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Private Holding Companies

Privately held. Globally dominant.

The Private Conglomerates

Mars owns M&M's, Snickers, Wrigley's gum, Royal Canin pet food, and most of Banfield Pet Hospital. Cargill is the largest privately held company in America, with operations across food, agriculture, and finance. Koch Industries owns Georgia-Pacific, Invista, and dozens of industrial brands. Hearst publishes magazines and newspapers and owns 50% of A&E Networks. None of them trade on any exchange. Substox tracks 145 private holding companies with substantial subsidiary portfolios.

01

Ad Populum

Subsidiaries: Party City, Enesco, R.H. Smith & Sons (Wigmakers)…

02

Aldi Nord

Subsidiaries: 1. Trader…

How to get exposure (public alternatives): Major Retail & Grocery Companies: Walmart Inc. (NYSE: WMT) — Costco Wholesale Corporation (NASDAQ: COST) — Kroger Co. (NYSE: KR) — Albertsons Companies, Inc. (NYSE: ACI) — Ahold Delhaize N.V. (OTC:…

03

Amici Partners Group (Owned by Brix Holdings)

Subsidiaries: Friendly's, Clean Juice, Orange Leaf, Red Mango Yogurt Café Smoothie & Juice Bar, Smoothie Factory + Kitchen, Souper Salad, Humble Donut Co., Pizza…

How to get exposure (public alternatives): Blackstone Inc. (BX), Darden Restaurants (DRI), Restaurant Brands International…

04

Anegar Games

Subsidiaries: Chained…

How to get exposure (public alternatives): Microsoft (MSFT), Tencent (TCEHY), Sony (SONY), Sea Limited (SE), NetEase (NTES), Nintendo (NTDOY), Roblox (RBLX), Electronic Arts (EA), Take-Two Interactive…

05

Aspen Group

Subsidiaries: WellNow Urgent Care, ClearChoice Dental, AZPetVet, Chapter Aesthetic…

How to get exposure (public alternatives): Hims & Hers Health (HIMS), Abbott Laboratories (ABT), OptimizeRx (OPRX), Veeva Systems (VEEV), TransMedics Group (TMDX), Boston Scientific…

06

Atlas Holdings

Subsidiaries: ASG, Bovis, Bridgewell, Carlex, Crown Paper Group, De La Rue, EQI, Finch Paper, Flagstone Foods, Foster Farms, Greenidge, Herff Jones, InfraServices, International Wire Group, LSC Communications, Marcal Paper, Millar Western, Motus,…

07

Authentic Brands Group

Subsidiaries: [Luxury] - 1 State, Adrienne Vittadini, Bandolino, Barneys New York, Brooks Brothers, CeCe, Chaus, Corso Como Enzo Angiolini, First Semester, Frederick's of Hollywood, Frye, Geoffrey Beene, Hart Schaffner Marx, Hervé Léger, Hickey Freeman,…

How to get exposure (public alternatives): V.F. Corporation (VFC), PVH Corp (PVH), Capri Holdings (CPRI), Tapestry, Inc. (TPR), Hanesbrands Inc.…

08

Baypine LP

Subsidiaries: CenExel, Harbor, POLYWOOD, QualDerm Partners (Penn Foster Group) - Penn Foster • Ashworth College • James Madison High School • CareerStep • EHR Go • New York Institute of Art and Design • New York Institute of Photography • CareerExplorer…

09

Beretta Holding

Subsidiaries: Beretta, Benelli, Franchi, A. Uberti, Stoeger, Tikka, Sako, Chapuis Armes, Holland & Holland, Manurhin, Victrix Armaments, Steiner Optik, Burris Optics, Steiner eOptics, SwissP Defence, Norma Precision, RWS, GECO, Rottweil,…

How to get exposure (public alternatives): 1. Firearms Manufacturers: Sturm, Ruger & Co. (NYSE: RGR) — Smith & Wesson Brands (NASDAQ: SWBI) — Cadre Holdings Inc. (NYSE: CDRE) 2. Ammunition & Components: Olin Corporation (NYSE: OLN) — National Presto Industries (NYSE: NPK) — Ammo, Inc. (NASDAQ:…

