CBJ's Largest Privately Held Companies 2018

CBJ’s
Largest Privately Held
COMPANIES 2018
®

2 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 3

Largest Privately Held Companies
Celebrating private enterprise
We are proud to publish for the fourth time
a list of the largest privately held companies
headquartered in Iowa’s Creative Corridor.
We feel it is important to recognize and
celebrate these
companies
and their leaders
every other
year because
they are foundational
to our
region’s economy,
and also
because much
can change in
just a few years.
We have
seen Apache,
Integrated
JOHN F. LOHMAN DNA Technologies
and Diamond
V, among the largest of our region’s
privately held companies, get sold to major
publicly-traded corporations based outside
of the region. That’s not always bad, but it
certainly changes the dynamics of those that
are acquired.
The main purpose in producing this special
publication is to show our readers that
Iowa’s Creative Corridor has a vibrant private
sector that is the very engine driving our
economy. Most of these companies and their
owners work extremely hard and don’t receive
the recognition they rightfully deserve.
This publication is a small token of our appreciation
for their hard work and success.
To be listed, company owners had to provide
their gross revenue amounts from 2017.
As many of them mentioned to us when we
sought this confidential information, one of
the benefits of being a privately held company
is that they don’t have to provide this
information to anyone other than the government.
Fortunately, many were willing to
disclose it to us for publication.
This special supplement includes the
CBJ’s List of the Largest Privately Held Companies
with revenues above $20 million.
This list is obviously not comprehensive,
as there are thousands of businesses in our
region, but it does give a good representation
of many of the largest. We unfortunately
weren’t able to publish submitting companies
with revenues under $20 million, due to
space constraints.
We have also profiled the largest companies
on our list, and included details on their
leadership teams, boards and support structures,
when provided.
CRST International tops the list once
again, and should get a tremendous amount
of appreciation and respect from our readers.
This homegrown company has provided
many good-paying jobs and supported many
philanthropic efforts here in the Corridor.
The company’s new headquarters in downtown
Cedar Rapids has helped anchor a new
phase of growth and commitment in the
area, and shows the depth of CRST’s dedication
to the community.
We were pleased to celebrate all of the
participating companies and their executive
teams in May during a Celebrating Private
Enterprise reception at the Cedar Rapids
Country Club, sponsored by CRST, IWLC
and Jet Air.
We look forward to publishing this list every
other year and helping our readers celebrate
the region’s private enterprises with us.
John F. Lohman
CHIEF EXECUTIVE OFFICER & PUBLISHER
Corridor Business Journal
MAY 2018
CHIEF EXECUTIVE
OFFICER & PUBLISHER
John F. Lohman
VICE PRESIDENT
Aspen N. Lohman
CHIEF OPERATING OFFICER
& ASSOCIATE PUBLISHER
Andrea Rhoades
EDITOR & CHIEF CONTENT OFFICER
Adam Moore
WRITERS
Katharine Carlon
Dave DeWitte
Jennie Morton
Jim Offner
Emery Styron
GRAPHIC DESIGN MANAGER
Becky Lyons
GRAPHIC DESIGNER
Julia Druckmiller
MAGAZINE & SPECIAL
PROJECTS EDITOR
Angela Holmes
MAGAZINE MEDIA CONSULTANT
Judith Cobb
CBJ MEDIA CONSULTANT
Kelly Meyer
EVENT MARKETING COORDINATOR
Ashley Levitt
EVENT MEDIA CONSULTANT
Rhonda Roskos
MARKETING & DISTRIBUTION
MANAGER
Jean Suckow
INSIDE
5........CBJ List of LPH 1-11
6........CRST International
8........TrueNorth Companies
10......Van Meter Inc.
12......Elite Casino Resorts
14......UICCU
16......GreatAmerica Financial
18......World Class Industries
20......Stanley Consultants
22......Centro Inc.
24......West Side Transport
26......Modern Companies
27......CBJ List of LPH 12-24
28......LPH by the Numbers
30......CBJ List of LPH 25-35
Contents are registered to Corridor
Media Group. Reproductions or
other use, in whole or in part, of the
contents of the publication without
permission is strictly prohibited.
2345 Landon Road, Ste. 100
North Liberty, IA 52317
319.665.NEWS
www.corridorbusiness.com
4 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

