by Timothy McQuiston, Editor, VermontBiz/Vermont Business Magazine Our January 2023 issue marks the final installment in our 50th anniversary retrospective series. Before anyone had heard of the Internet or email — and long before Facebook, the iPhone or Google — there was the Vermont 100.
Vermont Business was born in 1972 and first published as a stand-alone monthly in February 1973. Our first Vermont 100 ranking of businesses by annual revenue was featured in the publication's January 1987 issue, based on 1986 revenues. At that time we also asked for prior year’s revenues, which is how several companies have numbers going back to 1985.
Since then there have been only four companies that have been Number One: National Life Group, C&S Wholesale Grocers, Fletcher Allen Health Care (now The University of Vermont Medical Center) and Green Mountain Coffee Roasters Inc (now Keurig Dr Pepper and based in Plano, TX).
Toward the end of its time as a Vermont-based corporation, Keurig had pulled away from the field with over $4 billion in revenues, but in 2016 it was bought by a European firm that gobbled up coffee and sandwich chains from coast to coast.
C&S Wholesale Grocers also boasted meteoric growth as it bought the distribution businesses from supermarket chains. It then moved its headquarters from Brattleboro to across the Connecticut River into New Hampshire. C&S was owned by one family, and moving the HQ saved much on personal state income taxes.
Consequently C&S, like Keurig, is no longer part of the Vermont 100.
Keurig joins the likes of Ben & Jerry’s and Seventh Generation, Bond Auto and IDX Systems, many of the ski resorts and fuel companies, Biotek, GW Plastics and several other fine companies, who also have been sold to outside entities and no longer provide revenue numbers for the Vermont 100.
Consolidation has been the biggest disruptor in the nearly four decades we’ve been publishing these rankings.
In 2020, another seismic shift in the economy brought a different kind of change to the business landscape that had nothing to do with consolidation or VCs or Bitcoin or billionaires flying off into space.
Its long-term implications might not be known for many years. We’re talking about, of course, the COVID-19 pandemic.
Some companies chose to sit out the Vermont 100 in 2020 after what was a rough year for most, but not all, Vermont businesses.
You’ll see that several have come back, while others are still taking a breather. Some subsequently had a fabulous 2021 as federal money poured into the economy. Many of those have returned to baseline.
Leading the way for those still on the list is our first and current top firm, National Life, which is not only the largest Vermont-based firm but one that also consistently boasts strong growth. Congratulations to them. (See List Below)
Here are a few newer firms to keep your eye on for their growth and innovation: OnLogic (South Burlington); Mamava (Burlington); Ivy Computer Inc (Waterbury Center); ReArch (South Burlington) and MSI (Morrisville).
Also, check out our Growth Charts in our January issue.
We’ve also seen tremendous growth as we look back now 36 years. Some of Vermont’s stalwart companies from across the state continue to lead the way in both growth and innovation.
The 35-year growth chart reads like a who's who of historically great Vermont companies, from Cabot to Orvis to Mack Molding to Rice Lumber to three stalwart insurance firms: Vermont Mutual, Patron’s Co-operative and Union Mutual.
The vast majority of the companies participate voluntarily every year. Other revenue information is gathered from public sources like the SEC, IRS and the Green Mountain Care Board. We at VermontBiz are grateful to all the companies on this year’s list that sent us their revenue data.
Already we’re seeing many of the firms that struggled in 2020 returning to form in 2022, even as COVID refuses to go away.
Just as our name has evolved over the years (Vermont Business, Vermont Business World, Vermont Business Magazine, VBM and VermontBiz), the economic landscape has changed vastly, and we, of course, have had to change with it.
We’re persevering, thriving and looking forward to an even better New Year. And we can’t wait to see what comes next.
