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Orange County’s largest private companies experienced continued growth last year, primarily driven by mergers and acquisitions.
The 33 companies on the Business Journal’s annual list reported a 6% increase in revenue to $110.3 billion in 2024. That compares to a 4.5% increase in 2023 and a 1.4% increase in 2022.
Perennial No. 1 Irvine-based Allied Universal, the world’s largest private security firm, reported a 4.9% increase to $21.7 billion.
Global Chairman and Chief Executive Steve Jones previously told the Business Journal the company plans to continue to expand to $25 billion in annual sales by 2026.
Last year, it made five acquisitions with aggregate annual revenues totaling about $490 million, according to the company. Four of the acquired companies are based in the U.S. and one in Colombia.
“In the first part of 2025, we have expanded our footprint in both the U.S. and South America through the acquisition of these exceptional companies,” Jones said in a statement.
“Each acquisition strengthens our presence in key service sectors and regional markets, as well as reinforces our commitment to delivering world-class security services.”
Local Building Sales, Expansions
Rising to No. 2 was Newport Beach’s Pacific Life Insurance Co. with $16 billion in sales, up 6.5%.
The company last April sold its 242,706-square-foot office tower in Aliso Viejo to local medical device maker Terumo Neuro for $44 million.
The Automobile Club of Southern California (AAA) saw the largest percentage increase on the list, growing revenue 41% to $10.6 billion. The company is currently in the midst of a long-term expansion of its Costa Mesa headquarters.
It reached a deal with the city of Costa Mesa to extend a development agreement, allowing for a new, 250,000-square-foot office building to be built at its nearly 30-acre campus.
The Auto Club also underwent a leadership change last year with previous Chief Operating Officer Greg Backley taking over for John Boyle, who led the company for seven years as president and CEO.
The second biggest jump came from Irvine-based engineering firm Salas O’Brien, which reported a 34% increase to $751.7 million.
Similar to Allied Universal, Salas continued its strategy of mergers “with like-minded organizations,” according to CEO Darin Anderson. The company completed seven mergers in 2024 and four so far this year.
“These additions deepen our bench in our market sectors of greatest importance, and help us deliver comprehensively to our clients, expanding our reach while staying true to our culture of local leadership and employee-ownership,” Anderson told the Business Journal.
Anderson said the company has focused on markets with high demand, including energy, infrastructure and sustainability.
Another large increase was 29% to $5.1 billion at Alliant Insurance Services Inc., which ranked No. 5 (see story, page 1).
Disaster Recovery Demand
Anaheim-based ATI Restoration grew 8.2% to $648.6 million, ranking No. 28 on the list.
It saw an increase in jobs last year due to the Los Angeles area wildfires. The company was hired to do around 45,000 jobs, more than 600 of which were related to the Palisades and Eaton fires.
Dropping off the list this year was personal care products and skincare company SeneGence, which recently closed its office in Foothill Ranch. Last year, the company relocated to a 750,000 square foot campus in founder Joni Rogers-Kante’s hometown of Sapulpa, Oklahoma.
Also not appearing on the list is Piercey Automotive Group. It’s locally-owned Honda World dealership in Westminster was sold to Gee Auto Group last April.
Research Director Desmond Celo contributed to this report.