Largest Privately Held Companies
Largest Privately Held Companies
(Ranked by 2017 (Ranked Revenues) by 2017 Revenues)
(Ranked by 2017 Revenues)
RANK Name/Address
RANK Name/Address
Contact Information
Contact Information
Year
Established Year
Established
Top Local
Executives Top Local
Executives
2017 Revenue
2017 Revenue
Number of
Employees Number of
FT/PT Employees
FT/PT
1
CRST International Inc.
201 CRST First International St. SE Ste. Inc. 400
Cedar 201 First Rapids, St. SE IA Ste. 52401 400
Cedar Rapids, IA 52401
(800) 736-2778
(800) 736-2778; fax (319)
390-2785B (800) 736-2778; fax (319)
www.crst.com
390-2785B
www.crst.com
1953
1953
John Smith
David John Smith Rusch
Hugh David Ekberg Rusch
Hugh Ekberg
$1,555,000,000 7,494
$1,555,000,000 - 7,494 -/- -
- -/- -
2
TrueNorth Companies LLC
500 TrueNorth First St. Companies SE LLC
Cedar 500 First Rapids, St. SEIA 52401
Cedar Rapids, IA 52401
(319) 364-5193; fax (319)
862-0612 (319) 364-5193; fax (319)
www.truenorthcompanies.com
862-0612
www.truenorthcompanies.com
2001
2001
Duane Smith
Jason Duane Smith
Bill Jason Teubel Smith
Dru Bill Teubel Bridges
Dru Bridges
$813,200,000C 320
$813,200,000C 305/15 320
305/15
3
Van Meter Inc.
850 Van 32nd Meter Ave. Inc. SW
Cedar 850 32nd Rapids, Ave. IA SW52404
Cedar Rapids, IA 52404
(800) 247-1410
(319) (800) 366-5301; 247-1410 fax (319)
366-4709 (319) 366-5301; fax (319)
www.vanmeterinc.com
366-4709
www.vanmeterinc.com
1928
1928
Lura McBride
Melanie Lura McBride Fisher
Doyle Melanie Fisher
Mike DoyleGassmann
Brian Mike Gassmann Bytnar
Jeff Brian Miller Bytnar
Alicia Jeff Miller Murphy
Alicia Murphy
$365,300,000
$365,300,000
512
- 512 -/- -
- -/- -
4
Elite Casino Resorts LLC
3184 Elite Casino Highway Resorts 22 LLC
Riverside, 3184 Highway IA 52327 22
Riverside, IA 52327
(877) 677-3456
(319) (877) 648-1234; 677-3456 fax (319)
648-5800 (319) 648-1234; fax (319)
www.kehlmanagement.com
648-5800
www.kehlmanagement.com
2015
2015
Dan Kehl
Ken Dan Bonnet Kehl
Bobby Ken Bonnet Kehl
Karalyn Bobby Kehl Ollendick
Karalyn Ollendick
$251,100,000
$251,100,000
1,667
1,458/209 1,667
1,458/209
5
University of Iowa
Community University of Credit Iowa Union
2355 Community Landon Credit RoadUnion
North 2355 Landon Liberty, Road IA 52317
North Liberty, IA 52317
(800) 397-3790
(319) (800) 339-1000 397-3790
www.uiccu.org
(319) 339-1000
www.uiccu.org
1938
1938
Jeffrey Disterhoft
Todd Jeffrey Fanning Disterhoft
Jim Todd Kelly Fanning
Sue Jim Kelly Freeman
Dick Sue Freeman Noble
Steve Dick Noble Quigley
Amy Steve Henderson Quigley
Scott Amy Henderson Wilson
Scott Wilson
$216,300,000
$216,300,000
435
- 435 -/- -
- -/- -
6
GreatAmerica Financial
Services GreatAmerica Financial
625 Services First St. SE
Cedar 625 First Rapids, St. SEIA 52401
Cedar Rapids, IA 52401
(800) 234-8787
(319) (800) 261-4188; 234-8787 fax (319)
261-6188 (319) 261-4188; fax (319)
www.greatamerica.com
261-6188
www.greatamerica.com
1992
1992
Tony Golobic
Stan Tony Herkelman Golobic
David Stan Herkelman Pohlman
Joe David Terfler Pohlman
Joe Terfler
$183,000,000
$183,000,000
516
503/13 516
503/13
7
World Class Industries Inc.
925 World N. Class 15th Ave. Industries Inc.
Hiawatha, 925 N. 15th IA Ave. 52233
Hiawatha, IA 52233
(319) 378-1766; fax (319)
378-1493 (319) 378-1766; fax (319)
www.worldclassind.com
378-1493
www.worldclassind.com
1953
1953
Brent Cobb
Sandy Brent Cobb Kaloupek
Patrick Sandy Kaloupek Patterson
Patrick Patterson
$172,200,000
$172,200,000
142
- 142 -/- -
- -/- -
8
Stanley Consultants Inc.
225 Stanley Iowa Consultants Ave. Inc.
Muscatine, 225 Iowa Ave. IA 52761
Muscatine, IA 52761
(563) 264-6600
www.stanleyconsultants.com
(563) 264-6600
www.stanleyconsultants.com
1913
1913
Kate Harris
Gayle Kate Harris Roberts
Bill Gayle Harper Roberts
Bill Harper
$166,100,000
$166,100,000
838
723/115 838
723/115
9
Centro Inc.
950 Centro N. Bend Inc. Drive
North 950 N. Liberty, Bend Drive IA 52317
North Liberty, IA 52317
(319) 626-3200; fax (319)
626-3203 (319) 626-3200; fax (319)
www.centroinc.com
626-3203
www.centroinc.com
1970
1970
Brian Olesen
Tripp Brian Traicoff Olesen
Alvin Tripp Spence Traicoff
Alvin Spence
$119,400,000
$119,400,000
950
- 950 -/- -
- -/- -
10
10
West Side Transport
4201 West 16th Side Ave. Transport SW
Cedar 4201 16th Rapids, Ave. IA SW52404
Cedar Rapids, IA 52404
(800) 373-2957
(319) (800) 730-1651; 373-2957 fax (319)
390-7311 (319) 730-1651; fax (319)
westsidetransport.com
390-7311
westsidetransport.com
1968
1968
Don Vogt
John Don Vogt Dalrymple
Ron John Joseph Dalrymple
Ron Joseph
$114,000,000
$114,000,000
700
- 700 -/- -
- -/- -
11
11
Modern Companies
500 Modern Walford Companies Road SW
Cedar 500 Walford Rapids, Road IA 52404 SW
Cedar Rapids, IA 52404
(888) 871-0062
(319) (888) 364-0131; 871-0062 fax (319)
364-8368 (319) 364-0131; fax (319)
www.moderncompaniesinc.com
364-8368
www.moderncompaniesinc.com
1939
1939
Ken Brown
Dave Ken Brown
Matt Dave Huber Brown
Matt Huber
$105,000,000
$105,000,000
360
- 360 -/- -
- -/- -
Note: Entries may be edited for length and clarity.B (319) 390-2649 sales fax. C Revenue includes premiums
Note: Entries may be edited for length and clarity.B (319) 390-2649 sales fax. C Revenue includes premiums CONTINUED ON PAGE 27 & 29
CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 5

