairman, CEO

$151.6 1.7%

67 617

Engineering consultant

282

NELSON WESTERBERG INC., Elk Grove Village

847-437-2080 NelsonWesterberg.com

John R. Westerberg, chairman

$151.4 17.6%

144 269

Corporate, office and industrial moving services

272 273 273 275

264

AMERICAN TRANSPORT GROUP LLC, Chicago

866-543-0387 ATGFreight.com

Harold Gross, president $151.3 e 8.0% e

98 e 103 e

Third-party logistics

263

BUTERA FINER FOODS INC., Elgin

847-741-1010 ButeraMarket.com

Paul Butera, CEO

$150.0 e -0.7% e

545 e 545 e

Retail grocery chain

367

ELEMENTS GLOBAL SERVICES, Chicago

312-392-0145 ElementsGS.com

Rick Hammell, CEO

$150.0 e 99.8% e

65 e 300 e

Tech firm and employer of record for businesses' international expansion

302

CURRAN CONTRACTING CO., Crystal Lake

815-455-5100 CurranContracting.com

James "Rick" Noe, president

$149.0 1 10.4%

237 237

Mass grading, excavating, asphalt, paving and general contractors

155 283 e

Online seller of computer software and equipment

276

266

OTHER WORLD COMPUTING INC., Woodstock

815-338-8685 MacSales.com

Lawrence R. O'Connor, CEO

$147.3 e -0.1% e

277 278

327

GP TRANSCO, Joliet

800-460-5071 GPTransco.com

Dominic Zastarskis, CEO

$146.1 51.0%

133 519

Truckload services

284

WINDY CITY-FOX MOTORSPORTS LLC, Rosemont

630-621-8528 WindyCityMC.com

Ozzie G. Giglio, CEO

$145.0 1 13.3%

345 345

Motorcycle sales and service

279 280

271

IMPACT NETWORKING, Lake Forest

847-785-2250 ImpactMyBiz.com

Frank Cucco, CEO

$143.8 2.2%

535 816

Managed service provider

306

HBR CONSULTING, Chicago

312-201-8400 HBRConsulting.com

Christopher PetriniPoli, executive chairman

$141.3 1 27.9%

318 726

Strategic guidance and operational solutions for the legal industry

281 281 281 282

274

CREATIVE WERKS LLC, Elk Grove Village

630-860-2222 Creative-Werks.com

Steve Schroeder, president

$140.0 0.7%

225 225

Food co-packer; packaging designer and manufacturer

224

IHC CONSTRUCTION COS. LLC, Elgin

847-742-1516 IHCConstruction.com

David J. Rock, CEO

$140.0 -30.6%

163 163

General contracting, construction management and design-build

276

JOHN BURNS CONSTRUCTION CO., Orland Park

708-326-3500 JBCCo.com

William J. O'Malley, CEO

$140.0 1 7.7% e

235 400

General contractor, electrical subcontractor

321

WORLD'S FINEST CHOCOLATE INC., Chicago

773-847-4600 WorldsFinestChocolate.com

Edmond F. Opler, chairman, CEO

$140.0 40.0%

209 226

Candy manufacturer

287

MARINO CHRYSLER JEEP DODGE RAM (UPTOWN MOTORS INC.), Chicago

888-649-3332 MarinoChryslerJeepDodge.net

Anthony Marino, president

$139.8 e 10.6% e

113 e 113 e

Auto dealership

286 287 288

294

GIBSONS RESTAURANT GROUP, Chicago

312-587-0575 GRGMC.com

Steve J. Lombardo III, chairman

$139.2 e 16.0% e

1,126 e 1,530 e

Owner and operator of restaurants

279

PANGEA PROPERTIES, Chicago

312-924-5745 PangeaProperties.com

Peter Martay, CEO

$137.7 1 6.1%

356 470

Owner and operator of apartment units

280

TRADING TECHNOLOGIES INTERNATIONAL INC., Chicago

312-476-1000 TradingTechnologies.com

Keith Todd, CEO

$137.5 e 6.4% e

171 287

Professional derivatives trading software, infrastructure and data services

289 290

295

KENNICOTT BROTHERS CO., Chicago

312-492-8200 Kennicott.com

Gustavo Gilchrist, president

$137.0 1 14.2%

175 260

Wholesale flowers and supplies

326

ZIEGLER, Chicago

312-263-0110 Ziegler.com

Daniel J. Hermann, president, CEO, head of investment banking

$136.1 1 38.2%

100 190

Boutique investment bank, capital markets and proprietary investments firm

291

290

FOUR SEASONS HEATING & AIR CONDITIONING INC., Bedford Park

855-837-8361 David Musial, CEO FourSeasonsHeatingCooling.com

$134.8 e 8.4% e

506 e 506 e

HVAC, plumbing, home remodeling contractor

292 293

NR

EDGE LOGISTICS, Chicago

312-319-4766 EdgeLogistics.com

Len Tyrrell, executive vice president

$134.3 91.7%

46 130

Freight broker

203

TONY'S FINER FOODS ENTERPRISES INC., Itasca

630-735-6760 TonysFreshMarket.com

Tony Ingraffia, president

$131.2 2 6.7%

1,141 e 1,141 e

Retail grocery

281 283 285

NOTES: e. Crain's estimate. 1. Company estimate. 2. Estimate from Chain Store Guide.

P015-P027_CCB_20220418.indd 23

Headcount

rose, fell from 2020

Employco USA Inc.

7,798

NA

Health Care Service Corp.

7,753 Duly Health and Care

5,481 Guaranteed Rate Cos.

5,422 Medline Industries Inc.

5,236 Alden Management Services Inc.

5,141e Lettuce Entertain You Enterprises Inc.

4,255e Reyes Holdings LLC

3,000 Capital Fitness Inc. (XSport Fitness)

2,835e Ferrara

2,610 Aldi U.S.

2,600e Hearthside Food Solutions LLC

2,517

NC

OSI Group LLC

2,200 S&C Electric Co.

2,150 Illinois Bone & Joint Institute LLC

1,950

NA

Carl Buddig & Co.

1,900

NC

WeatherTech Direct LLC

1,750 Kirkland & Ellis LLP

1,700 Abt Electronics Inc.

1,700 Echo Global Logistics Inc.

1,578 NA: Not available. NC: Not available. e = Crain’s estimate. * = Company estimate.

Source: Crain’s lists

4/15/22 1:52 PM

24 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

◗ WOMAN UP FEMALE LEADERSHIP ON THE LIST

CRAIN’S LIST PRIVATELY HELD COMPANIES

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

No. 27 Heico Cos. LLC Emily Heisley Stoeckel, chairman

RANK

No. 28 Sidley Austin LLP Teresa Wilton Harmon, managing partner, Chicago

294

2021 RANK

FULL-TIME 2021 REVENUE LOCAL STAFF (MILLIONS); 12/31/2021; 1-YEAR CHANGE WORLDWIDE

TYPE OF BUSINESS

RANK

$131.1 113.3%

24 60

Labor management, human resources, payroll and data services

32

279 542

Residential mortgage lender

32

32

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

NR

XLT MANAGEMENT SYSTEMS INC., Lombard

602-566-5400 XLTMS.com

Scott West, president, CEO Robert Carzoli, chairperson

295

300

NEIGHBORHOOD LOANS INC., Downers Grove

630.246.4777 Reno Manuele, president $130.6 1 NeighborhoodLoans.com 12.4%

296

182

BEAR CONSTRUCTION CO., Rolling Meadows

847-222-1900 BearCC.com

George H. Wienold, CEO Jim Wienold, president

$129.0 -53.9%

217 217

General contractor

No. 71 Winston & Strawn LLP

297

339

REDSHELF, Chicago

312-878-8586 RedShelf.com

Greg Fenton, CEO

$128.2 30.2%

110 125

Provider of digital textbooks and related distribution software

No. 95 Shure Inc.

298

297

PRODUCERS NATIONAL CORP., Niles

773-299-7500 ProducersNational.com

Todd Barton, chief operating officer

$127.4 7.1%

180 250

Insurance conglomerate specializing in personal and commercial insurance

No. 103 American Hotel Register Co.