Vermont 100+ Ranking
(In Millions of $)
Rank | Company, Location | Category |
2022 REVENUE IN MILLIONS |
1 |
National Life Group, Montpelier |
Financial |
$2,890 |
2 |
The University of Vermont Medical Center, Burlington |
Service |
$1500.6 |
3 |
Cabot Creamery Cooperative Inc, Waitsfield |
Manufacturing |
$1,200 |
4 |
Casella Waste Systems Inc, Rutland |
Service |
$1,080 |
5 |
University of Vermont, Burlington |
Service |
$736 |
6 |
Vermont Mutual Insurance Group, Montpelier |
Service |
$736 |
7 |
Green Mountain Power Corp, Colchester |
Service |
$709 |
8 |
Blue Cross and Blue Shield of Vermont, Montpelier |
Financial |
$565 |
9 |
Mack Group, Arlington |
Manufacturing |
$507 |
10 |
PC Construction, South Burlington |
Construction |
$440 |
11 |
Orvis Company Inc, Sunderland |
Retail |
$380 |
12 |
Middlebury College, Middlebury |
Service |
$286 |
13 |
Rutland Regional Medical Center, Rutland |
Service |
$270.3 |
14 |
Central Vermont Medical Center, Barre |
Service |
$251.5 |
15 |
Vermont Electric Power Company (Velco), Rutland |
Service |
$222 |
16 |
Carris Reels, Inc, Proctor |
Manufacturing |
$220 |
17 |
Union Mutual Insurance, Montpelier |
Financial |
$214 |
18 |
Momentum Manufacturing Group, LLC, |
Manufacturing |
$212 |
19 |
Southwestern Vermont Health Care, Bennington |
Service |
$177.6 |
20 |
OnLogic, South Burlington |
Technology |
$138 |
21 |
Champlain Cable Corp, Colchester |
Manufacturing |
$135 |
22 |
DEW Construction Corp, Williston |
Construction |
$131 |
23 |
Howard Center, Burlington |
Service |
$129.4 |
24 |
Engelberth Construction Inc, Colchester |
Construction |
$122 |
25 |
Norwich University, Northfield |
Service |
$118.8 |
26 |
Northwestern Medical Center, Inc, Saint Albans |
Service |
$115.9 |
27 |
Northeastern Vermont Regional Hospital, |
Service |
$113.3 |
28 |
SD Ireland Concrete Construction Corp, |
Construction |
$110 |
29 |
Saint Michael’s College, Colchester |
Service |
$106 |
30 |
Brattleboro Retreat, Brattleboro |
Service |
$104.9 |
31 |
Patrons Co-operative Insurance Company, Middlebury |
Financial |
$100 |
32 |
Brattleboro Memorial Hospital, Brattleboro |
Service |
$95.6 |
33 |
Copley Health Systems, Morrisville |
Service |
$94.7 |
34 |
Porter Medical Center, Inc, Middlebury |
Service |
$94.2 |
35 |
North Country Hospital, Newport |
Service |
$88.8 |
36 |
Vermont Electric Cooperative, Inc, Johnson |
Service |
$82 |
37 |
Twincraft, Inc, Winooski |
Manufacturing |
$80.5 |
38 |
New England Federal Credit Union, Williston |
Financial |
$64.3 |
39 |
ReArch Company, INC, South Burlington |
Construction |
$63.2 |
40 |
Instrumart, South Burlington |
Technology |
$63 |
41 |
Washington County Mental Health Services Inc, Montpelier |
Service |
$62 |
42 |
Mt. Ascutney Hospital and Health Center, Windsor |
Service |
$59.6 |
43 |
Burlington Electric Department, Burlington |
Service |
$59.5 |
44 |
Chroma Technology Corp, Bellows Falls |
Manufacturing |
$56.5 |
45 |
Britton Lumber Company LLC, Fairlee |
Retail |
$56 |
46 |
Springfield Hospital, Springfield |