CRST International
1
CRST International continues to lead the pack of largest
privately held companies in the Corridor, with some
big acquisitions driving revenue at a time when organic
growth has been hard to achieve.
The Cedar Rapids-based company is one of the most
diversified carriers in the country, with eight operating
companies serving different segments of the market and $1.55
billion in revenue. It is likely the largest privately held trucking
company in the United States after a rival carrier, Schneider National,
went public in 2017.
CRST serves shippers with
8,100 company drivers and
independent contractors and
about 6,100 trucks. In 2017,
it was ranked the nation’s
19th largest for-hire carrier by
Transport Topics magazine,
up from 24th in 2016.
Being privately owned
by the Smith family of Cedar
Rapids has helped CRST
take advantage of many
growth opportunities while
also taking care of its home
DAVID RUSCH
PRESIDENT & CEO
community, according to
CEO David Rusch.
“Being privately held gives
us a lot of flexibility in the
marketplace because we can react much quicker to our shipper’s
needs than some of the large publicly-held companies that have
more bureaucracy,” Mr. Rusch said. Difficult decisions such as
whether to acquire another company or make a major investment
can be made faster, he added.
Chairman John Smith and his wife Dyan have been leaders
in the city’s recovery from the flood of 2008, showing confidence
in the flood-affected downtown area by building a $36
million office tower, donating more than $1 million to neighborhood
rebuilding effort Block by Block and supporting wetlands
restoration efforts in the Cedar River watershed that will
reduce future flooding.
CRST has drawn growth in recent years from its 2016 acquisition
of California-based Gardner Trucking, which added
about $400 million in revenue, and its 2015 acquisition of Pegasus
Transportation, a Kentucky-based carrier specializing in
time-sensitive loads such as blood plasma and pharmaceuticals.
Without those acquisitions, Mr. Rusch said growth would
have been elusive. Shipping demand rose rapidly when the
economy first began recovering from the last recession in 2010.
Many carriers had gone bankrupt, leaving the surviving, larger
carriers with all the business they could handle. Those companies
then went on a truck-buying spree, and by 2016, there was
overcapacity, meaning carriers were unable to raise rates even as
costs continued to escalate.
“Our legacy companies, like most of our peers, were forced
to cut fleet size over the last couple of years,” Mr. Rusch said.
“Freight wasn’t strong, utilization dipped a bit and we just
couldn’t get the drivers.” Without CRST’s recent acquisitions, he
said overall revenue would have declined.
Although shipping demand has picked up since last year,
CRST and most other
carriers have been
hard-pressed to take
advantage of it. Heavy
Duty Trucking magazine
reported that
many shippers began
having trouble as early
as September 2017
finding enough trucks
to satisfy customers’
shipping needs. That
shortage has bloomed
into a “capacity crisis”
in recent months.
“It’s the worst driver
shortage I’ve seen
in my 38 years in the
industry,” Mr. Rusch
said. “The only difference
between 2010
and today is that none
of us can get drivers.”
CRST announced a
pay enhancement program
in January that
will cost it about $14
THE TEAM
EXECUTIVE TEAM
John Smith, Chairman
David Rusch, President & CEO
Hugh Ekberg, COO
BOARD OF DIRECTORS
John Smith, Chair
Dyan Smith
Ian Smith
John Bowron
Tony Golobic
Dave Kulik
Robert Lake
Peter Latta
John Larkin
Henry Royer
SUPPORT TEAM
Cedar Rapids Bank & Trust
RSM US LLP
Simmons Perrine Moyer
Bergman PLC
million this year in an effort to attract and retain more drivers.
One operating company, CRST Specialized Transportation Services,
introduced a $12,000 bonus program that pays the driver
an extra $1,000 per month for the first 12 months on the job.
The inability of trucking companies to raise rates during the
recent period of overcapacity has slowed the company’s pace toward
$2 billion in annual revenue, Mr. Rusch said, but he’s confident
CRST can reach the goal within the next couple of years.
“We’re entrepreneurial,” Mr. Rusch said. “We just don’t take
‘no’ for an answer. When there’s a challenge out there, we have
solutions. We understand them, we know what we have to do
to fix them and I’m confident in my management team that we
can execute and achieve our goals.”
- Dave DeWitte
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6 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 7

TrueNorth Companies
2
When TrueNorth Companies set about preparing its
2017 annual report, there was only one logical thing
to title it: Evolve.
In what CEO Duane Smith called “a year of transformation
and evolution,” TrueNorth announced a transition
in leadership, 60 new team members, four new
acquisitions and a new talent development program designed to
help employees grow both personally and professionally.
That’s without even mentioning its $813 million in revenue,
a figure that ranks the Cedar Rapids-based insurer and financial
services provider as the
second-largest privately held
company in the Corridor,
and puts it well on its way to
reaching a goal of $1 billion
in sales by 2020 and $2 billion
by 2025.
“We’re right on track to hit
that $2 billion in 2025,” said
Mr. Smith, adding that True-
North’s growth has been split
about 70-30 between organic
growth and acquisitions over
the past two years.
“It’s a good thing,” he
DUANE SMITH
CEO
joked of the rapid change.
“But be careful what you ask
for, you just might get it.”
Since 2015, four new firms
have begun operating under the TrueNorth umbrella, including
Community State Bank Insurance of Ankeny, Edwards-Brandt
and Associates of Mason City, Weinman Insurance of Indianola
and Nimble Insurance of Chicago.
Thanks to consolidation in the industry, competition is
fierce, and Mr. Smith said TrueNorth looks at about 20 acquisition
targets for every deal that gets completed.
“Private equity groups have found that the reoccurring revenue
our industry generates is attractive to them,” he said, adding
that TrueNorth’s unique ownership structure has given it an advantage
others can’t match. Since the company was established
in 2001, it has grown from six owners to 60 – and counting.
“It’s because we give entrepreneurs the ability to have a say in
their own business and their own specialty, subject to our owners
manual, and to own part of their future growth, income and
ability to grow equity in their respective profit center,” Mr. Smith
explained. “They’re making their own decisions about their businesses
everyday versus just being employees of a larger firm and I
think that resonates in the partnerships we build with our clients.”
The company’s organic growth has largely been driven by
its insurance products and industry-specific services for construction,
medical, transportation and other fields. Over the
next 10 years, the company hopes to add another 400-500
employees, ideally half through its acquisition strategy and
half from within.
“We’ve been building out our level of expertise so we can
focus on really specific industries,” Mr. Smith said. “We’re
active within their associations, we really get to understand
what problems they are facing. In a perfect partnership with
our clients, we’re only spending 25-30 percent placing insurance
products and
spending the other 70
percent helping solve
other business issues
… many of our competitors
don’t focus
that deep.”
The company earlier
this year made
good on its long-held
succession plan, with
Mr. Smith’s son, Jason,
set to take over
as CEO in 2020. Jason
Smith, who now serves
as president, has taken
over business development
and growth initiatives,
his father said,
“and has done a great
job of really building
out a structured focus
on organic growth.”
Planning for a new
generation of leadership
is perhaps the
biggest challenge the
company faces going
into the future – and
on a personal level,
Mr. Smith said, the
toughest evolution.
THE TEAM
EXECUTIVE TEAM
Duane Smith, CEO
Jason Smith, President
Bill Teubel, CFO
Dru Bridges, COO
BOARD OF DIRECTORS
Loren Coppock, Chair
Duane Smith
Jason Smith
Bill Teubel
Dru Bridges
Randy Rings
Trent Tillman
Max Smith
Josh Budke
Devin Pipkin
Dave Verhille
Pete Layden
Jim Swift (board observer)
SUPPORT TEAM
Bankers Trust
BankIowa
Bohr, Dahm, Greif & Associates
Cedar Rapids Bank & Trust
Rings Law PLC
“At 62, I now have about two and a half years and counting,”
he said. “What that does is require you to really develop
a plan and what we call an ‘owners manual’ to hand off to the
younger generation. One of the key components of building a
successful company is really the ability to hand it off and have
it prosper beyond the hand-off … building an enterprise that
will stand the test of time.”
-Katharine Carlon
8 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 9

