50 topfamilybusiness.ey.com/pdfs/campden-fb---global-challengers.pdf · campdenfb’s annual survey...

50Global Challengers2012Which family businesses are likely to challenge for the top positions in the years ahead?

50TOP

In association with

NEW Global challengersINSERT.indd 1 03/10/2012 13:24

Blink and you might miss them. CampdenFB’s annual survey of the 50 fastest growing family businesses in the world underlines how important the family is to business

Fifty nifty families

Scholz Group, a recycling business based in the

small town of Essingen in south-west Germany,

is one of the fastest growing companies in the

world. Indeed, it grew in revenue terms by a

staggeringly high 121% between 2009 and 2011.

That makes it this year’s top global challenger of the fastest

growing family businesses in the world.

A fi fth-generation family business, Scholz is the typical

Mittelstand company that makes the German economy so

strong – 100% owned by the family, discreet and driven by

long-term objectives, rather than quarterly reporting pressures.

There were eight companies from Germany among this year’s

global challengers, all paragons of the Mittelstand model.

Altogether the 50 fastest growing family businesses in the

world notched up average growth of 65% between 2009 and

2011. Although much of Europe has been mired in a deep

economic downturn, 24 of this year’s companies came from

the region. As well as the Mittelstand companies, Italian

and French luxury groups and famous brand names like

Lego from Denmark and JCB from the UK grew remarkably

strongly in the last three years – a testament to the family

business sector in Europe.

Fifteen companies were based in Asia, which included family

businesses like the Genting Group and YTL in Malaysia,

which increased revenues by 120% and 106% respectively

over the three-year period. Latin America was represented

by companies such as appliance retailer Magazine Luiza in

Brazil, achieving growth of 92%, and the renewable energy

company Impsa. North American family businesses on this

year’s list included the engineering group MasTec, growing

by 86%, and food retailers Holiday Companies and Sheetz,

expanding by 82% and 61% respectively.

Many of these businesses are in fast-growing sectors like

renewable energy, luxury and precision engineering. Luxury

companies were particularly well represented by the likes

of Hermès, Prada, Salvatore Ferragamo and Ermenegildo

Zegna. But almost all of them put their success down to being

family businesses fi rst, before the sectors they operate in.

And most are adamant they want to remain family controlled.

“Family ownership is defi nitely an important factor as

investment decisions are always taken with a long-term focus

and the group thinks in generations,” Oliver Scholz, chief

executive of the Scholz Group, told CampdenFB.

Scholz was also the biggest business on the list,

doubling in size over the three-year period with revenues

of more than €5 billion in 2011. “How the global

2 CampdenFB Autumn 2012 In association with

50Global Challengers 2012

50TOP

WILSON, SONS BERMUDA

MASTEC HOLIDAY COMPANIES

SHEETZUS

EMPRESAS CMPCCHILE


challengers were able to turn their potential competitive

advantage of being family businesses into superior

growth and success is very impressive,” says Peter Englisch,

a senior partner at Ernst & Young and a specialist in

family businesses. “These companies underline the best of

innovational spirit and entrepreneurial power.”

To rank the companies, CampdenFB looked at revenue growth

in local currency during the three-year period from 2009 until

2011. To be included in the list, businesses must have met all

the criteria listed below:

● At least one representative of the family is formally involved

in the governance of the business;

● Listed companies meet the defi nition of a family enterprise

if the person who established or acquired the fi rm or their

families or descendants possess at least 25% of the decision-

making rights mandated by their share capital;

● The share capital controlled by the family is at least in the

second generation or beyond;

● All companies had revenues of no more than €5 billion in

2009;

● Revenues were either publicly available or made available to

CampdenFB.

TAT HONGSINGAPORE

3CampdenFBAutumn 2012www.campdenfb.com

Ernst & Young is delighted to be associated with the

CampdenFB Top 50 Global Challengers. With a history

of supporting fast-growing companies to reach their

potential, for over 25 years our worldwide Entrepreneur

of the Year programme has recognised best-in-class

business leaders who have demonstrated their passion

and drive for growing their business, often internationally.