299

319

LAUNCH TECHNICAL WORKFORCE SOLUTIONS, Oak Brook

888-888-7195 LaunchTWS.com

Mike Guagenti, CEO

$127.0 1 26.3%

80 1,662

Technical workforce solutions provider for aviation, industrial and transportation

300

315

MERGE, Chicago

312-803-1900 MergeWorld.com

Patrick Venetucci, CEO

$126.0 23.2%

255 753

Marketing services

301

NR

GO2 PARTNERS INC., Des Plaines

847-699-2999 Go2Partners.com

James O'Brien, president

$125.3 15.9%

47 176

Distributor of printing, promotional products and marketing services

No. 140 McHugh Enterprises Patricia H. McHugh, chairman

302

291

COLONY DISPLAY, Bartlett

800-735-1300 ColonyDisplay.com

Chuck Zich, CEO

$124.0 1 -0.2%

167 337

Retail display manufacturer, consolidator and installer

No. 156 CareerBuilder LLC Susan Arthur, CEO

303

303

INTERIOR INVESTMENTS, Lincolnshire

847-325-1000 InteriorInvestments.com

Michael Greenberg, principal

$123.5 9.7%

88 145

Contract office furniture dealer

304

321

OTTO ENGINEERING INC., Carpentersville

847-428-7171 OttoExcellence.com

Thomas J. Roeser, president

$118.5 18.5%

542 542

Manufacturer of audio accessories, industrial controls and dies for metal stampings

305

338

AMERICANEAGLE.COM (SVANACO INC.), Des Plaines

847-699-0300 Americaneagle.com

Tony Svanascini, CEO

$116.6 1 31.6%

465 702

Website design, development, hosting and digital marketing

No. 174 Prospect Airport Services Inc. Vicki Strobe, president, CEO

306

353

IMPACT ADVISORS LLC, Naperville

800-680-7570 Impact-Advisors.com

Peter C. Smith, CEO Andrew M. Smith, president

$115.7 43.2%

53 451

Health care management consulting and technology services firm

No. 205 Continental Motors Group Cheryl Nelson, owner

307

356

QST INDUSTRIES INC., Chicago

312-930-9400 QST.com

Michael Danch Alexander Danch, coCEOs

$115.0 43.8%

17 550

Manufacturer and distributor of apparel components

308

309

FLORSTAR SALES INC., Romeoville

815-836-2800 Florstar.com

F. Wade Cassidy, chairman

$114.7 e 9.9% e

— 150 e

Distributor of floor coverings; logistics

309

323

COMPACT INDUSTRIES INC., St. Charles

630-513-9600 CompactInd.com

Dale V. Brown, CEO

$114.2 e 15.2% e

109 e 109 e

Contract manufacturer and co-packer of dry foods

No. 249 Nitel Margi Shaw, CEO

310

286

OVERTURE PROMOTIONS, Waukegan

888-456-9564 JoAnn Gilley, CEO OverturePromotions.com

$114.0 -10.2%

145 166

Branded merchandise, promotional products

No. 251 MNJ Technologies Direct Inc. Susan L. Kozak, CEO

311

316

BCD, Buffalo Grove

847-205-1922 BCDInc.com

Jeff Burgess, president, CEO

$112.0 10.8%

59 93

Video surveillance recording systems

33

312

331

FARMINGTON FOODS INC., Forest Park

708-771-3600 FarmingtonFoods.com

Anthony M. DiJohn, president

$112.0 21.7%

195 200

Meat processor

33

313

234

TUTHILL CORP., Burr Ridge

630-382-4900 Tuthill.com

Stephen Westfall, president, CEO

$111.7 e 2 -39.3% e

60 e 300 e

Manufacturer specializing in pumps, meters and other rotating equipment

No. 326 Ariel Investments LLC Mellody Hobson, co-CEO

314

342

CHS ACQUISITION CORP., Chicago Heights

708-756-5648 CHS.com

Bradley R. Corral, president

$110.9 29.4%

160 160

Re-rolling steel mill

34

No. 328 Miller Cooper & Co. Ltd. Kristen L. Fitzpatrick, managing principal

315

320

HIGHLAND PARK FORD, Highland Park

847-433-7200 HighlandParkFord.com

Alan Frisch Marty Price, dealer principals

$110.7 e 10.6% e

54 e 54 e

Auto sales and service

34

316

314

RABINE, Schaumburg

888-722-4633 Rabine.com

Austin Rabine, CEO

$110.6 1 8.0%

116 318

Provider of commercial paving, roofing, snow removal, assessments and pipeline televising

317

307

HONEY-CAN-DO, Berkeley

708-240-8100 HoneyCanDo.com

Steve Greenspon, CEO

$110.0 1.9%

111 131

Manufacturer of home organization and storage items

No. 348 Forward Space LLC Jenny Niemann, president, CEO

317

313

NEPHROLOGY ASSOCIATES OF NORTHERN ILLINOIS/ INDIANA, Oak Brook

630-573-5000 NephDocs.com

Brian J. O'Dea, CEO

$110.0 7.0%

520 520

Private specialty physician practice specializing in nephrology

No. 349 Corporate Concepts Inc. Victoria M. Hansel, CEO

319

298

GALLANT BUILDING SOLUTIONS, Crystal Lake

815-568-1880 EGallant.com

James J. Stahl, president

$109.3 e -7.8% e

72 e 72 e

General contractor

320

NR

FELDCO FACTORY DIRECT LLC, Des Plaines

708-437-4000 4Feldco.com

Ron Gerstung, president

$108.3 e 23.0% e

227 3 278 3

Window, siding and door replacement services provider

No. 40 Grant Thornton LLP Nichole Jordan, central region managing partner No. 59 The McShane Cos. Molly McShane, CEO No. 61 Tandem HR Inc. Tara Conger, president

Cardelle Spangler, Chicago managing partner Christine Schyvinck, president, CEO Angela M. Korompilas, president, CEO No. 104 Seyfarth Shaw LLP Tracy Billows, Chicago co-managing partner No. 119 BrightStar Care Shelly Sun, CEO No. 136 United Scrap Metal Inc. Marsha E. Serlin, CEO

No. 157 Alden Management Services Inc. Randi Schlossberg-Schullo, president No. 168 Sutton Auto Team Karen M. Ford, dealer principal No. 171 Skidmore Owings & Merrill Xuan Fu, managing partner

No. 212 Hickory Farms Inc. Judy Ransford, CEO No. 237 Sipi Metals Corp.

Marion Cameron, CEO No. 243 Advanced Clinical Julie Ross, president

No. 261 Nexus Pharmaceuticals Mariam S. Darsot, president, CEO No. 309 Compact Industries Inc. Dale V. Brown, CEO No. 310 Overture Promotions JoAnn Gilley, CEO

No. 332 Powers & Sons Construction Co. Inc.; Kelly P. Baria, vice president No. 335 Redline Metals Inc. Cindy Wong-Williams, president, CEO No. 336 Marilyn Miglin LP Marlena Egan, owner

350 New World Van Lines Inc. Patricia Marx, chairman, treasurer No. 370 Bigane Paving Co. Anne Bigane Wilson, president, CEO Source: Crain’s list

P015-P027_CCB_20220418.indd 24

32

32

32

32

32

32

33

33

33

33

33

33

33

33

34

34

34

34

34

NOTES: e. Crain's estimate. 1. Company estimate. 2. Tuthill sold two divisions that generated roughly $85 million in revenue and employed about 260 people to Ingersoll Rand in 2021. 3. From Chicago Tribune 2021 Top Workplaces list.

4/15/22 1:52 PM

34

NOT

d

for

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 25

◗ NEW VS. OLD 20 YOUNGEST COMPANIES, BY YEAR FOUNDED

2021 RANK

COMPANY

PHONE/WEBSITE

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF (MILLIONS); 12/31/2021; 1-YEAR CHANGE WORLDWIDE

321

372

LASALLE NETWORK, Chicago

312-419-1700 LaSalleNetwork.com

Tom Gimbel, president, CEO

$108.0 1 46.9%

238 264

Professional staffing and recruiting

322

308

SMITHBUCKLIN, Chicago

800-539-9740 Smithbucklin.com

Matthew Sanderson, president, CEO

$107.0 0.8%

375 630

Association management and services

323

277

NETRIX LLC, Bannockburn

847-283-7300 NetrixLLC.com

Russell P. Reeder, CEO

$105.0 1 -19.0%

425 700

Information technology services firm

324

343

ATTORNEYS' TITLE GUARANTY FUND INC., Chicago

312-372-8361 ATGF.com

Peter J. Birnbaum, president, CEO

$104.7 22.3%

107 170

Title insurance underwriter, provider of real estate services.