Van Meter Inc.
3
LURA MCBRIDE
PRESIDENT & CEO
Van Meter Inc. is unique among the Corridor’s largest
companies, in that it is 100 percent owned by its employees.
It’s an approach that makes every worker an
active guardian of the electrical distributor’s bottom
line and has fueled its growth since its last appearance
on the CBJ’s Largest Privately Held Companies list in
2016, according to President and CEO Lura McBride.
In addition to an acquisition in downtown Chicago, Van Meter
has also opened a branch
in Omaha. The 85-year-old
company based in Cedar
Rapids now has 15 locations
throughout the Midwest.
“Nebraska is a true extension
of our Iowa marketplace,”
Ms. McBride said of
the new location. “We are
listening to our customers
and expanding to where they
need us to have a presence.”
Van Meter has also formed
relationships with national
commercial contracting clients,
offering a new avenue
for growth. It continues to
serve numerous other verticals
as well, from education
and health care to manufacturing and agriculture.
A perennial leader in building staff engagement and positive
workplace culture, the company recently created a 2025
vision to guide how it will continue to provide lasting value.
This roadmap was crafted by the entire organization, and incorporated
input from customers and partner suppliers as well.
“To foster buy-in, we had to ensure that the direction was
aligned with our people. Everyone from our receptionists and
delivery drivers to managers and product specialists had the
opportunity to contribute,” Ms. McBride explained. “When everyone
understands how their role is critical to our vision, the
goals are easier to achieve.”
The company also continues to invest in its workforce. Van
Meter encourages its employee-owners to nurture their purpose
outside of work. With a parental leave program that recognizes
both mothers and fathers, employee sabbaticals, and a
“5-7 Challenge” that discourages after-hours work, the company
ensures work-life balance is an authentic habit and not just
a buzzword.
The results are paying
off as Van Meter
has grown its employee-owner
base to more
than 500 – a 10 percent
increase from 2016.
Part of that progress
stems from deliberately
building relationships.
Van Meter’s mission
rests on five core principles:
people, partners,
progress, place
and profit. According
to Ms. McBride, a business
can reach new
heights only when its
people come first.
“Employee benefits
aren’t the only way to
invest in people – you
THE TEAM
EXECUTIVE TEAM
Lura McBride, President & CEO
Melanie Fisher Doyle, CFO
Mike Gassmann, EVP & Chief
Growth Officer
Brian Bytnar, Chief Development
Officer
Jeff Miller, VP Information
Technology
Alicia Murphy, Chief
Organizational Effectiveness
Officer
BOARD OF DIRECTORS
Bruce Lehrman
Barry Boyer
Hillary Hughes
Lura McBride
Jeff Siegfried
Duane Smith
should strengthen
your day-to-day culture
as well” she said.
“Van Meter achieves
this by heavily developing our own leaders. We want our leaders
to lift up each individual person in our company. When
leaders empower, enable and support every team member, our
employee-owners are inspired and motivated to innovate for
our customers.”
To keep people at the forefront and reinforce its ownership
culture, Van Meter has made intentional and strategic investments
in how it recruits and hires new members. It has also
focused on inboarding, which is a type of support given to existing
employee-owners to help them succeed not only in their
current role but ones they may hold in the future.
“Van Meter is different because we are both privately held
and employee owned. The employee-ownership model not
only provides accountability, but it also makes profitability accessible
to every single person in the company, regardless of
their position,” Ms. McBride said. “When employees think, act
and serve like an owner, it creates a company culture that delivers
better service, value and outcomes for everyone.”
- Jennie Morton
“When employees think, act
and serve like an owner, it
creates a company culture that
delivers better service, value
and outcomes for everyone.”
- LURA MCBRIDE
10 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

LARGEST
PRIVATELY
HELD
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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 11