Service |
$54.7 |
47 |
Gifford Healthcare, Randolph |
Service |
$54.2 |
48 |
Union Bank, Morrisville |
Financial |
$52.8 |
49 |
Health Care and Rehabilitation Services (HCRS), Springfield |
Service |
$51.5 |
50 |
iSun Inc, Williston |
Service |
$50.6 |
51 |
Burlington International Airport (BTV), South Burlington |
Service |
$50.5 |
51 |
Naylor & Breen Builders Inc, Brandon |
Construction |
$50.5 |
53 |
Northfield Savings Bank, Barre |
Financial |
$48 |
54 |
Community College of Vermont, Montpelier |
Service |
$47.7 |
55 |
Champlain Housing Trust, Burlington |
Service |
$47.5 |
56 |
Vermont State Employees Credit Union, Montpelier |
Financial |
$47 |
57 |
Four Seasons Sotheby’s International Realty, South Burlington |
Service |
$46 |
58 |
Jay Peak Resort, Jay |
Service |
$45.6 |
59 |
Poulin Lumber - USLBM, LLC, Derby |
Retail |
$44 |
60 |
Smugglers’ Notch Resort, Smugglers Notch |
Service |
$43 |
60 |
Wright & Morrissey Inc, Burlington |
Construction |
$43 |
62 |
Hallam-ICS, South Burlington |
Service |
$40 |
63 |
Vermont Federal Credit Union, Burlington |
Financial |
$39.3 |
64 |
Vermont Precision Tools, Inc., Swanton |
Manufacturing |
$38.4 |
65 |
Rice Lumber, Shelburne |
Retail |
$36.1 |
66 |
Bread Loaf Corporation, Middlebury |
Construction |
$35 |
66 |
Neagley and Chase Construction Co, S Burlington |
Construction |
$35 |
68 |
Vermont Law and Graduate School, South Royalton |
Service |
$33 |
69 |
Community Care Network, Rutland |
Service |
$32.7 |
70 |
KW Vermont, South Burlington |
Service |
$32.1 |
71 |
Alliance Group Inc, Essex Junction |
Construction |
$32 |
72 |
MSI, Morrisville |
Manufacturing |
$31.1 |
73 |
Passumpsic Savings Bank, Saint Johnsbury |
Financial |
$31 |
74 |
Grace Cottage Family Health & Hospital, Townshend |
Service |
$30.1 |
75 |
Landmark College, Putney |
Service |
$29 |
75 |
New England Air Systems LLC, Williston |
Construction |
$29 |
75 |
Vermont Mechanical, Inc, Williston |
Construction |
$29 |
78 |
KALOW Technologies, LLC, Rutland |
Manufacturing |
$28 |
79 |
Mamava, Burlington |
Service |
$27 |
80 |
The University of Vermont Health Network - Home Health & Hospice, Colchester |
Service |
$25.3 |
81 |
Hayes Ford, Inc, Newport |
Retail |
$22 |
82 |
Washington Electric Cooperative Inc, East Montpelier |
Service |
$20.1 |
82 |
Allard Lumber Company, Brattleboro |
Manufacturing |
$20 |
84 |
C2-Competitive Computing, Inc, Colchester |
Technology |
$20 |
85 |
Whitney Blake Company, Bellows Falls |
Manufacturing |
$19 |
86 |
North Hartland Tool Corp, North Hartland |
Manufacturing |
$18.5 |
86 |
Holstein Association USA, Brattleboro |
Service |
$18.3 |
88 |
Vermont Public, Colchester |
Service |
$18.3 |
88 |
Lyndon Furniture, Saint Johnsbury |
Manufacturing |
$18 |
90 |
Manchester Capital Management LLC, Manchester |
Financial |
$18 |
91 |
DuBois & King, Inc, Randolph |
Service |
$17.8 |
92 |
Donald P Blake Jr Inc, Morrisville |
Construction |
$17.5 |
92 |
Gallagher, Flynn & Company, LLP, South Burlington |
Financial |
$16.3 |
94 |