$103.5 2

12.6%

926 e 926 e

Retail grocery

RANK

TYPE OF BUSINESS

325

269

SUNSET FOODS MART INC., Highland Park

847-432-0035 SunsetFoods.com

John E. Cortesi, president, CEO

326

374

ARIEL INVESTMENTS LLC, Chicago

312-726-0140 ArielInvestments.com

Mellody Hobson John W. Rogers Jr., co-CEOs

$102.6 41.5%

81 116

Global value-based asset management firm

327

371

NELSEN STEEL CO. LP, Franklin Park

847-671-9700 NelsenSteel.com

C. Davis Nelsen II, chairman, CEO

$101.8 38.5%

68 71

Manufacturer of cold-finished freemachining steel and high-strength steel bars

328

318

MILLER COOPER & CO. LTD., Deerfield

847-205-5000 MillerCooper.com

Kristen L. Fitzpatrick, managing principal

$101.7 3 0.6%

421 3 421 3

Audit, accounting, tax and business advisory services

Dan Costello, CEO

$101.6 e 1.6% e

450 e 450 e

Frozen pizza; restaurants

329

299

HOME RUN INN INC., Woodridge

630-783-9696 HomeRunInnPizza.com

330

311

THE MUMFORD COS., Chicago

312-733-2600 Phil Mumford Sr. MumfordCompanies.com Phil Mumford Jr., co-owners

$101.5 -2.1%

50 480

Manufacturing, construction and real estate

331

NR

$100.0 16.3%

80 150

Distributor of branded merchandise

332

nd

l

or

and

f

eters

e

d

CORPORATE IMAGING CONCEPTS LLC, Northbrook

847-412-6600 Corp-Imaging.com

Bob Herzog, CEO

332

POWERS & SONS CONSTRUCTION CO. INC., Gary

219-949-3100 PowersAndSons.com

Kelly P. Baria, vice president

$99.9 e 11.0% e

42 e 76 e

General contracting, construction management, design-build and owner's rep firm

333

325

FGMK LLC, Bannockburn

847-374-0400 FGMK.com

Mario J. Donato, managing partner

$99.0 1 0.0%

349 349

Assurance, tax and advisory services firm

333

348

HOFFER PLASTICS CORP., South Elgin

847-741-5740 HofferPlastics.com

William A. Hoffer, chairman

$99.0 19.3%

333 334

Custom plastic injection molding

335

NR

REDLINE METALS INC., Lombard

630-932-3151 RedlineMetals.com

Cindy Wong-Williams, president, CEO

$98.5 98.7%

52 52

Scrap metal recycling

336

366

MARILYN MIGLIN LP, Chicago

312-266-4600 MarilynMiglin.com

Marlena Egan, owner

$97.9 e 30.0% e

34 e 78 e

Fragrance, cosmetics, skin-care products

228 e 228 e

Paving and roadbuilding; general contracting

337

312

PLOTE CONSTRUCTION INC., Hoffman Estates

847-695-9300 Plote.com

Daniel Plote, president, CEO

338

335

WALTER E. SMITHE FURNITURE INC., Itasca

630-285-8000 Smithe.com

Walter E. Smithe III, president

$96.5 e 7.8% e

365 e 365 e

Furniture retailer

339

348

KI INDUSTRIES, Berkeley

708-449-1990 KIIndustries.com

Michael MacLean, president, CEO

$96.1 16.0%

55 675

Manufacturer of decorative plastic and die cast components

340

329

CHICAGO MEAT AUTHORITY INC., Chicago

800-383-3811 ChicagoMeat.com

Jordan M. Dorfman, president

$95.0 1 0.0%

300 300

Meat processor

340

341

VISTA TRANS, Lake in the Hills

773-225-9217 VistaTrans.com

Oleksandr Popovych, CEO

$95.0 1 9.9%

55 96

Transportation logistics

342

365

SPECIALTY PRINT COMMUNICATIONS, Niles

847-588-2580 Adam LeFebvre, SpecialtyPrintComm.com president

$94.9 25.1%

301 301

Direct mail printing and fulfillment company

343

NR

ADVANCE ELECTRICAL SUPPLY CO., Chicago

312-421-2300 advanceelectrical.com

Aaron Hughes, president $94.2 1 19.6%

94 97

Electrical products supplier

344

359

LA GALERA PRODUCE, Chicago

773-446-6161 LaGaleraProduce.com

Francisco Vega Jose D. Vega, partners

85 100

Wholesale produce distributor

345

347

SEVAN MULTI-SITE SOLUTIONS, Downers Grove

312-756-7778 SevanSolutions.com

Jim Evans, president, CEO $92.4 11.0%

113 388

Design, construction, program management and data analytics services

$92.2 e -3.0% e

40 e 40 e

General contractor

$92.0 17.9%

75 875

Manufacturer of precision injection and insert molded components and assemblies

346

304

MADISON CONSTRUCTION CO., Orland Park

708-535-7716 Rob Ferrino, president, MadisonConstruction.net CEO

347

362

INTEC GROUP INC., Palatine

847-358-0088 IntecGrp.com

Steve M. Perlman, chairman, CEO

NOTES: e. Crain's estimate. 1. Company estimate. 2. Estimate from Chain Store Guide. 3. From Accounting Today.

P015-P027_CCB_20220418.indd 25

2019

No. 55 Voyant Beauty

2018

No. 294 XLT Management Systems

2017

No. 108 Ensono

2016

No. 112 Alera Group Inc.

2016

No. 193 Hofseth North America

2015

No. 273 Elements Global Services 2015 No. 14 Madison Industries

2014

No. 203 PharmaCann

2014

No. 223 ShipBob

2014

No. 292 Edge Logistics

2014

No. 348 Forward Space LLC

2014

No. 358 CoinFlip Tech

2014

No. 368 226 Companies

2014

No. 67 VillageMD

2013

No. 197 Energy Distribution Partners (EDPO LLC)

2012

No. 209 Avant

2012

No. 297 RedShelf

2012

No. 68 Readerlink LLC

2011

No. 120 The Federal Savings Bank 2011

$96.9 e -6.3% e

$93.0 1 17.2%

No. 375 TransLoop

20 OLDEST COMPANIES, BY YEAR FOUNDED No. 255 George Sollitt Construction 1838 No. 71 Winston & Strawn LLP

1853

No. 191 Baird & Warner Inc.

1855

No. 72 Klein Tools Inc.

1857

No. 103 American Hotel Register Co. 1865 No. 28 Sidley Austin LLP

1866

No. 250 ArentFox Schiff

1866

No. 234 Peer Foods Group Inc.

1867

No. 307 QST Industries Inc.

1880

No. 43 Mayer Brown LLP

1881

No. 289 Kennicott Brothers Co.

1881

No. 215 Gonnella Banking Co.

1886

No. 166 Bulley & Andrews LLC

1891

No. 230 Miner Enterprises Inc.

1894

No. 140 McHugh Enterprises

1897

No. 15 The Walsh Group Ltd.

1898

No. 32 Berlin Packaging LLC

1898

No. 366 Cramer-Krasselt Co.

1898

No. 31 CC Industries Inc.

1900

No. 200 Chicago White Sox

1901

Source: Crain’s list

4/15/22 1:52 PM

26 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

CRAIN’S LIST PRIVATELY HELD COMPANIES

◗ OWNERSHIP COMPANIES WITH MINORITY, FEMALE OR LGBTQ OWNERSHIP No. 42 MAT Holdings Inc. Minority-owned

TOP EXECUTIVE(S)

FULL-TIME 2021 REVENUE LOCAL STAFF (MILLIONS); 12/31/2021; 1-YEAR CHANGE WORLDWIDE

Ranked by 2021 revenue. e = Crain’s estimate (in gray).

RANK

2021 RANK

COMPANY

PHONE/WEBSITE

CR

226 Co @prope

TYPE OF BUSINESS

348

301

FORWARD SPACE LLC, Chicago 312-942-1100 ForwardSpace.com

Jenny Niemann, president, CEO

$91.5 -21.1%

108 134

Contract furniture, flooring, asset management, architectural wall systems and technology solutions

349

310

CORPORATE CONCEPTS INC., Lombard

630-691-8800 CorpConc.com

Victoria M. Hansel, CEO Lawrence C. Zerante, president

$90.5 -13.1%

70 70

Office furniture dealer

350

334

NEW WORLD VAN LINES INC., Chicago

800-422-9300 NWVL.com

Patricia Marx, chairman, treasurer

$90.1 1 0.6%

132 422

Moving and storage company

351

337

FREEBORN & PETERS LLP, Chicago

312-360-6000 Freeborn.com

Steven D. Pearson William E. Russell, co-managing partners

$90.0 1.1% e

185 244

Law firm

Minority-owned

351

332

MOREY, Woodridge

630-754-2300 MoreyCorp.com

Dana Morey, CEO

$90.0 e 0.0% e

340 e 340 e

Designer and manufacturer of electronics

No. 168 Sutton Auto Team Minority-owned

353

391

PROGRAM PRODUCTIONS INC., Lombard

630-792-9700 Scott West, president, ProgramProductions.com CEO Robert Carzoli, chairperson

$89.9 133.1%

24 59

Event labor management

354

378

MKD ELECTRIC, Elgin

847-608-8244 MKDElectric.com

Michael Wesa, president

$89.5 43.0%

450 600

Industrial electrical contractor

355

336

WESTSIDE MECHANICAL GROUP, Naperville

630-369-6690 WSMech.com

James F. Reiss, CEO

$89.5 0.3%

350 350

HVAC, construction, engineering, mechanical services

356

340

ESD, Chicago

312-372-1200 ESDGlobal.com

Raj P. Gupta, executive chairman

$89.4 1 3.0%

306 319

Consulting engineering firm

357

354

HORTON GROUP, Orland Park

800-383-8283 TheHortonGroup.com

Dan Horton, president, CEO Glenn M. Horton, chairman

$89.3 1 10.9%

268 372

Insurance and consulting

358

385

COINFLIP TECH, Chicago

773-800-0106 CoinFlip.tech

Daniel Polotsky Ben Weiss, co-founders

$89.2 76.3%

178 201

Financial services platform focused on the digital economy

359

350

BLUE CHIP, Chicago

847-418-8001 BlueChipWW.com

Stanton Kawer, CEO

$88.0 6.3% e

170 210

Creative marketing agency focused on brand and shopper marketing

360

344

GREELEY AND HANSEN, Chicago

800-837-9779 Greeley-Hansen.com

John C. Robak, chairman, $86.6 CEO 1.8%

105 256

Global civil and environmental engineering, architecture and consulting firm

361

362

MAGNECO/METREL INC., Addison

630-543-6660 Magneco-Metrel.com

Charles W. Connors Jr., president, CEO

$85.3 e 9.4% e

— 150 e

Manufacturer of colloidal silica bonded refractories

362

364

BANNER WHOLESALE GROCERIES, Chicago

312-421-2650 BannerWholesale.com

Richard Saltzman, president

$84.6 1 9.0%

103 103

Grocer

No. 174 Prospect Airport Women-owned Services Inc.