Elite Casino Resorts
4
“We try to do things that will change the landscape
here in the state,” said Dan Kehl, whose family obtained
the first riverboat gambling license in Iowa
more than 25 years ago, pioneering the state’s modern
gaming industry.
Mr. Kehl, CEO of Elite Casino Resorts, which owns
three gaming complexes generating more than $225 million
per year in combined revenue, is currently overseeing a $10
million revamp of its first
land-based venture, Riverside
Casino & Golf Resort, located
south of Iowa City. Elite’s
other properties are Grand
Falls Casino, near Larchwood
in far northwest Iowa, and
Rhythm City Casino Resort,
located at the intersection of
I-80 and I-74 in Davenport.
Riverside has seen tens of
millions of visitors in its 12-
year lifetime and was due for
renewal, Mr. Kehl said. The rehab
includes upgrading all the
DAN KEHL
CEO
finishes and furniture, redoing
two food venues, reworking a
bar, installing facilities for “grab
and go” dining and giving the
show lounge a makeover. Work at the Rees Jones-designed casino,
hotel, golf course and spa is expected to be complete in August.
The improvements are also aimed at making the casino
“more relevant to millennial clientele,” he said. Elite is “dabbling
in some skill-based gaming,” such as Topgolf Swing Suites
– golf simulators featuring comfy lounges, massive screens and
a selection of virtual games for golfers and non-golfers – although
90 percent of the gaming floor will remain devoted to
slot machines and table games.
Rees Jones’ firm also designed the Grand Falls Casino &
Golf Resort, serving the Sioux City-Sioux Falls market. The facility
has been open seven years, with the golf course featuring
a 30-foot waterfall since 2014.
“It’s going well up there. We will start a remodel of our facility
there in a couple of years,” Mr. Kehl said.
Elite’s latest venture, Rhythm City, began with purchase
of the old Treble Clef
gambling boat docked
on Davenport’s riverfront
in 2014. Its
gaming moved inland
to the Elmore Avenue
corridor two years ago
with the completion
of the $100-million
casino-hotel-events
center complex. That
change has been “well
received in the marketplace,”
Mr. Kehl said.
THE TEAM
EXECUTIVE TEAM
Dan Kehl, CEO
Ken Bonnet, COO
Bobby Kehl, Executive Director
of Golf
Dan White, GM Shared Services
Karlyn Ollendick, CIO
Each of Elite’s casinos are outperforming Iowa’s broader
gaming industry, which saw its gambling revenue tick up just
1.1 percent last year according to the Iowa Racing and Gaming
Commission. Adjusted gross gaming revenue increased 4.75
percent at Riverside to $88.1 million, 2 percent at Grand Falls
to $55.6 million, and a whopping 25 percent at Rhythm City,
reaching $65.3 million.
Three separate casino companies were combined in 2015
to form Elite, which is owned by 1,200 Iowans. That’s a fairly
large number of shareholders for a privately held firm, so Elite
acts somewhat like a public company, Mr. Kehl said, but with
key differences. The company is not burdened with quarterly
reports to the Securities Exchange Commission, worries “about
what the stock price did this quarter” or regulations that govern
publicly traded firms.
Adequate financing has been available thus far from local
banks, so going public would “create a lot of issues we don’t
have to worry about,” Mr. Kehl said.
“We look to increase our revenue every year. Our focus is
on maintaining a strong balance sheet through debt reduction
and deploying capital where it makes sense,” he added. A small
executive team allows the firm to make decisions and investments
quickly and easily. “That makes us pretty nimble.”
Elite keeps a close eye on the state for game-changing opportunities.
If the right situation comes along, the company
might consider expanding outside the state, or even a public
offering, Mr. Kehl said. A new division, Elite Hospitality Group,
is pursuing non-gaming opportunities as well.
— Emery Styron
RIVERSIDE CASINO
& GOLF RESORT
12 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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UICCU
5
JEFF DISTERHOFT
PRESIDENT & CEO
University of Iowa Community Credit Union continued
its climb up the Corridor Business Journal’s Largest Privately
Held Companies list this year, breaking the top five
and setting a new bar for the state’s banking industry.
The North Liberty-based credit union ranked No. 5
on this year’s list, with $216.3 million in revenue and
435 employees in 2017. That’s a revenue increase of 46 percent
over 2015’s numbers, when it ranked No. 7, and 95 percent
over 2013, when it ranked No. 9.
For President and CEO Jeff
Disterhoft, the organization’s
growth has been both a constant
and a challenge over the
past few decades.
“We’ve been averaging
about 20 percent a year for
20 years, so in that regard our
growth has been comparable
the last couple years to what
we enjoyed 10 years ago, or
maybe even 20 years ago,”
Mr. Disterhoft said. “But I’m
not naïve enough to not realize
that 20 percent growth today
is a little different than 20
percent growth 20 years ago.”
UICCU has faced its share
of growing pains, Mr. Disterhoft
offered, and is working hard to “get folks in the right
seats on the bus,” but it has also grown into a lending and
retail banking giant. It reported $4.67 billion in assets and
$3.53 billion in deposits at the end of last year, making it the
largest financial institution chartered in Iowa. It is also the
largest purchase mortgage lender, and often the largest auto
lender in the state.
The credit union has found an organic formula for success
in competitive rates and a methodical branch expansion plan
that has added one or two new branches each year. That has
taken UICCU’s black-and-gold brand into Black Hawk County,
the Quad Cities and the central Iowa region – a move that “has
gone really well for us,” Mr. Disterhoft said.
Its newest branch opened in Waukee this April and an office
in nearby Ankeny is planned for the fall.
Another piece of the formula is UICCU’s focus on “capturing
its own business” through its five-year old UICCU
Insurance division. Policy sales are up 40 percent year over
year, Mr. Disterhoft said, and offer a promising avenue for
future growth.
“We have really gone back to basics, and trying to capture
the insurance on our home loans, our own car loans,” he said.
“Once we get that part figured out, maybe we can go out marketing
to the rest of the world, but right now we’re just trying
to make sure we’re taking care of our own business, and we’re
doing a better job of that finally.”
UICCU’s success hasn’t come without a price, however. The
credit union is the frequent target of attacks by the state’s banking
industry, which charges that its nonprofit status allows it
to undercut the competition and grow more aggressively. A
$1.2 billion tax cut reform bill passed by the Iowa Senate in
late February included
a measure that would
impose new taxes on
credit unions and lower
them on banks, although
a separate bill
backed by Gov. Kim
Reynolds and the Iowa
House does not include
the provision.
Mr. Disterhoft expressed
confidence
in the legislative process,
noting that the
House and the Governor’s
Office have
been “very supportive
of credit unions,” and
reiterated his industry’s
position that its
tax status saves Iowans
money.
A final agreement
on a tax reform bill
had not yet been
reached as of this
deadline.
Culturally, UIC-
CU continues to lead
in the Corridor, with
the company recently
transitioning to an
unlimited PTO model,
where employees
are allowed to take
THE TEAM
EXECUTIVE TEAM
Jeff Disterhoft, President & CEO
Todd Fanning, SVP & CFO
Jim Kelly, SVP Marketing
Sue Freeman, SVP HR
Dick Noble, SVP Operations
Steve Quigley, SVP Retail Services
Amy Henderson, SVP Mortgage
Scott Wilson, SVP Commercial
BOARD OF DIRECTORS
Karin Franklin, Chair
Sarah Fisher Gardial, Vice Chair
Dean Borg
Laurel Day
Fred Mims
Mark Rolinger
Lynsey Engels
Tom Lepic
Marc Moen
Dave Wright
Andre Perry
SUPPORT TEAM
Raddon Financial Group
RSM US LLP
TMG Financial Services
Wilary Winn LLC
as much time off as they need. Mr. Disterhoft acknowledged
some anxiety about the policy change before it was instituted
at the start of this year, but said it has ultimately been a positive
step for the institution.
“It’s going great. I think there was some trepidation by folks
at the tail end of last year that nobody was going to show up
for work on Jan. 1, but we’re coming up on the end of the first
quarter, and lo and behold, our world works just fine.”
- Adam Moore
14 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 15

