Largest Private Companies Make Way for Newcomers

LARGEST PRIVATE COMPANIES MAKE WAY FOR NEWCOMERS

By Charles Proctor

Los Angeles Business Journal Staff

October 19, 2009

Two businesses doubled their year-to-year revenue from 2007 to 2008, thus earning entry on the Business Journal's list of largest private companies.

The list, which each year ranks L.A.'s 100 largest private companies by 2008 revenue, is published in the October 19 print edition and is available for download online.

Separate driving forces propelled the two new entries: Goldline International Inc. benefited from rising value in the precious metal market, while ReachLocal Inc. took advantage of the boom in Internet advertising.

Goldline, a Santa Monica-based trader of gold and rare currency, made its first appearance on the list at No. 32. The company brought in $525 million in 2008, almost double its revenue from the prior year.

Goldline's bottom line has been buoyed by the skyrocketing price of gold, which soared during the economic crisis and continued to climb this year, hitting a record high of more than $1,067 an ounce last week. Precious metals in general have seen their value climb as investors, skittish about currency fluctuations and stocks, seek a refuge for their money.

That's all been good news for Goldline, which also sells silver and other precious metals to collectors and investors. But much of its business is tied to gold coins and bars, which Goldline buys from wholesalers and refineries, and stores in secure vaults around the country.

"A positive gold market does allow the company a more favorable growth environment," said Mark Albarian, Goldline's president and chief executive.

But Albarian chalked up another reason for Goldline's growth: The company recently doubled the number of account executives who work on Goldline's trade floor. That allows the company to process more transactions - and reap more revenue.

The above information has been redacted from the article as it originally appeared in the Los Angeles Business Journal.

Release Date: 
Monday, October 19, 2009