10

Bestseller Retail

Subsidiaries: Womenswear: ONLY • VERO MODA • VILA • SELECTED Femme • Mamalicious • Junarose • Y.A.S. • Noisy May • PIECES • Object • Jacqueline de Yong (JDY) • produkt • JJXX Menswear: Jack & Jones • SELECTED Homme • Only & Sons • produkt…

11

Blackhawk Network Holdings

Subsidiaries: 1. Owned brands: BHN, Cardpool, CashStar, GiftCards.com, GiftCardMall.com, Tango, National Gift Card (NGC), Spafinder,…

How to get exposure (public alternatives): Green Dot (GDOT), Fiserv (FI), PayPal (PYPL), Block (SQ), Shift4 Payments (FOUR), American Express (AXP), Marqeta (MQ), Euronet Worldwide (EEFT), Global Payments…

12

Blue Star Alliance

Subsidiaries: Hurley, Off-White, Scotch & Soda, Brookstone, Dickies, Justice, Palm Angels, Bebe, Tahari, Kensie, Catherine Malandrino, Nanette Lepore, English Laundry, Limited…

How to get exposure (public alternatives): V.F. Corporation (VFC), PVH Corp (PVH), Capri Holdings (CPRI), Tapestry, Inc. (TPR), Hanesbrands Inc.…

13

Boehringer Ingelheim

Subsidiaries: Human health brands: Jardiance, Ofev, Pradaxa, Spiriva, Combivent Respimat, Trajenta, Gilotrif/Giotrif, Cyltezo, Actilyse, Aggrenox, Aptivus, Atrovent, Catapresan, Glyxambi, Jentadueto, Micardis, Praxbind, Sifrol, Spesolimab, Spiolto…

How to get exposure (public alternatives): Biopharma Companies: Eli Lilly and Company (NYSE: LLY) — Novo Nordisk A/S (NYSE: NVO) — Johnson & Johnson (NYSE: JNJ) — Pfizer Inc. (NYSE: PFE) — Moderna, Inc. (NASDAQ: MRNA) — AbbVie Inc. (NYSE: ABBV) — Bristol-Myers Squibb Company (NYSE:…

14

Bosch Group

Subsidiaries: Bosch, Dremel, Hawera, Freud, Sia Abrasives, Buderus, Dakon, elm.leblanc, Nefit Bosch, Vulcano, Worcester Bosch, Beissbarth, Robinair, OTC Tools, Zexel, Bosch Rexroth, ETAS, Hägglunds, Bosch Security Systems, Telex Communications,…

How to get exposure (public alternatives): Illinois Tool Works (ITW), Stanley Black & Decker (SWK), Ingersoll Rand (IR), Techtronic Industries (TTNDY), Dover (DOV), Snap-on…

15

Brynwood Partners

Subsidiaries: Chef Boyardee, Pillsbury (U.S. shelf-stable baking products), Hungry Jack, Funfetti, Martha White, White Lily, Jim Dandy, Arrowhead Mills, Sunspire, De Wafelbakkers, Birch Benders, Marie's, Dean's Dips, Uno Foods, Cucina Grande, Buitoni…

How to get exposure (public alternatives): Conagra Brands (CAG), Kraft Heinz Co. (KHC), Kellanova (K), Nestlé S.A.…

16

Bush Brothers and Company

Subsidiaries: Bush’s…

How to get exposure (public alternatives): Conagra Brands (CAG), Kraft Heinz Co. (KHC), Kellanova (K), Nestlé S.A.…

17

Butterfly Equity

Subsidiaries: Qdoba, Chosen Foods, MaryRuth Organics, Orgain, Pacifico Aquaculture, (Generous Brands) - Bolthouse Farms, Evolution Fresh, SAMBAZON, Health-Ade (Pete & Gerry’s Organics) - Pete & Gerry’s Organic, Pete & Gerry’s Pasture-Raised, Nellie’s…

How to get exposure (public alternatives): Conagra Brands (CAG), Kraft Heinz Co. (KHC), Kellanova (K), Nestlé S.A.…

18

Bytedance

Subsidiaries: TikTok, Douyin, CapCut, Lemon8, Toutiao, Xigua Video, Whee, Lark, BytePlus, Pico, Moonton,…

How to get exposure (public alternatives): Social Media: Snap Inc. (SNAP), Meta Platforms, Inc. (META), Reddit (RDDT), Alphabet Inc.…