GreatAmerica Financial Services
6
TONY GOLOBIC
CHAIRMAN & CEO
GreatAmerica Financial Services passed the quarter-century
mark last year, but it hasn’t lost the lean,
hungry attitude that propelled it from an upstart in
the commercial equipment finance business to a major
player.
The Cedar Rapids-based company’s assets have
topped $2 billion, up from $1.8 billion in 2016 when Great-
America placed fourth on the CBJ’s Largest Privately Held
Companies list. In the meantime, the company has increased
its employee base from 460 to 516 and broadened its information
technology capabilities,
Chairman and CEO Tony
Golobic said.
GreatAmerica aims to
grow an average of 10 percent
per year, but it doesn’t
meet that goal by focusing
solely on dollars, Mr. Golobic
noted.
“We want to be the best at
helping our customers be more
successful. Revenue growth is
important, and it has always
followed – year over year since
inception – our strategic objective
of being a business without
competition.”
GreatAmerica is “planning
for a more IT-centric future
that provides a frictionless environment for our customers,”
Mr. Golobic added. “Though we are still in the primary business
of financing equipment and software for our resellers’
customers, we want to strengthen our online presence for customers
and prospects who need answers to questions beyond
financing and more about running their businesses.”
Recruiting and retaining talented employees and maintaining
a strong corporate culture have been strengths from
the outset. GreatAmerica shares that expertise via its human
resource consulting arm, which helps clients with the selection
and training of personnel in sales, information systems, managed
services and other areas.
The company’s Collabrance and Portfolio Services business
units have also “grown nicely,” Mr. Golobic said, adding that
jobs in those areas require emerging skillsets in IT, database
management and systems analysis.
Collabrance provides managed IT customers with U.S.-
based, live-answer service desk and network operations functions,
including private label programs that allow clients to
have customer calls answered as if by their own company.
Portfolio Services allows clients such as banks, equipment
leasing companies and solar finance companies to outsource
contract servicing at reduced costs and with fewer operational
barriers. That allows them to concentrate on their core strengths.
Other value-added services include FleetView, a remote
monitoring system for printing devices on a network, and Info-Zone.com,
a secure network that gives proprietary access to
customer files and details of individual leases.
The widening focus has led GreatAmerica to increase its
hiring of beginning to mid-level IT specialists over the last two
years, and change its
recruiting strategy to
include more social
media engagement
and greater use of online
tools such as Indeed,
LinkedIn and
Google. Internal employee
referrals have
gone from about 40
percent of hires to 50
percent, Mr. Golobic
said.
Despite the challenges
of continuous
growth, GreatAmerica
has elected to stay private
rather than access
public markets to raise
additional capital.
“Being public has
some pluses and many
drawbacks,” Mr. Golobic
said. “Publicly-held
companies tend to face
THE TEAM
EXECUTIVE TEAM
Tony Golobic, Chairman & CEO
Stan Herkelman, President
David Pohlman, COO
Joe Terfler, CFO
BOARD OF DIRECTORS
Tony Golobic, Chair
Stan Herkelman
Doug Olson
Paul Rhines
Emmett Scherrman
Doug Sedlacek
John Smith
SUPPORT TEAM
Bank of America
Deloitte
KPMG
Simmons Perrine Moyer
Bergman PLC
Wells Fargo
quarterly pressures
that put short-term
results ahead of long
term objectives. The
ultimate direction and future of publicly owned companies is
subject to pressures from different ownership groups.”
Fortunately for GreatAmerica, “our profitability has enabled
us to generate our own capital for growth and buy out our investors,”
Mr. Golobic noted. “We now have the luxury of being in
control of our future by being a family-owned private company.”
— Emery Styron
16 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 17

World Class Industries
7
After hitting a soft patch during the downturn in the
farm economy, World Class Industries in Hiawatha is
getting back to the kind of growth that has made it
one of the Corridor’s largest privately held companies.
The Hiawatha-based supply chain specialist provides
contract management and supply chain consolidation
services to leading equipment manufacturers including
Deere & Co., Caterpillar, CNH and Bobcat. It’s been focused on
providing more value and services to existing customers, a strategy
that has allowed it to tap the trend toward manufacturers
building deeper relationships
with fewer suppliers.
“Parts in – assemblies out,”
is a simple shorthand for what
World Class Industries (WCI)
does, President Brent Cobb
said. The company’s business
peaked in 2013, then slowed
as the decline in ag commodity
prices cut deeply into farm
incomes, resulting in fewer
orders from customers like
Deere and CNH. That spurred
the company to pursue other
sectors for growth, including
BRENT COBB
PRESIDENT
the aviation and aerospace
industries.
Mr. Cobb said the decline
hit a bottom in 2016, and
finally showed a rebound effect this year. Employment is up
about 50 full-time equivalent positions from the market bottom
and revenue has risen to $172.2 million.
World Class Industries is building its eighth facility next to
a factory where Deere builds Family Compact Utility Tractors
in Grovetown, Georgia, and is also moving to improved facilities
in Kaiserslautern, Germany, and Des Moines. The new
50,000-square-foot facility in Grovetown, expected to open this
year, will place WCI in an entirely new region, and allow the
company to better service equipment manufacturers located in
the southeast.
“This year, we’re half market-driven and half new projects,”
Mr. Cobb said.
A major undercurrent
in the manufacturing
industry that
drives WCI’s business
is product complexity.
Customer preferences
are driving more complex
assemblies and
systems. As a result,
manufacturers prefer
to have certain components
preassembled
to avoid bogging down
lines at their main assembly
plants.
The rebounding ag
market has also helped
drive demand. Mr.
Cobb said agricultural
THE TEAM
EXECUTIVE TEAM
Brent Cobb, President
Sandy Kaloupek, Vice President
Patrick Patterson, Director of
Operations
BOARD OF DIRECTORS
Brent Cobb
Michael Rosberg
James Schrempf
Kevin Code
SUPPORT TEAM
Bradley & Riley PC
Cedar Rapids Bank & Trust
CliftonLarsonAllen
producers continued
to expand the size of
their operations even during the downturn, and appear to be
buying new equipment because reliability is even more critical
during key harvest and planting seasons due to the acreage at
stake. Deere and Caterpillar have both issued upbeat sales forecasts
for 2018, which bodes well for WCI.
Adding customer value is always key for the roughly 140
WCI employees and about 25 temporary employees. The company’s
investments in its Enterprise Resource Planning (ERP)
purchasing system in particular have helped drive down procurement
prices for clients, as the company can look for advantageous
price breaks and buy certain commodities in bulk.
“So instead of having someone go part by part and deciding
what we want to do, we’re having that be more algorithm-driven,
and having those orders go out automatically and using some of
those same resources,” Mr. Cobb previously told the CBJ.
Although the company’s work is anything but simple, the
work it does makes things easier for equipment manufacturers.
“We like to say, ‘We simplify supply chain,’” Mr. Cobb said.
- Dave DeWitte
“This year, we’re half
market-driven and half
new projects.”
- BRENT COBB
18 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

How to future-proof your business:
planning for IT adoption
It’s an exciting and challenging time
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organization.
Luckily, “adopting technology” doesn’t
have to mean doing everything
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Create a roadmap to replace outdated or inefficient systems with ones that will
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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 19