363

373

ELMDALE PARTNERS, Skokie

312-546-6098 ElmdalePartners.com

Thomas Bretz, CEO

$84.1 15.5%

48 156

Real estate

No. 237 Sipi Metals Corp. Women-owned

364

387

ARETE WEALTH, Chicago

312-940-3684 AreteWealth.com

Joshua D. Rogers, CEO

$82.7 79.8%

10 24

Broker-dealer, registered investment advisor and insurance firm

No. 309 Compact Industries Inc.

365

NR

YORK ENTERPRISE SOLUTIONS INC., Westchester

763-277-1080 YorkSolutions.net

Richard Walker, CEO

$82.5 19.7%

57 81

Business services

No. 336 Marilyn Miglin LP Women-owned

366

355

CRAMER-KRASSELT CO., Chicago

312-616-9600 C-K.com

Peter G. Krivkovich, chairman, CEO

$82.2 2.3%

232 284

Provider of advertising, media, interactive and public relations

No. 349 Corporate Concepts Inc.

Women-owned

367

369

VIVIFY SPECIALTY INGREDIENTS, Glendale Heights

630-469-3838 VivifyCompany.com

Devlin Riley, CEO

$82.0 1 9.3%

29 83

Ingredients distribution for the food, cosmetic, inks and coatings industries

No. 27 Heico Cos. LLC

Women-owned

368

351

226 COMPANIES, Bannockburn 312-222-1110 226Companies.com

$81.2 1 -1.0%

173 186

Office, health care, senior living furniture and custom solutions

No. 103 American Hotel Register Co.

Women-owned

David Feder, managing partner Mark Knepper, principal Bernie Donaldson, principal

369

NR

JAMESON SOTHEBY'S INTERNATIONAL REALTY, Chicago

312-751-0300 JamesonSIR.com

Chris Feurer, CEO

$80.8 43.1%

42 43

Residential and commercial real estate brokerage services

370

351

BIGANE PAVING CO., Chicago

312-738-0600 BiganePaving.com

Anne Bigane Wilson, president, CEO

$80.0 e -2.4% e

88 e 88 e

Highway paving contractor

371

NR

FOCUS, Chicago

847-441-0474 WorkWithFocus.com

Tim Anderson, president, $79.7 CEO -35.4%

58 60

Commercial real estate development and construction

372

295

BOS, Roselle

877-267-0267 BOS.com

George Lucas Pfeiffer, CEO

$79.1 -26.3%

110 142

Contract office furniture company

373

356

SUPERIOR GRAPHITE CO., Chicago

312-559-2999 SuperiorGraphite.com

Edward O. Carney, chairman, CEO

$78.5 -1.9%

74 200

Graphite and carbon manufacturer

374

370

AARETE, Chicago

312-585-0800 AArete.com

Loren Trimble, CEO

$78.1 4.8%

167 279

Consulting

375

NR

TRANSLOOP, Chicago

815-916-5667 TransLoop.io

Nick Reasoner, president, $75.9 CEO 218.9%

26 55

Logistics and transportation

No. 138 Raja Foods LLC (Patel Brothers)

Minority-owned

No. 194 Vistex Inc.

Minority-owned

No. 223 ShipBob

Minority-owned

No. 252 Loop Capital LLC Minority-owned No. 356 ESD

No. 178 Baldwin Richardson Foods Co.

Minority-owned

No. 226 Advantage Chevrolet of Hodgkins

Minority-owned

No. 242 Tyson Motor LLC Minority-owned No. 332 Powers & Sons Construction Co. Inc.

Minority-owned

No. 344 La Galera Produce Minority-owned No. 273 Elements Global Minority-owned, Services LGBTQ-owned No. 310 Overture Promotions

Minority-owned

No. 119 BrightStar Care

Women-owned

No. 136 United Scrap Metal Inc.

Women-owned

Women-owned

No. 251 MNJ Technologies Women-owned Direct Inc. No. 335 Redline Metals Inc. Women-owned No. 348 Forward Space LLC Women-owned No. 350 New World Van Lines Inc.

Women-owned

No. 326 Ariel Investments LLC

Women-owned, minority-owned

No. 261 Nexus Pharmaceuticals

Women-owned, minority-owned

No. 299 Launch Technical Workforce Solutions

Women-owned

Source: Crain’s list

Research by Sophie Rodgers (sophie.rodgers@crain.com) | Most information for this list is from the companies. Figures estimated by Crain’s are produced using various sources of

information about the companies and their industries. The list includes companies based in the Chicago area: Cook, DuPage, Kane, Lake (Ill.), Lake (Ind.), McHenry and Will counties. State Farm and certain other large companies outside those counties are also included. NR: Not ranked last year. NOTES: e. Crain's estimate. 1. Company estimate.

Want 442 companies with at least $10 million in revenue? Become a Data Member: ChicagoBusiness.com/Data-Lists P015-P027_CCB_20220418.indd 26

4/15/22 1:52 PM

A. Epst AArete Abt Ele Ace Ha Addiso Advanc Advanc Advant AHEAD AIT Wo Alden M Aldi U. Aldridg Alera G Alfred Americ Americ Americ Americ Americ Amsive Amsted Antare ARCO/M ArentF Arete W Ariel In Athleti Atlas To Attorne Avant .

Baird & Baker M Baker T Baldwi Banner Basis Te BCD. . .

BDO US BEAR C Becker Beckne Benest Berglu Berlin P Bigane Bigger Binny’s Blistex Blue Ch Bob Lo Boler C BOS. . .

Bounte Bradfo BrightS Bulley Burwo Busine Butera

Campa Capital CareerB Carl Bu CC Indu Celebri Chamb Chapm Chicag Chicag Chicag Chicag Chicag Chicag CHS Ac Citadel Citadel Clayco Climate Clover Clune C CoinFli Colony Compa ComPs Contine Conver Cooper Corpor Corpor Cramer creativ Crowe Culliga Curran

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nd

CRAIN’S CHICAGO BUSINESS • April 18, 2022 27

CRAIN’S LIST INDEX 226 Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 @properties (At World Properties LLC) . . . . . . . . . . . . . . . . . . . . . . 18 A A. Epstein and Sons International Inc. . . . . . . . . . . . . . . . . . . . . . . 22 AArete . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Abt Electronics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Ace Hardware Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Addison Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Advance Electrical Supply Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Advanced Clinical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Advantage Chevrolet of Hodgkins . . . . . . . . . . . . . . . . . . . . . . . . . 21 AHEAD Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 AIT Worldwide Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Alden Management Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Aldi U.S. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Aldridge Electric Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Alera Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Alfred Benesch & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 American Hotel Register Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 American Litho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 American Transport Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Americaneagle.com (Svanaco Inc.) . . . . . . . . . . . . . . . . . . . . . . . . 24 Americorp Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Amsive . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Amsted Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Antares Capital LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 ARCO/Murray National Construction Co. . . . . . . . . . . . . . . . . . . . . 19 ArentFox Schiff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Arete Wealth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Ariel Investments LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Athletico Physical Therapy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Atlas Toyota Material Handling LLC . . . . . . . . . . . . . . . . . . . . . . . . 20 Attorneys’ Title Guaranty Fund Inc. . . . . . . . . . . . . . . . . . . . . . . . . 25 Avant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 B Baird & Warner Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Baker McKenzie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Baker Tilly . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Baldwin Richardson Foods Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Banner Wholesale Groceries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Basis Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 BCD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 BDO USA LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 BEAR Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Becker Logistics LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Becknell Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Benestar Brands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Berglund Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Berlin Packaging LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Bigane Paving Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Biggers Chevrolet/Isuzu Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Binny’s Beverage Depot (Gold Standard Enterprises Inc.) . . . . . . 19 Blistex Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Blue Chip . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 Bob Loquercio Auto Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Boler Co. (Hendrickson) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 BOS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Bounteous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Bradford Hammacher Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 BrightStar Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Bulley & Andrews LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Burwood Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Business IT Source Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Butera Finer Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 C Campagna-Turano Bakery Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Capital Fitness Inc. (XSport Fitness) . . . . . . . . . . . . . . . . . . . . . . . . 22 CareerBuilder LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Carl Buddig & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 CC Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Celebrity Home Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Chamberlain Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Chapman and Cutler LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Chicago Bears Football Club Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Chicago Bulls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Chicago Cubs Baseball Club LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Chicago Meat Authority Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Chicago White Sox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Chicagoland Automotive Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 CHS Acquisition Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Citadel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Citadel Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Clayco Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Climate Pros . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Clover Imaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Clune Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17 CoinFlip Tech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Colony Display . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Compact Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 ComPsych Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Continental Motors Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Convergint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Cooper’s Hawk Winery & Restaurants . . . . . . . . . . . . . . . . . . . . . . 20 Corporate Concepts Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Corporate Imaging Concepts LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Cramer-Krasselt Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 creative werks LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Crowe LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Culligan International Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Curran Contracting Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