19

C & S Grocers

Subsidiaries: Retail Store Banners: D&W Fresh Market, Family Fare, Grand Union, Harveys Supermarkets, Martin's Super Markets, Piggly Wiggly, Winn-Dixie Private Label Brands: Best Yet, Crav'n Flavor, Our Family, Paws Premium, Pure Harmony, Simply Done,…

How to get exposure (public alternatives): Walmart (WMT), Costco Wholesale Corporation (COST), The Kroger Co. (KR), Albertsons Companies, Inc. (ACI), Target…

20

CKE Restaurants

Subsidiaries: Carl's Jr., Hardee's, Green Burrito, and Red…

How to get exposure (public alternatives): Restaurant Brands International (QSR), The Wendy's Company (WEN), Jack in the Box Inc. (JACK), Yum! Brands, Inc.…

21

Centre Lane Partners

Subsidiaries: Instant Brands Appliances (Instant Pot, Vortex Air Fryer, Omni Oven), Corelle Brands (Corelle, Pyrex, Snapware, CorningWare, Visions, Chicago Cutlery), WOWorks (Saladworks, Frutta Bowls, Garbanzo Mediterranean Fresh, The Simple Greek),…

How to get exposure (public alternatives): 1. Kitchenware: Whirpool Corporation (WHR), Lifetime Brands…

22

Checkers Holding

Subsidiaries: Checkers,…

How to get exposure (public alternatives): Restaurant Brands International (QSR), The Wendy's Company (WEN), Jack in the Box Inc. (JACK), Yum! Brands, Inc.…

23

China Reform Fund Management

Subsidiaries: Lightelligence, China Reform Securities, Bairong Inc., Yuntongxun, Lepu Medical Technology, HwaGen Pharma, Full Truck Alliance, 4Paradigm, Remegen, CloudWalk Technology, Geneseeq, MetaX, Origin quantum, Teld New Energy, Dagong Global…

24

Clayton Dubilier and Rice

Subsidiaries: Cornerstone Building Brands, Shearer’s Foods, Brand Industrial Services (High Ridge Brands) - Zest, Alberto VO5, Coast, White Rain, LA Looks, Zero Frizz, Rave, Salon Grafix, Thicker Fuller Hair, Reach, Firefly, Dr. Fresh,…

25

Color Image Apparel

Subsidiaries: Alo Yoga Bella+Canvas Ingrid +…

How to get exposure (public alternatives): Gildan Activewear Inc. (GIL), Hanesbrands Inc. (HBI), Delta Apparel (DLA), Cutter & Buck (CUTB), Lululemon Athletica Inc. (LULU), Nike, Inc. (NKE), Gap Inc.…

26

Cox Enterprises

Subsidiaries: Communications: Cox Communications • Axios • Valpak Automotive (Cox Automotive): Autotrader • Kelley Blue Book • Manheim • Dealer.com • Dealertrack • NextGear Capital • vAuto • Xtime Emerging industries (Cox Farms and others):…

How to get exposure (public alternatives): Verizon Communications Inc. (VZ), AT&T Inc. (T), Fox Corporation (FOXA), Carvana Co. (CVNA), Penske Automotive Group, Inc. (PAG), AutoNation, Inc.…

27

DJI

Subsidiaries: Hasselblad…

How to get exposure (public alternatives): EHang (EH) GoPro…

28

EG Group

Subsidiaries: Cumberland Farms, Leon Restaurants, Cooplands, Minit…

How to get exposure (public alternatives): Tesco (LON: TSCO), J Sainsbury plc (LON: SBRY), Shell (SHEL), BP (BP), Casey's General Stores…

29

Edeka

Subsidiaries: Markets: EDEKA (including aktiv markt, neukauf, and E-Center) | Netto Marken-Discount | Marktkauf | Spar (in Germany) | Diska | Nah und gut | Bringmeister | C&C Großmarkt…

How to get exposure (public alternatives): Major Retail & Grocery Companies: Walmart Inc. (NYSE: WMT) — Costco Wholesale Corporation (NASDAQ: COST) — Kroger Co. (NYSE: KR) — Albertsons Companies, Inc. (NYSE: ACI) — Ahold Delhaize N.V. (OTC:…

30

Emprise Group

Subsidiaries: Germ-X, Nice-Pak Products (includes Nice 'N Clean, Grime Boss, Wet-Nap, PDI), Vi-Jon, Citroma, Sonoma Spa, Mountain Falls, Alpine…