Stanley Consultants
8
Balancing its long legacy with today’s challenges is
what has kept 105-year-old Stanley Consultants at the
top of the engineering industry, decade after decade.
“We won’t compromise who we are,” said President
and CEO Kate Harris, who was elected to her
current post at the global engineering and consulting
firm in 2017, taking over for Gayle Roberts, who became chair
of the board. “We are incredibly respectful of our legacy. It’s
so important as a foundation for our values – our long history
provides us with equilibrium.”
Founded as Central States
Engineering in 1913, the
Muscatine-based firm originally
focused on regional
jobs like drainage work. It
went international in 1957
and never looked back, now
counting offices not just
across the United States, but
in the Caribbean, the Middle
East, South Asia and the Pacific
region.
Today, Stanley Consultants
is the largest engineering
firm in Iowa with more
KATE HARRIS
PRESIDENT & CEO
than 900 member-owners
in 30 offices worldwide. The
company ranks No. 78 out of
the top 500 engineering design
firms in the U.S. and has been named among the nation’s
top 50 designers in power, fossil fuel, water, wastewater and
transportation by Engineering News-Record.
“Those that know us love us,” Ms. Harris said. “People will
be surprised to learn that Stanley Consultants has designed
some of the largest projects in the world.”
Some of the firm’s highest-profile projects include the
world’s largest desalination water plant in Algeria and providing
master planning and program management services to the
U.S. Army Corps of Engineers to reconstruct Iraq’s infrastructure
following the second Gulf War.
Stanley Consultants isn’t content to rest on its laurels, however.
The firm is currently providing master planning services
at Abu Dhabi International Airport, and its design of the new
$95 million Fox River
Bridge along the Illinois
Tollway has garnered
multiple awards,
as well as a finalist nod
for the American Society
of Civil Engineers’
prestigious Outstanding
Civil Engineering
Achievement award.
“With buoyant
markets, Stanley
Consultants is well
positioned in the
power and infrastructure
markets with
THE TEAM
EXECUTIVE TEAM
Kate Harris, President & CEO
Gayle Roberts, Board Chair
Bill Harper, VP & CFO
BOARD OF DIRECTORS
Gayle Roberts, Chair
Steve Hammes
Kate Harris
Mike Helms
Mike Hunzinger
Douglas Smith
Bob Uhler
long-standing relationships
and great
expertise,” Ms. Harris
said. “The firm is capitalizing
on the strength within the company and supplementing
it with new skills and acquisitions to ensure clients
are provided with the best service, expertise and advice.”
The firm is not averse to growth through acquisition, having
purchased Hartwig & Associates, a Denver, Colorado-based
engineering and construction firm in February 2016. But Ms.
Harris said Stanley Consultants, which has bucked the trend
toward “mega firms with many thousands of employees,” will
continue to prioritize its values and clients over growth for
growth’s sake.
“Consolidation in the engineering industry has created a
bifurcated market,” she said. “There are some mega firms with
incredible depth and reach but they sometimes struggle to successfully
provide some of the basic client services that come as
second nature to Stanley Consultants.”
Ms. Harris stressed that Stanley Consultants’ brand stands for
longevity and ethics, as well as “smart and creative solutions.”
“As a privately held company, we can take a longer partnership-based
approach rather than relying on short-term returns,”
she said. “This allows us to think more creatively, dream bigger
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- Katharine Carlon
20 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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Centro Inc.
9
BRIAN OLESEN
PRESIDENT & CEO
It’s been a long three years, but there appears to be
light at the end of the tunnel for Centro Inc.
The rotational molding company headquartered
in North Liberty with offices in the U.S., Ireland and
Brazil has weathered three consecutive years of a significant
down cycle in its core markets of agriculture
and construction equipment, and is now seeing a “very robust
bounce back,” according to President and CEO Brian Olesen.
Centro has seen its construction sales surge in particular
as its clients – manufacturers
such as Deere & Co., Caterpillar
and Toro – have responded
to stronger global demand
for infrastructure and homes.
The ag sector appears to be
trending upward as well.
Centro is also reaping the
benefits of its investments
in its R&D and engineering
operations, which have kept
demand up and attracted new
customers. Innovations like
its diesel exhaust fluid (DEF)
tanks and its patented RotoLoPerm
process, which limits
fuel vapors from leaking
from molded gas tanks, have
helped manufacturers meet
increasingly stringent environmental regulations, while also
creating new licensing streams for the company. New markets
have similarly opened up, ranging from molded lawn and garden
items to Gunner Kennels.
“Engineering is one of those resources that can set us
apart from other rotational molders in the industry today,”
Vice President of Engineering Alvin Spence previously told
CBS2/FOX28. “Centro has always had a vision of setting
ourselves apart providing solutions to the OEMs that they
can’t get anywhere else.”
The company hit $119.4 million in revenue in 2017, and is
up 25 percent year over year eight months into its current fiscal
year, Mr. Olesen said.
“Interest rates remain low, consumer and business leader
confidence is high, and we support good strong companies
in industries that will
prosper,” Mr. Olesen
wrote in an email.
“The overall fundamental
of population
growth needs infrastructure
and food to
sustain it, and those
are our key markets.”
Indeed, if anything
could derail the good
times, it’s the company’s
ability to hire people
to make its products.
Centro has grown
over the past two
years from about 850
employees to nearly
1,000; if all of its open
positions were filled,
the company would
cross the 1,000 mark, Mr. Olesen said.
THE TEAM
EXECUTIVE TEAM
Brian Olesen, President & CEO
Tripp Traicoff, VP Operations
Alvin Spence, VP Engineering
BOARD OF DIRECTORS
Diane Flynn
Brian Olesen
Gary Rozek
SUPPORT TEAM
Bradley & Riley PC
CliftonLarsonAllen
Wells Fargo
Centro currently finds itself capacity constrained at its largest
plants, and has instituted “significant wage increases” at all
of its locations in a race to keep up with the global economic
recovery. In North Liberty, the company is now hiring workers
at $16.20 per hour to start without experience, with full benefits,
Mr. Olesen said.
“It’s all about the labor. Our biggest constraint managing
our growth is people, or the lack of them,” he said. “If our local
businesses are to continue growing, we need growth in the
labor pool.”
Part of the solution to the company’s workforce challenges
will have to come from a regional willingness to reevaluate
and promote manufacturing jobs as a viable profession, Mr.
Olesen added.
“I just read that in January there were 425,000 open manufacturing
jobs [in the country], so it is felt everywhere,” he
added. “We need to do a better job in promoting manufacturing
as a career opportunity. All nine of our Centro manufacturing
locations are being run by long-term associates that started
without any experience and at an entry-level position.”
- Adam Moore
22 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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The F & M Team at ‘Bowl for Kids Sake’ sponsored by Big Brothers Big Sisters
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As it experiences this growth, F & M
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banking continues to be the core of what
they do. “We strive for controlled growth
as we look to the future. We want to develop
opportunities with new and existing
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F & M Bank’s team of financial experts
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To date, F & M’s team of 120 financial
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create a culture that supports growth for
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and reward. F & M knows that creating a
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stronger, more viable organization.
Understanding our client base and
tailoring our services to them is why F &
M Bank has continued to thrive throughout
the bank’s history. A genuine commitment
and active involvement in the
communities where our clients live and
do business is a big part of what we do.
The F & M Bank Cares program, which
we originated in the year 2000, connects
our team members with their local communities
and allows us to make a difference.
The F & M team members have
personally donated over $120,000 to local
families and charities.
A locally owned institution for 93
years, F & M currently has three generations
of the Dunn family involved in the
management and operations of the bank.
Mutual respect and setting the highest
expectations for one another are key elements
to the success of the bank, as well
as building lasting relationships with its
clients. We hold ourselves accountable
for not only our performance but for the
success of our clients. The focus continues
to be on offering prompt, personalized financial
services and proactively assisting
clients in achieving their financial goals.
“F & M’s personal touch has proven
to be successful,” said Dunn. “We care
about our client’s success. Our mission
is to exceed clients’ expectations, and it’s
our people that make the difference.”
Whether visiting one of F & M’s branches
or speaking with a team member over
the phone, it’s the bank’s personal and
professional way of doing business that
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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 23