D Daniel J. Edelman Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Daubert Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 DoALL Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Duly Health and Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 E Echo Global Logistics Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Ed Miniat LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Edge Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Edward Don & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Elements Global Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Elkay Manufacturing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Elmdale Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 EMKAY Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Empire Today LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Employco USA Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 EN Engineering LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Endurance Warranty Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Energy Distribution Partners (EDPO LLC) . . . . . . . . . . . . . . . . . . . . 21 Enesco LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Ensono . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ESD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Executive Construction Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 EXP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 F F.H. Paschen S.N. Nielsen & Associates LLC . . . . . . . . . . . . . . . . . . 18 Farmington Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Fay Financial LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 FCL Builders LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Federal Savings Bank, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Feldco Factory Direct LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Fellowes Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Ferrara . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 FGMK LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Fidelitone Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22 First Hospitality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Flexera Software LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Florstar Sales Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Flying Food Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Focus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Forward Space LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Four Seasons Heating & Air Conditioning Inc. . . . . . . . . . . . . . . . . 23 Freeborn & Peters LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 G Gallant Building Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Gary Lang Auto Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 George Sollitt Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Gibsons Restaurant Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 GO2 Partners Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Gonnella Baking Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 GP Transco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Grant Thornton LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Graycor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Grecian Delight Foods|Kronos (World Foods Holdings) . . . . . . . . 20 Greeley and Hansen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Griffith Foods Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Guarantee Trust Life Insurance Co. . . . . . . . . . . . . . . . . . . . . . . . . . 20 Guaranteed Rate Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 H H.W. Lochner Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Hallstar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Halo Branded Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Havi Group LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 HBR Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Health Care Service Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Hearthside Food Solutions LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Heico Cos. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Heniff Transportation Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Henricksen & Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Hickory Farms Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Highland Park Ford . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Hightower Advisors LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Hill Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Hinshaw & Culbertson LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Hoffer Plastics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Hofseth North America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Hollister Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Home Run Inn Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Honey-Can-Do . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Horton Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Hub International Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 I IHC Construction Cos. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Illinois Bone & Joint Institute LLC . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Impact Advisors LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Impact Networking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Information Resources Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Inland Real Estate Group of Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Instant Brands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Intec Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Interior Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 International Contractors Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 International Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 ITsavvy LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 J Jameson Sotheby’s International Realty . . . . . . . . . . . . . . . . . . . . 26 Jel Sert Co., The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Jenner & Block LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 John Burns Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

K Katten . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Kearney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 KeHE Distributors LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Kelso-Burnett Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Kennicott Brothers Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 KI Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Kirkland & Ellis LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Klein Tools Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Koch Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 L La Galera Produce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 LaSalle Network . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Launch Technical Workforce Solutions . . . . . . . . . . . . . . . . . . . . . . 24 Leopardo Cos. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Lettuce Entertain You Enterprises Inc. . . . . . . . . . . . . . . . . . . . . . . 19 Lincoln Provision Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Loeber Motors Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Loop Capital LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 LRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 M MacLean-Fogg Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Madison Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Madison Industries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Magid Glove & Safety Manufacturing Co. LLC . . . . . . . . . . . . . . . . 20 Magneco/Metrel Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Marilyn Miglin LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Marino Chrysler Jeep Dodge Ram (Uptown Motors Inc.) . . . . . . . 23 MAT Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Mayer Brown LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Mazzetta Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 McDermott Will & Emery LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 McGrath Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 McHugh Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 McShane Cos., The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Medix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Medline Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 MedSpeed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Merge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Meridian Group International Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 19 Mesirow Financial Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Midland Paper Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Millennium Trust Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Miller Cooper & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Miner Enterprises Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Miracapo Pizza Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 MKD Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 MNJ Technologies Direct Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Morey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Motor Werks Auto Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Mr. Bult’s Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Mumford Cos., The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 N Napleton Auto Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Napleton Automotive Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 National Van Lines Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Neighborhood Loans Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Nelsen Steel Co. LP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Nelson Westerberg Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Nephrology Associates of Northern Illinois/Indiana . . . . . . . . . . . 24 Netrix LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Network Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 New World Van Lines Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Newly Weds Foods Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Nexus Pharmaceuticals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Nitel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Novak Construction Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 NOW Health Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 O O’Neil Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Old World Industries LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 OSI Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 OSM Worldwide (One Stop Mailing LLC) . . . . . . . . . . . . . . . . . . . . 19 Other World Computing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Otto Engineering Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Overture Promotions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 P Panduit Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Pangea Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Paragon Micro Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Parent Petroleum Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Paris Presents Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Parksite Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Parts Town . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Patrick Dealer Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Peer Foods Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Peerless Network Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Pepper Construction Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 PharmaCann . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Phusion Projects LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Plote Construction Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 PLS Financial Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Power Construction Co. LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Powers & Sons Construction Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . .25 Pregis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Premier Design & Build Group LLC . . . . . . . . . . . . . . . . . . . . . . . . . 19 Producers National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Program Productions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Prospect Airport Services Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Q QST Industries Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

R Rabine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Raise . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Raja Foods LLC (Patel Brothers) . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Readerlink LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Redline Metals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 RedShelf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Redwood Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Reyes Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 RIM Logistics Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Rohrman Automotive Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 RoomPlace, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Royal Buying Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 RSM US LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 RTC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 S S&C Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Safeway Insurance Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Sayers Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Schulze & Burch Biscuit Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Segerdahl (SG360) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SEKO Logistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Senior Lifestyle Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Sentinel Technologies Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Sevan Multi-Site Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Seyfarth Shaw LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 ShipBob . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Shure Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Sidley Austin LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Sikich LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Sipi Metals Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Sirva Worldwide Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Skender . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Skidmore Owings & Merrill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Smithbucklin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 SMS Assist LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Specialty Print Communications . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Spencer Stuart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 SRAM LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Stampede Meat Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 State Farm Mutual Automobile Insurance Co. . . . . . . . . . . . . . . . . 15 Steiner Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Stout . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Sunset Foods Mart Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Superior Graphite Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Sutton Auto Team . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 T Tandem HR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Terlato Wine Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Thrall Enterprises Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Tony’s Finer Foods Enterprises Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 23 Topco Associates LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 TPS Parking Management LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Trading Technologies International Inc. . . . . . . . . . . . . . . . . . . . . . 23 TransLoop . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Transportation One . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 True Value Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Trustmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 TTX Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Turtle Wax Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Tuthill Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Ty Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Tyson Motor LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 U United Scrap Metal Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Universal Scrap Metals Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 V Vedder Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Venturi Restoration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Vi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 VillageMD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Vista Trans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Vistex Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Vivify Specialty Ingredients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Voyant Beauty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 W W.S. Darley & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Walsh Group Ltd., The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 Walter E. Smithe Furniture Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 Waterton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 WeatherTech Direct LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Weber Packaging Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 West Monroe Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Westside Mechanical Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Wheels Donlen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 White Lodging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 William A. Randolph Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 William Blair & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 William Ryan Homes Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Windy City-Fox Motorsports LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Winston & Strawn LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Wirtz Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Wiss Janney Elstner Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . 22 World’s Finest Chocolate Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 X XLT Management Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Y York Enterprise Solutions Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Z Ziegler . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 ZS Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

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After picking up a Wacker Drive tower and Caterpillar’s Deerfield HQ, Opal Holdings has purchased one of the highest-profile office turnaround projects in the suburbs

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An East Coast investor that just spent close to $650 million on a trio of local office buildings has picked up another one in a deal that completes one of the highest-profile turnarounds of an abandoned suburban corporate headquarters.

A venture of New York-based Opal Holdings last month bought the leasehold interest in the 354,000-square-foot building at 263 Shuman Ave. in the western suburb of Naperville, according to DuPage County property records. The Opal venture struck the deal in conjunction with New York-based investor Katherine Cartagena, who paid nearly $73.3 million for the property and split the building from the ground on which it sits, with Opal purchasing the leasehold interest from Cartagena for an undisclosed price, records show.

The sale adds to a Chicagoarea buying spree for Opal, which in recent months has purchased the 50-story office tower at 35 W. Wacker Drive downtown, the Corporate 500 office complex in Deerfield and the Highland Landmark II office building in Downers Grove.