Our Center of Excellence for Family Business builds on

this international platform and is designed to support

family businesses and their owners wherever they operate

in the world. It brings together advisers from across the

Ernst & Young global network to share knowledge and

insights that will address family-business challenges

and provide seamless service for family-led companies

wherever they operate. While each family business is

unique, successful, growing family businesses have much

in common. Understanding these success factors and

taking advantage of that knowledge underpins what we

call the “growth DNA of family business”.

For more information, please visit www.ey.com/

familybusiness.

IMPSAMOLINOS RÍO DE LA PLATAARGENTINA

NAKUMATTKENYA

HERO MOTOCORPESCORTS GROUP

DABUR INDIAMURUGAPPA GROUP

GMR GROUPTHERMAX

INDIA

GENTING GROUPYTLMALAYSIA

DAPHNE INTERNATIONALCHINA

WILSON, SONS BERMUDA

BROMAN GROUPFINLAND

BAKRIE & BROTHERSINDONESIA

MAGAZINE LUIZAMARCOPOLOCEDRO CACHOEIRABRAZIL

MARCEGAGLIAPRADA

SALVATORE FERRAGAMOGRUPPO BREMBO

LORO PIANAERMENEGILDO ZEGNA

GRUPPO CREMONINI ITALY

AXEL JOHNSON GROUPSWEDEN

DANFOSS GROUPLEGODENMARK

GETRAGKNORR-BREMSE

MANN + HUMMELBROSE

WIELAND-WERKEEBERSPÄCHER

SCHOLZ GROUPWITTENSTEIN

GERMANYJCBYOUNG’S BREWERYUK

HERMÈSMANE GROUPAKKA TECHNOLOGIESFRANCE

ABOITIZ EQUITY VENTURESDMCIICTS

AYALAPHILIPPINES



50Global Challengers 2012

50TOP

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CampdenFB’s top global challenger is the perfect example of a German Mittelstand company – it’s family-owned, focuses on organic growth and is debt free – and it’s virtually unknown outside of its sector. But Scholz, which is currently headed by fi fth-generation Oliver Scholz, is a top player in the metal recycling industry, supplying steel and other metals to companies like ArcelorMittal and the Riva Group.

The fastest growing family business in the UK, JCB has been good at diversifying into emerging markets, which is where much of its growth has come from in the last few years. Famous for its yellow diggers and construction equipment, the Bamford family-owned group was recently named the UK’s private business of the year. Second-gen Anthony Bamford and his senior management like the family business model, non-family chief executive Alan Blake recently said.

Scholz GroupScholz

JCBBamford

The third-largest retail group in Brazil in revenue terms, Magazine Luiza is

currently run by second-gen Luiza Helena Trajano Inácio

Rodrigues. Featured for the second time in CampdenFB’s Global Challengers list,

the family-controlled business has achieved very strong growth – its 92%

revenue increase between 2009 and 2011 surpassed the 84% rise seen in last year’s list.

Magazine LuizaTrajano

Pre-tax profi t: €246.6 million (2011)

Number of employees: 7,500

Generation of ownership: Fifth

Best known for: Not being known

Pre-tax profi t: €444.2 million

(� scal 2012)


Generation of ownership: Second

Best known for: Yellow diggers

Pre-tax profi t: €114.7 million (2011)



Best known for: Being the � rst retail company in Brazil to introduce online shopping

Luiza Helena Trajano, president

Oliver Scholz, chief executive

Facts Facts Facts


5www.campdenfb.com CampdenFBAutumn 2012

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When Miuccia Prada joined the family business in 1970, she had a degree in political science and no fashion experience. But together with her husband – business savvy Patrizio Bertelli – she turned the Milanese fi rm, which was founded by her grandfather in 1913, into one of the world’s most successful fashion houses. Thanks to recent booming demand for luxury goods in Asia, the family business makes the list again this year.

