The Vermont 100+ from VermontBiz

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,
Saint Johnsbury

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,
Saint Johnsbury

Service

$113.3

28

SD Ireland Concrete Construction Corp,
South Burlington

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