The deal also marks a cashout by a venture of Chicago-based Franklin Partners and Northbrook-based Bixby Bridge Capital that bought the then-vacant former OfficeMax headquarters building in 2018, renovated it and nearly filled it with tenants despite the leasing challenges created by the COVID-19 pandemic.

Franklin and Bixby acquired the property three years after OfficeMax moved out and 10 months after its previous owner handed the building to its lender after failing to find new tenants or a way to pay off its $49 million loan on the property.

It’s unclear how much Franklin and Bixby paid to acquire the building from C-III Asset Management, an Irving, Texas-based special servicer that was appointed to oversee the troubled loan, which was packaged with other loans and sold off to commercial mortgage-backed securities investors.

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Franklin and Bixby took out a $21.7 million loan at the time, rebranded the five-story property as the Shuman and began converting it into a multi-tenant office building with a drastically different interior and a slew of new tenant amenities. The owners inked several leases before and during the pandemic with tenants, including XPO Logistics and Philadelphia Insurance. It’s unclear how much capital the

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N.Y. firm adds old OfficeMax HQ to Chicago buying spree

The Shuman at 263 Shuman Ave. in Naperville. owners spent on renovating and area office market as Opal. Prior to the Shuman deal, ventures led leasing up the building.

The ownership duo landed by the investment firm paid close their largest lease last year with to $650 million over the past six St. Louis-based Medicaid man- months to pick up office propaged care company Centene at erties in the Chicago area, led 90,000 square feet, a deal that by the 1.1 million-square-foot brought the building to near- Wacker Drive tower long known ly 91% leased, according to real as the Leo Burnett building. That estate information company Co- $415 million sale closed in DeStar Group. But Centene initiat- cember as the most expensive ed a strange about-face shortly purchase of a Chicago-area ofafter the deal was completed fice property since 2018. and was negotiating a buyout of the entire deal late last year.

BIG SPLASH It’s unclear whether that buyout Opal’s nearly $180 million was completed and spokesmen acquisition of the Corporate for the owners and Centene did 500 complex in Deerfield—best not respond to requests for com- known for housing Caterpillar’s ment. headquarters—was one of the With its purchase, Opal is bet- priciest suburban office sales in ting that the highest-quality of- more than a decade. fice buildings in the suburbs will An Opal spokesman did not reweather the pandemic, which spond to a request for comment. has watered down demand for work- PRIOR TO THE SHUMAN DEAL, VENTURES space and pushed the suburban of- LED BY THE INVESTMENT FIRM PAID fice vacancy rate to a record high. CLOSE TO $650 MILLION OVER THE Companies emPAST SIX MONTHS TO PICK UP OFFICE bracing remote work and cutting PROPERTIES IN THE CHICAGO AREA. back on office space have far outpaced new move-ins over Opal and Cartagena have the past two years, creating big structured other acquisition headaches for any landlord with deals with ground leases, with lots of available space.

Cartagena owning the land and But newer and recently reno- signing a 99-year lease with Opal vated buildings in the suburbs to control the building itself and have won an outsized share of make annual rent payments to leasing activity as companies the ground-owning venture. A take advantage of the soft market similar structure was in place and hunt for buildings that will for the Wacker Drive purchase, compel their employees to show property records show. up, rather than work from home.

Though relatively uncommon, In one recent example, the own- real estate investors can use the er of the revamped former Sara building-land split strategy to Lee headquarters in Downers borrow more against a property Grove lost its largest tenant last because the cost of debt on the year, but it inked a deal just a few building and land separately months later with health insur- may be less than it would be if ance giant Health Care Service they are combined. Some invesCorp. to backfill the space. tors also split them to be able to Still, few investors have shown cash out on a building while also as much confidence in the future retaining a revenue-generating of the pandemic-stung Chicago- stake in the property.

4/15/22 2:29 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 29

Potbelly CEO hopes aggressive franchising will lift the company’s bottom line POTBELLY from Page 1 franchising in hopes of restoring revenues to pre-pandemic levels and lifting a bottom line that has been underwater since 2017. The ambitious expansion would quintuple Potbelly’s size, adding hundreds of stores per year. It would also entrust the future of the sub sandwich chain known for its distinct, kitschy vibe to third-party operators.

It’s not a novel approach for restaurant chains generally or Potbelly in particular. McDonald’s, for example, transferred most of its company-owned stores to franchisees, who now operate more than 93% of the chain’s outlets. Previous Potbelly CEOs Aylwin Lewis and Alan Johnson also looked to franchising for growth, albeit less aggressively than Wright. Franchisees currently operate just 46 Potbelly shops.

Done well, franchising can boost a chain’s revenues quickly without a commensurate increase in overhead costs, which are borne by franchisees. It also generates upfront cash in the form of franchise fees.

That sounds like a promising prescription for Potbelly, which has struggled to produce consistent sales growth and profits since going public in 2013.

Revenue rebounded to $380 million last year, up 30.6% from 2020 results hammered by pandemic lockdowns, but down

7.2% from 2019. Potbelly lost $23.6 million in 2021, less than 2020’s $65.7 million loss but roughly on par with 2019. Sales at stores open at least a year, a key measure of retail performance, declined every year from 2017 through 2020, before rising last year on the snapback from lockdowns.

Investors have lost confidence in Potbelly as the turnaround plans of successive CEOs sputtered out. The stock closed April 14 at $6.45, down 79% from its closing price of $30.77 on its first day of trading.

‘COMPLEX MANEUVER’

Wright is betting that a franchising campaign supported by a simplified menu and new digital ordering capabilities will yield better results. But his plan hinges on attracting franchisees with the resources and acumen to deliver consistent quality and service while running multiple stores. Competition for those operators is hot, says Mike Mazzeo, a professor of strategy at Northwestern University’s Kellogg School of Business.

“It would take getting a lot of things right to be able to pull it off,” Mazzeo says, noting that Potbelly’s menu is relatively complex, which makes franchising harder.

Wright has experience with large-scale franchising. He joined Potbelly from Wendy’s, where he moved 1,100 company-owned stores to fran-

chisees, a process called “refranchising.”

He acknowledged during the company’s earnings call in early March that the 2,000-store goal is ambitious and called refranchising “a complex financial maneuver.” He plans to use the proceeds from refranchising to pay down debt—the company might need to repay a $10 million Paycheck Protection Program loan—and speed the opening of new stores.

“A large majority of those are going to be suburban and drive-thru locations—that’s where the growth potential is, that’s where the white space is,” he says. “And candidly, that’s where the consumers are.”

It is a good time to franchise, says Tom Bailey, senior consumer foods analyst at Rabobank. Franchises outperformed other restaurants during the pandemic because of the flexibility of their model. Franchises accounted for 40% of U.S. food service sales in 2021, up from about 33% in 2019.

“It’s a model that has proven itself very effective to growth and expansion, if you have a good recipe and operationally replicable model,” he says.

COMPETITION

The franchise-friendly environment could change, however, if interest rates tick upward and operators become less willing to take out big loans. It’s also expensive to run a restau-

INVESTOR HEARTBURN Investors have lost confidence in Potbelly as the turnaround plans of successive chief executives sputtered out. CEO Bob Wright is betting a franchising campaign supported by a simplified menu and digital ordering capabilities will yield better results.

POTBELLY’S WEEKLY STOCK PRICE April 10, 2017, to April 14, 2022 $14 12

$6.45

10 8 6 4 2 0

2017

2018

2019

2020

2021

2022

Source: Yahoo Finance

rant now, with increased labor and food costs. For now, competition remains tight for quality franchisees, and Potbelly could be at a disadvantage.

Potbelly’s stores averaged slightly more than $1 million in sales last year. That’s on par with franchised sandwich establishments, but other restaurant concepts generate significantly higher sales, and Potbelly will be competing against all franchises for operators.

Prospective franchisees might be more interested if Potbelly can hit its goal of $1.3 million in annual sales per store, experts say. But others say the company will need to sweeten the deal

to lure franchisees, who must pay Potbelly an initial $40,000 franchise fee and 6% in royalties and foot the bill for store construction, which can cost between $665,000 and $942,000 for a drive-thru location.

Morningstar analyst Sean Dunlop calculates it could take more than six years for a franchisee to earn back that initial investment. That compares with three years for a typical McDonald’s or Domino’s Pizza franchise, and 2 ½ years for a Starbucks franchise.

“There are benefits. The trouble is, how do you convince someone to sign on?” he says.

“The math doesn’t look great.”

Adrian Wells-Lucas rallies private investors for affordable home rehabs in Gary GARY from Page 3 “This city suffers from a broken heart,” says Wells-Lucas, 53, who grew up in the lakefront Miller Beach neighborhood of Gary and now lives in Atlanta. “I want to be part of fixing it.”