One of the oldest businesses in India, Dabur traces its roots back to 1884 when SK Burman set up a company to sell healthcare products. Today the group, which has seen rapid growth over the last 10 years, is well known also for its food and consumer goods. Diversifi cation has been largely credited for Dabur’s growth in the country – it introduced boxed fruit juices in the 1990s and made its

fi rst-ever international acquisition, of a Turkish personal care

group, two years ago. Dabur is currently led by fi fth-gens Anand and Amit Burman.

It’s rare these days to see

fast-growing construction companies, but Florida-based MasTec

shows you can succeed no matter

what sector you’re in if you have the determination. MasTec’s strong growth

is probably down to its success in diversifying. The second-generation-controlled business is involved in everything from building oil pipelines and wind farms to maintaining fi bre-optic networks across the US.

Dabur IndiaBurman

MasTecMas

Prada GroupPrada

Pre-tax profi t: €759.3 million (� scal 2012)


Generation of ownership: Third

Best known for: Top fashion brands

Pre-tax profi t: €219 million (2011)



Best known for: Surviving the construction downturn

Pre-tax profi t: €134.9 million (� scal 2012)


Generation of ownership: Fifth

Best known for: Chyawanprash, widely consumed in India

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One of the oldest businesses in India, Dabur traces its roots back to 1884 when SK Burman set up a company to sell healthcare products. Today the group, which has seen rapid growth over the last 10 years, is well known also for its food and consumer goods. Diversifi cation has been largely credited for Dabur’s growth in the country – it introduced boxed fruit juices in the 1990s and made its

fi rst-ever international

group, two years ago. Dabur is currently led by fi fth-gens Anand and Amit Burman.

joined the family business

science and no fashion

most successful fashion houses. Thanks to recent

luxury goods in Asia, the family business makes the

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José Mas, chief executive

Facts Facts Facts


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Company Family Country Sector Revenue Revenue % gain (in Family 2011 (bn) 2009 (bn) local currency) ownership

Scholz Group Scholz Germany Recycling € 5.3 € 2.4 121.3% 100%

Genting Group Lim Malaysia Conglomerate € 4.9 € 2.2 120% 38%+

Bakrie & Brothers Bakrie Indonesia Conglomerate € 1.3 € 0.61 112.2% 28%+

YTL Yeoh Malaysia Conglomerate € 4.6 € 2.2 106.4% 52%+

Aboitiz Equity Ventures Aboitiz Philippines Holding company € 1.3 € 0.64 106.1% 100%

JCB Bamford UK Manufacturing € 3.4 € 1.7 103.7% 100%

Impsa Pescarmona Argentina Renewables € 0.81± €0.41± 98.8% 100%

Eberspächer Eberspächer Germany Engineering € 2.6 € 1.3 93.3% 100%

Magazine Luiza Trajano Brazil Appliance retail € 2.4 € 1.3 91.6% 67.9%

Wieland-Werke Wieland Germany Engineering € 3.3 * €1.7 * 89.1% 100%+

MasTec Mas US Engineering € 2.3 € 1.2 85.8% 26.4%

Holiday Companies Erickson US Food retail € 2.8+ € 1.5+ 81.5% 100%+

DMCI Consunji Philippines Holding company € 0.88 € 0.50 75.3% 70%+

Marcegaglia Marcegaglia Italy Engineering/steel € 4.3 € 2.5 70.8% 100%

Wittenstein Wittenstein Germany Engineering € 0.23 * € 0.14 * 70.1% 100%

Marcopolo Bellini and Pinto Brazil Automotive € 1.3 € 0.77 66.8% 65.4%

Thermax Pudumjee India Engineering € 0.76 * € 0.46 * 66.1% 62%

GMR Group Rao India Infrastructure € 1.2 * € 0.73 * 65.4% 71.4%

Akka Technologies Ricci France Engineering € 0.55 € 0.33 64.8% 64.4% v

Prada Group Prada Italy Luxury goods € 2.6 * €1.6 * 64.1% 80%

Murugappa Group Murugappa India Conglomerate € 3.2 * €1.9 * 63.9% 55%

Sheetz Sheetz US Food retail € 4.0 * € 2.5 *+ 61.4% 100%+

Lego Kirk Kristiansen Denmark Toys € 2.5 € 1.6 60.6% 75 - 25% #

Salvatore Ferragamo Ferragamo Italy Luxury goods € 0.99 € 0.62 59.2% 79.7%

Molinos Río de la Plata Perez Companc Argentina Food production € 2.1 € 1.3 59.1% 75.4% v