How to get exposure (public alternatives): Procter & Gamble Company (PG), Unilever (UL), Colgate-Palmolive Company (CL), The Clorox Company (CLX), Reckitt Benckiser Group (RBGLY), Church & Dwight Co., Inc. (CHD), Kimberly-Clark Corporation (KMB), Ecolab Inc. (ECL), and Henkel AG & Co.…

32

Enterprise Holdings

Subsidiaries: Enterprise, Alamo,…

How to get exposure (public alternatives): Avis Budget Group (CAR), The Hertz Corporation…

33

Ethical Capital Partners

Subsidiaries: (Aylo) - Pornhub, YouPorn, RedTube, Tube8, Xtube, ModelHub, Thumbzilla, Brazzers, Men.com , Digital Playground, Reality Kings, Sean Cody, Nutaku, Mofos, Twistys, Babes.com ,TransAngels,…

How to get exposure (public alternatives): 1. Adult Entertainment & Lifestyle: PLBY Group (NASDAQ: PLBY) — RCI Hospitality Holdings (NASDAQ:…

34

Excel Dryer

Subsidiaries: Xlerator…

How to get exposure (public alternatives): Fortune Brands Innovations (FBIN), Masco Corporation…

35

FN Browning

Subsidiaries: FN Herstal, Browning, Winchester, Miroku, Noptel, FNX Ventures,…

How to get exposure (public alternatives): 1. Firearms Manufacturers: Sturm, Ruger & Co. (NYSE: RGR) — Smith & Wesson Brands (NASDAQ: SWBI) — Cadre Holdings Inc. (NYSE: CDRE) 2. Ammunition & Components: Olin Corporation (NYSE: OLN) — National Presto Industries (NYSE: NPK) — Ammo, Inc. (NASDAQ:…

36

Fanatics

Subsidiaries: Mitchell and Ness,…

How to get exposure (public alternatives): Nike, Inc. (NKE), Under Armour, Inc. (UAA), Dick's Sporting Goods (DKS), Lululemon Athletica Inc. (LULU), DraftKings Inc.…

37

Fenway Sports Group

Subsidiaries: Boston Red Sox, Fenway Park, Liverpool F.C., Anfield, Pittsburgh Penguins, RFK Racing, Boston Common Golf, New England Sports Network…

How to get exposure (public alternatives): Liberty Media (BATRK), Madison Square Garden Sports (MSGS), Manchester United (MANU), TKO Group Holdings (TKO), Liberty Media (FWONA), Liberty Media (FWONK), Rogers Communications…

38

Ferrero Group

Subsidiaries: Nutella, Kinder, Tic Tac, Ferrero Rocher, Raffaello, Ferrero Küsschen, Mon Chéri, Ferrero Rondnoir, Pocket Coffee, Giotto, Hanuta, Butterfinger, Baby Ruth, Crunch, 100 Grand, SweeTarts, Nerds, Keebler, Famous Amos, Mother’s, Murray, Little…

How to get exposure (public alternatives): Confectionery & Snack Companies: Hershey Co. (NYSE: HSY) — Mondelez International (NASDAQ: MDLZ) — Nestlé SA (OTC: NSRGY) — Tootsie Roll Industries, Inc. (NYSE: TR) — J&J Snack Foods (NASDAQ: JJSF) — Conagra Brands, Inc. (NYSE: CAG) — The Kraft Heinz Company (NASDAQ: KHC) — General Mills, Inc. (NYSE:…

39

Fitness International

Subsidiaries: LA Fitness, City Sports Club, Club Studio Fitness, XSport…

How to get exposure (public alternatives): Planet Fitness (PLNT), Life Time Group Holdings (LTH), Xponential Fitness…

40

Fitness Ventures

Subsidiaries: Crunch…

How to get exposure (public alternatives): Planet Fitness (PLNT), Life Time Group Holdings (LTH), Xponential Fitness…

Questions people ask

Common Questions

What is a private holding company?

A company that owns other businesses but has no shares trading on an exchange. Several of the largest companies in the world are structured this way, which is why revenue rankings and stock-market rankings look so different.

Can I invest in one?

Not directly. Where a listed company holds a stake, or competes in the same markets, that is usually the closest available exposure.