Game Changers is hardly the first or only effort to revive the onetime steel boomtown now rife with vacant downtown blocks and crumbling landmarks, a city with a rapidly declining population and per capita income of $19,100, about 28% of the national figure. The difference is that Game Changers is relying on small individual investments, about $80,000 at a time, to improve the city’s housing stock.

If Wells-Lucas accomplishes all she hopes, she’ll have harnessed house flipping, a fun and often profitable mainstay of reality television, as a tool for turning Gary’s dilapidated housing into affordable homes for people of modest means. It may show that a depressed city can attract capital for rehabs from outside its borders, and set the stage for similar projects in other troubled industrial towns.

Her plan entails getting small investors to buy eyesore homes, generally from absentee owners, and finance upgrades. In the past 18 months, Wells-Lucas and 8 investor groups have bought

P029_CCB_20220418.indd 29

17 homes, for under $50,000 per house. The investors in each house also fund its rehab; each home is separately funded. Wells-Lucas says the average cost of purchase and rehab is in the $80,000s.

The rehabbed houses go on the market in the $120,000s and $130,000s, a price range that should bring a monthly mortgage payment of less than $950, appealing to households that typically pay over $1,100 for rent.

When houses sell, the investors who funded purchase and rehab are required to give 1% of the sale price to an approved communityimprovement nonprofit in Gary.

That last part, Wells-Lucas says, shows that her group “wants to make money, but we want to do good in Gary.”

FIRST SALE

On April 6, the first rehabbed house, a three-bedroom 1950s ranch on Montana Street, sold for $132,000, 13 months after Gary Game Changers bought it for $29,000. A second sale is expected to close by the end of April.

If Game Changers can improve and sell all 17, “they change the narrative, breathe some hope into the city,” says Anthony Mayo, pastor of Gary’s River of Life Church.

While Wells-Lucas has support from government officials, homeowner groups and others, she has also faced hard slaps.

In the course of a month, one of the homes was burglarized, its copper pipes and wall art hauled away before police responded to the alarm, and somebody got inside another and set a fire that caused extensive damage.

“I knew what Gary was like when I took on this challenge,” Wells-Lucas says. “You’re not going to have any victories without losses.” Also potentially working against her are this year’s fastrising interest rates, which could quickly shrink affordability for moderate-income households that might buy a house in the $130,000 range.

Most of the 17 Game Changers houses are in Aetna Manor on the city’s northeast side.

Because they’re sprinkled over the 2-square-mile neighborhood and not scattered like isolated dots across the city’s 51 square miles, “it’s really building community,” says Eddie Melton, an Indiana state senator for a district that includes Gary. Melton adds that the program “encourages homeownership,” which “can transform the neighborhood.”

A mother of three, Wells-Lucas attended Loyola University Chicago before going into broadcasting. A former reporter for the CBS affiliate in Milwaukee, she later went into real estate, first in northwest Indiana and later in At-

lanta, where she has lived for 15 years. She runs a concierge real estate firm that finds short-term housing and other services for actors and athletes.

When her husband, Gregory, died in 2019, Wells-Lucas began spending more time with relatives in Gary. “You can’t pass through and not see Gary needs people to help,” she says. She had worked with a few developers flipping property in Atlanta and decided to give it a whirl in Gary.

MAKING CALLS

Securing financing from banks was “not going to happen,” Wells-Lucas said, so she began calling on investors she had worked with in Atlanta. “Look, it worked for you in Atlanta,” she says she told them. “Trust me that I can make it work in Gary.”

She brought several people to town to show them around “so they could see Gary’s potential the way I do,” she says.

“She is genuinely trying to lift the environment, give back to her community,” says Derick Fluker, an investor in Gary Game Changers. “She’s not motivated by making a quick buck.”

Fluker lives in Texas, where he’s in IT and has a CBD business in partnership with his wife, Jennifer. In the past, they have been involved with Wells-Lucas in real estate investments

in Atlanta. Through Gary Game Changers, they bought two houses, one on Dekalb Street and one on 13th Avenue, and are looking at buying more.

The Flukers are among eight groups of investors backing the effort in Gary so far, Wells-Lucas says. At the $80,000-per-house average she cites, that’s about $1.36 million in capital she is bringing to Gary. Wells-Lucas says she has put about $100,000 of her own money into the pot as well.

The Montana Street house, which was run down when Game Changers bought it in March 2021, is now a charmer with all the finishes in a standard flipper’s handbook: wood floors, artistic tile backsplashes and shower walls, neutral paint colors and stainless steel appliances. Built in the 1950s as a two-bedroom, it now has a third bedroom in the basement and a new deck in back.

There’s also an alarm system directly connected to the Gary police.

“Everybody deserves to have somewhere to live that’s nice and comfortable like this house,” says Lanee Hollingsworth, a Coldwell Banker agent who represents some Game Changers homes but not the one on Montana Street.

Wells-Lucas’ rehab program, Hollingsworth says, “is making them nice and making them affordable.”

4/15/22 3:04 PM

30 APRIL 18, 2022 • CRAIN’S CHICAGO BUSINESS

MCA receives gift of 100 works from collector MCA from Page 3 65, a Greek native who lives in Switzerland and made his fortune converting a family dairy business into the leading Greek food conglomerate, Vivartia.

In addition to the 100 works slated for the Chicago-New York tandem, some 140 pieces from the D. Daskalopoulos Collection will go to the National Museum of Contemporary Art in Athens as well as 110 to the Tate in London. It was important, he said via Zoom from Athens, that the work be given to the institutions without any clauses mandating how and how often they must be shown.

“I didn’t want my name on a building or a wing,” he said. “I didn’t want to impose a way of exhibiting things. I believe in the museums and their ability and their willingness to show the art, because that is their job.”

Although he’s relatively young, he said, “I want to be proactive.

People don’t only die of very old age. So the idea of me not being here one moment and having left a big question to my inheritors about what is to be done with it is unfair to them, it’s unfair to the artists, it’s unfair to the artworks.”

He added: “It is really a longstanding conviction of mine that

these artworks deserve to be out there, accessible to as wide a public as possible, and do their job to interact with people and create emotions and create inspiration to art lovers.”

RELATIONSHIP

The relationship with the MCA owes both to his respect for Grynsztejn, Daskalopoulos said, and to his fond memories of living here while earning an MBA from Northwestern University’s Kellogg School of Management in 1980 and 1981.

“It was the first time I lived outside Greece for a longer time,” he said. “I was just married at the time, I had my first child in Chicago. And so I have my favorite basketball team, my preferred pizza, my preferred place for ribs. . . .And then, there is Madeleine Grynsztejn, who became a friend, who had me on her board of trustees (beginning in 2016). I admire the work she’s doing and the way she’s managing the museum.”

Each of the sets of works being donated represents a crosssection of the D. Daskalopoulos Collection, he said. And he noted that pieces tend toward being larger scaled and “visceral.”

The complete list of donated works has not yet been announced, but the sampling of what

is going to the MCA-Guggenheim pairing includes such materials as human hair, animal pelts, wine and clove, cumin and turmeric.

Daskalopoulos allows that it is “not a beautiful collection,” but it is one very concerned with the human body “as the locus of existence and where everything that we do or feel comes from.”

Both institutions worked with the collector to select pieces that worked to fill in holes and augment strengths in their existing collections, Grynsztejn said. In the MCA’s case, the works have “an immensely important art historical focus on the 1980s and 1990s,” she said. “That precise period is the bedrock period for the new emerging generation of art historians, curators and artists.”

Although traditional museum directorship would see institutions being loath to share bragging rights to art from a major collector, Grynsztejn says she sees the art-sharing as an opportunity and perhaps as a new, more sensible model for the discipline going forward.

“And that puts two museums on a par with each other,” she said, noting that any credit line will note the joint Guggenheim-MCA Chicago ownership. “That is very flattering, and I think important.

So it’s a different kind of bragging right.”

Jannis Kounellis, Untitled, 1993 Bigger picture, she said, “by centering collaboration between two major institutions, it will facilitate the creation of ideas and knowledge.”

CONSIDERATIONS

Yet to be worked out are such practical considerations as where the work will be stored and how the museums will handle, for instance, a desire to show Hammons’ stone, steel rail track and human hair sculpture titled John Henry at the same time.

“I have a very long and trusting relationship with (the Guggenheim’s) director, Richard Armstrong,” Grynsztejn said. “My hope is that this unprecedented establishment of a shared museum partnership model will become a standard for many philanthropic considerations in the future.

“You get basically double the scholarship, double the number of curatorial eyes on on a great collection . . . double the audience in different geographic regions.”

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4/15/22 3:18 PM

CRAIN’S CHICAGO BUSINESS • APRIL 18, 2022 31

Some committees rarely meet, despite large budgets and pressing issues million for the powerful Finance Committee in this year’s budget.

Together, City Council committees are slated to cost taxpayers $5.5 million in 2022, an increase from the two previous budgets.