* Fiscal year; + Estimates; v Voting rights; # 75% family investment company, 25% Lego Foundation ± Impsa’s 2011 � scal year ended 31 December 2011. Fiscal 2009 ended on 31 January 2010 Key:


50Global Challengers

50TOP

The ListRank

Global Challengers 2012


International Container Razon Philippines Transport € 0.44 € 0.28 58.2% 63.5%

Brose Stoschek Germany Automotive € 4.0 € 2.6 56.8% 100%

Dabur India Burman India Consumer goods € 0.75 € 0.48 55.8% 68.7%

Empresas CMPC Matte Chile Holding company € 3.7 € 2.4 53.8% 55%

Knorr-Bremse Thiele Germany Automotive € 4.2 € 2.8 53.6% 100%

Mane Group Mane France Manufacturing € 0.57 € 0.38 51.38% 100%+

Gruppo Brembo Bombassei Italy Automotive € 1.3 € 0.83 51.35% 56.5%

Getrag Hagenmeyer Germany Automotive € 3.0 € 2.0 50.8% 100%

Escorts Group Nanda India Conglomerate € 0.46 € 0.31 48.8% 27.6%

Hermès Hermès France Luxury goods € 2.8 € 1.9 48.7% 71.3% v

Nakumatt Shah Kenya Food retail € 0.35 * € 0.24 * 48.5% 93%

Hero MotoCorp Munjal India Motorcycles € 3.3 * € 2.2 * 48.3% 31%

Mann + Hummel Mann and Hummel Germany Automotive € 2.5 € 1.7 47.9% 100%

Axel Johnson Group Johnson Sweden Holding company € 3.5 € 2.4 47.6% 100%+

Cedro Cachoeira Mascarenhas Brazil Textiles € 0.20 € 0.14 47.3% 30%+

Daphne International Chens and Chang Hong Kong Retail € 0.85 € 0.58 47.2% 43.4%

Wilson, Sons Salomon Bermuda Logistics € 0.53 € 0.37 46.1% 58%+

Tat Hong Ng Singapore Machinery € 0.45 € 0.31 45.3% 54% *

Broman Group Broman Finland Auto-parts retail € 0.18 * € 0.13 * 42.42% 100%

Gruppo Cremonini Cremonini Italy Food € 3.2 € 2.2 42.41% 100%

Ermenegildo Zegna Zegna Italy Luxury goods € 1.1 € 0.80 41.8% 100%

Ayala Ayala Philippines Holding company € 2.0 € 1.4 41% 52.6%

Loro Piana Loro Piana Italy Luxury goods € 0.55 € 0.39 40.8% 100%

Young’s Brewery Young UK Brewing € 0.22 * € 0.16 * 40.3% 40.1% v

Danfoss Group Clausen Denmark Engineering € 4.6 € 3.3 40% 98.3% v

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* Fiscal year; + Estimates; v Voting rights; # 75% family investment company, 25% Lego Foundation ± Impsa’s 2011 � scal year ended 31 December 2011. Fiscal 2009 ended on 31 January 2010

7www.campdenfb.com CampdenFBAutumn 2012

Terminal Services

Rank Company Family Country Sector Revenue Revenue % gain (in Family 2011 (bn) 2009 (bn) local currency) ownership


50 topfamilybusiness.ey.com/pdfs/campden-fb---global-challengers.pdf · campdenfb’s annual survey...

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