Ivy Computer Inc, Waterbury Center |
Technology |
$16.3 |
95 |
Dore & Whittier Architects, Burlington |
Service |
$15.9 |
96 |
KMC Construction, Colchester |
Construction |
$15 |
97 |
Mount Family Group, LTD, Williston |
Service |
$14.98 |
98 |
VHB , South Burlington |
Service |
$14.5 |
99 |
ASIC North, Inc., Williston |
Technology |
$14.2 |
100 |
The McKernon Group, Inc, Brandon |
Construction |
$12.5 |
101 |
Brattleboro Savings and Loan Association , Brattleboro |
Financial |
$12.4 |
102 |
John Turner Consulting, Inc., Hartland |
Construction |
$12.2 |
103 |
Windjammer Hospitality Group, South Burlington |
Service |
$12 |
104 |
Jamaica Cottage Shop Inc, South Londonderry |
Manufacturing |
$11.3 |
104 |
Pizzagalli Properties LLC, Burlington |
Service |
$11 |
106 |
Vermont Store Fixture Corporation, Danby |
Manufacturing |
$11 |
107 |
The Dock Doctors, Ferrisburgh |
Manufacturing |
$10.9 |
107 |
Dirt Tech Company, LLC, Colchester |
Construction |
$10 |
107 |
Office Environments, Inc, South Burlington |
Retail |
$10 |
110 |
Walker Construction, Inc, Stowe |
Construction |
$10 |
111 |
Connor Contracting, Inc, Berlin |
Construction |
$9.7 |
112 |
Fluency Inc, Burlington |
Technology |
$9.1 |
113 |
The Hilb Group New England, LLC, Waitsfield |
Service |
$9 |
114 |
89 North, Williston |
Manufacturing |
$8.8 |
115 |
CCS Constructors INC, Morrisville |
Construction |
$8.7 |
116 |
Housewright Construction, Inc, Newbury |
Construction |
$8.1 |
117 |
Dupuis Construction, Brattleboro |
Construction |
$8 |
118 |
Twinstate/Voice.Data.Video.Inc., Colchester |
Technology |
$7.6 |
118 |
Bradford Machine Company, Brattleboro |
Manufacturing |
$7 |
120 |
JA Morrissey, Inc, Burlington |
Construction |
$7 |
121 |
CSE, Inc, Williston |
Construction |
$6.2 |
122 |
Stantec Consulting Services Inc., South Burlington |
Service |
$6.2 |
123 |
AM Peisch & Company LLP, Colchester |
Financial |
$6.1 |
124 |
McSoley, McCoy & Co., South Burlington |
Financial |
$6 |
125 |
Kittell, Branagan & Sargent, Saint Albans |
Service |
$5.9 |
126 |
Denis White Interior Contractors, Inc, Williston |
Construction |
$5.4 |
127 |
DominionTech Computer Services, Williston |
Technology |
$5.3 |
128 |
Hall Communications Radio Group, South Burlington |
Service |
$5.2 |
128 |
Engineering Ventures PC, Burlington |
Service |
$5 |
130 |
Seven Days, Burlington |
Service |
$5 |
131 |
Spates Construction, Inc, Derby |
Construction |
$4.9 |
132 |
Lewis Creek Company, INC, Essex Junction |
Construction |
$4.7 |
133 |
Leonine Public Affairs, Montpelier |
Technology |
$4.6 |
134 |
Sweeney Designbuild , Shelburne |
Construction |
$4.2 |
135 |
Lovejoy Tool Co, Inc, Springfield |
Manufacturing |
$4 |
136 |
Hayden Plumbing & Heating Inc, Bennington |
Construction |
$3.8 |
137 |
Eight Oh Two Marketing, Bennington |
Service |
$3.7 |
137 |
Aldrich + Elliott, P.C., Essex Junction |
Service |
$3.5 |
139 |
KAS Inc., Williston |
Service |
$3.5 |
140 |
M & M Excavating Inc, Proctorsville |
Construction |
$3.1 |
Source: VermontBiz 2023 |