While the average committee met 24 times between May 2019 and December 2021 during the 37 months of the joint analysis, a quarter of them met 10 times or fewer. One met only twice, despite having an annual budget exceeding $100,000.

Nonetheless, committees keep expanding under Lightfoot. Just last month, she created a special temporary committee tasked with vetting plans for Chicago’s future casino, raising concerns from aldermen about who gets to be a member and why another committee should be formed when several existing ones rarely meet.

Ineffectual committees that rarely meet may be wasting—or even misusing—taxpayer dollars, said Joe Ferguson, the city’s former inspector general. And they keep the council dependent on the mayor’s office for information and analysis.

In an October 2021 audit, Ferguson found that committee staff were often hired without job descriptions and were sometimes redeployed to work in aldermen’s wards. The council has never analyzed how many employees each committee needs, given each body’s workload.

When a committee doesn’t meet to do its work, “it means that no subject-matter expertise is being amassed in that area, which means the council as a whole is suffering,” Ferguson said.

“It just renders the whole council poorer and that much more dependent on the kindness of strangers—the strangers here being the people in the mayor’s office,” he added.

New York’s City Council, by contrast, has both legislative and investigative authority to “probe and examine the efficacy of programs” run by the mayor, Ferguson pointed out. Committees there meet monthly and can commission their own reports.

Why does Chicago operate this way? Ferguson argued committees are a remnant of the city’s patronage days, when mayors handed out committee gavels as rewards for loyalty.

With only a fixed sum from the city budget to pay for staff and other costs, such as ward rent, aldermen have limited ways to add staff. They can take money from their non-personnel city budget, dip into their political funds or be made chair of a committee.

“A lot of the reason that many members of the council want to be a committee chair is not to drive subject matter and policy in a particular area. It’s so that they have access to more resources,” Ferguson said.

CRAIN’S ILLUSTRATION

COMMITTEES from Page 1

Read more on this joint investigation

by Crain’s, WBEZ and The Daily Line— including an interactive graphic—at ChicagoBusiness.com/Attendance.

Here’s a look at the committees that rarely meet.

EDUCATION

The council’s 17-member Committee on Education & Child Development is chaired by Ald. Michael Scott Jr., 24th, and is tasked with considering measures that affect Chicago Public Schools, the Chicago Board of Education and childhood development. Its budget has averaged around $175,000 during each of the past three years.

But despite several pressing education issues, including repeated clashes between CPS and the Chicago Teachers Union over safety concerns amid the pandemic, the impact of COVID-19 on working parents and young children, and major changes to the structure of the Board of Education, the committee has met only seven times since mid-2019.

That was mostly to consider routine appointments.

Aldermen have introduced plenty of relevant legislation for the committee to consider, including resolutions calling for hearings on CPS’ COVID safety plans, staff shortages and class sizes; support for student loan and debt relief assistance from Washington; and a resolution supporting equal pay for City Colleges adjunct faculty. All are lingering in the committee without hearing dates scheduled.

As the education committee chair, Scott said he has wanted to head off the potential public “browbeating” of new CPS CEO Pedro Martinez while Martinez is trying to get a handle on COVID. Scott said he prefers not to have “cantankerous” discussions in public.

“What I don’t want to do is call a meeting . . . that gets my colleagues

HOW TO CONTACT CRAIN’S CHICAGO BUSINESS EDITORIAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 312-649-5200 CUSTOMER SERVICE . . . . . . . . . . . . . . . . . . 877-812-1590 ADVERTISING . . . . . . . . . . . . . . . . . . . . . . . . . 312-649-5492

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aroused because they didn’t get the answers that they want, because that puts me in a bind,” Scott said. He prefers small briefings to public committee meetings, in part because he says he doesn’t “have dominion as the chair” to make CPS officials show up.

CPS officials regularly brief aldermen privately, Scott said, and he noted CPS has its own public board meetings that residents and aldermen can attend. Those board meetings, however, often fall on the same days that the City Council meets.

Scott did hold a hearing on the reopening of Chicago Public Schools on Jan. 11, 2021, the same day students and teachers came back to the classroom for the first time since the pandemic took hold of the city. Aldermen grilled CPS officials and public health experts for more than seven hours that day on topics of COVID data, air filtration in schools and personal protective equipment.

Ald. Maria Hadden, 49th, filed a resolution at the start of this school year calling for a hearing on “COVID-19 safety plans, protocols and remote learning options.” Her proposal has not yet been called. Since she filed it, the omicron surge led to a protracted fight between the union and district leadership and several days of canceled classes.

While Hadden acknowledged the pandemic has made attendance from CPS officials a challenge, “we’re doing a disservice to not have committee meetings and not call resolutions,” Hadden said, arguing families were not getting answers from school officials.

“I think that if we as a City Council determine that we should have a standing committee on this issue, then we should have regular meetings,” Hadden said.

Scott gave no guarantee meetings would pick up again, but he said “we are working toward

making sure that there is a regular cadence about things that concern parents, that concern aldermen and concern communities.”

IMMIGRANT AND REFUGEE RIGHTS

Lightfoot created the 13-member Committee on Immigrant & Refugee Rights as part of her 2021 budget plan. Chaired by Ald. Ariel Reboyras, 30th, it’s responsible for considering matters related to “the security and stability” of first- and second-generation immigrants and refugees living in Chicago.

But the committee met only twice in 2021 and canceled four other scheduled meetings. Still, Lightfoot’s administration boosted its budget from $111,500 last year to $117,000 in 2022.

Pending matters in the committee include hearings on federal pathways to citizenship and the treatment of Haitian migrants, as well as support for noncitizens’ ability to vote in local elections.

During the two meetings the committee did hold, members approved symbolic resolutions calling for President Joe Biden to “immediately enact immigration reform” and another “condemning gender-based violence in Afghanistan.”

During the latter meeting, Ald. Rossana Rodriguez-Sanchez, 33rd, grilled the director of Chicago’s Office of New Americans about what services the city planned to provide for Afghan refugees, demanding “very clear guidance” on what the city would do to help.

Reboyras has yet to schedule a subsequent committee meeting.

“I’d like to meet more often if I can, to justify my position and City Council’s position, but . . . we’re hoping that we can get it rolling once again,” Reboyras said. “Just waiting for that to happen.”

REPARATIONS

In the summer of 2020, after Chicago and other cities were rocked by a Minneapolis po-

lice officer’s murder of George Floyd, and after neighboring Evanston began to dole out reparations to Black residents, aldermen approved the creation of a City Council Subcommittee on Reparations. Housed under the Committee on Health & Human Relations, the subcommittee has since met only once. The part of the health committee’s budget dedicated to help pay for the subcommittee’s work has not increased.

Ald. Stephanie Coleman, 16th, who chairs the subcommittee, has encountered “multiple barriers” in trying to schedule meetings for her reparations subcommittee, she said.

Among them, Coleman said, is that scheduling her committee doesn’t appear to be a priority of the mayor’s office.

“We’re looking for this to be a priority just like all of the other (committees), especially with the new committee on casino,” Coleman said.

“We should not be following anyone; we should be leading this,” Coleman said. “I admire what Evanston has done, but Chicago, we’re the greatest city ever. Others should be following us.”

It’s part of a problematic trend Ferguson has heard from aldermen that the final call whether, when and how to hold many meetings is ultimately up to the mayor’s Office of Intergovernmental Affairs, or IGA. Lightfoot’s office did not respond to a request for comment.

ETHICS AND GOVERNMENT OVERSIGHT

Despite ethics scandals that have roiled the City Council, including the indictments of four former and current aldermen, the Committee on Ethics & Government Oversight has met just nine times since the start of the current mayoral term. Chaired by Ald. Michele Smith, 43rd, its annual budget for 2022 is just over $191,000.

Like Scott, Smith said some issues are better left to briefings behind the scenes.

Duties of committee chairs “extend beyond having committee meetings,” she said, adding it is within her jurisdiction to receive reports from the city’s inspector general and to hold hearings or briefings on the reports.

“Not all of them are worth having a committee hearing about,” she said. “But we often have briefings for all of them and you know, (the reports are) publicly available.”

“But, you know, we’re all reading a lot,” Smith said.

Erin Hegarty covers City Hall for The Daily Line. A.D. Quig covers politics and government for Crain’s Chicago Business.

Claudia Morell is a metro reporter for WBEZ. Daily Line Editor Alex Nitkin contributed.

Vol. 45, No. 16 – Crain’s Chicago Business (ISSN 0149-6956) is published weekly, except for the first week of July and the last week of December, at 130 E. Randolph St., Suite 3200, Chicago, IL 60601. $3.50 a copy, $169 a year. Outside the United States, add $50 a year for surface mail. Periodicals postage paid at Chicago, Ill. Postmaster: Send address changes to Crain’s Chicago Business, PO Box 433282, Palm Coast, FL 32143-9688. Four weeks’ notice required for change of address. © Entire contents copyright 2022 by Crain Communications Inc. All rights reserved.

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