West Side Transport
10
Today Cedar Rapids, tomorrow the world.
That might be an oversimplification of West
Side Transport’s long-term business plan, but
it certainly captures its essence, according to
COO Ron Joseph. The 45-year-old trucking
company has been growing rapidly as of late,
spurred by the recent success of its West Side Logistics arm.
“I think the biggest change is we’ve done a lot of expansion
– we’ve kind of spread our
wings out,” Mr. Joseph said.
Founded by Dale Vogt to
salvage and resell spilled grain
found in railroad yards, West
Side Transport’s traditional
customer base has long been
located around Cedar Rapids.
In the last three years, however,
the company has added
full-service facilities in Chicago
and Columbus, Ohio
to terminals in Glenwood,
Illinois, St. Paul, Minnesota
and Indianapolis, boosting
RON JOSEPH
COO
employment by more than
220 employees in the process.
Another new facility in Harrisburg,
Pennsylvania is set to
come online later this year, adding 100 employees.
There has been some local expansion as well. The company,
now led by owner and CEO Don Vogt, has built a new
drop yard south of Cedar Rapids and will move its corporate
office to the site in 2019. It has also opened a new office by
The Eastern Iowa Airport for its logistics company, which has
grown in the last three years from zero to $12 million in revenue,
Mr. Joseph said. That company forecasts revenues of $16
million next year.
“That [logistics
business] started with
a couple of employees
and now has over 15,”
he noted, describing
it as a truck brokerage
that functions “basically
as an intermediary
between trucking
and shippers.”
The trucking business
is changing, Mr.
THE TEAM
EXECUTIVE TEAM
Don Vogt, Chairman & CEO
John Dalrymple, SVP & CFO
Ron Joseph, COO
Joseph said, adding that “finding a driver to live in a truck
for a week is a challenge.” The creation of new trucking
hubs around the country has helped West Side create more
home-daily jobs, and thus recruit and retain more drivers.
“That means they drive a truck and start at 8 a.m. and come
home at 5 at night, like anyone else, compared to over-the-road
jobs, where they leave on Sunday and come back Friday or Saturday,”
he said. “It’s a tough life. I think expansion and logistics
have been our big initiatives the last couple of years.”
The goal is to keep the logistics arm growing by 20 percent
annually, Mr. Joseph said, and its core trucking business by
5-10 percent a year.
“We expect our non-assets – managing freight and customers
– to be as big as our assets – our drivers and trucks,” he said.
With all of the headwinds facing the trucking industry, West
Side’s strong and varied clientele has helped sustain its growth.
“We have account managers, salespeople inside and outside
that are focused on winning new business every year,” Mr. Joseph
said. “Last year, we started doing business with Procter &
Gamble, General Mills and Target. We have International Paper,
Chrysler, Lowes, Walmart and Toyota, so we have a really
blue-chip base of customers and there’s so much opportunity
to grow with those customers.”
- Jim Offner
“Last year, we started
doing business with
Procter & Gamble, General
Mills and Target. We
have International Paper,
Chrysler, Lowes, Walmart
and Toyota, so we have a
really blue-chip base of
customers and there’s so
much opportunity to grow
with those customers.”
- RON JOSEPH
24 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 25

Modern Companies
KEN BROWN
CEO
11
Modern Companies has evolved and expanded
across the region over the past seven
decades as mergers and acquisitions have
reshaped the firm, from its start as Modern
Refrigeration in 1939 to Modern & Puth to
Modern Piping in the 1960s. But it wasn’t until
the turn of the 21st century that things really started to heat
up for the company, according to CEO Ken Brown.
“The early 2000s was really the beginning of our growth and
expansion with the development
of the Dubuque market
and our entrance into the
Minneapolis market when we
were selected for a large biopharmaceutical
project, the
largest of its kind at the time,”
Mr. Brown said. “This is really
the beginning of the culture
of the company where we
look for opportunities that
fit our skillsets. We have been
expanding into different services
and markets based on
client requests, market conditions
and new technologies
for more than a decade.”
Today, the Cedar Rapids-based
fabricator counts
336 employees, including dozens stationed at offices in Des
Moines, the Quad Cities, Dubuque, Minneapolis and Oklahoma
City. Those outlying markets have helped fuel the company’s
recent expansion, with revenues growing by more than
300 percent in Modern’s Des Moines office in 2017 alone,
and Oklahoma City’s Mid-Continent Group – in which Modern
Companies is a minority investor – seeing “tremendous
growth” and contracts on specialty projects as far away as
South Korea, Mr. Brown said.
Modern Companies most recently acquired the service division
assets of Johnson Contracting Co. in Moline, Illinois,
giving it a better foothold in the western Illinois market.
“The strategic acquisition allows us to better serve our current
customers in the Quad Cities and increases our number of
service technicians from 18 to 31, including Des Moines operations,”
Mr. Brown said. “The Quad Cities is a larger market than
Cedar Rapids, and we feel that it is underserved in our space.”
Two of Modern’s newest divisions – Modern Compressed
Air (MCA) and Modern Control Services (MCS) – are growing,
too, Mr. Brown said.
Modern Compressed Air supplies aluminum tubing and fittings
for compressed air and inert gas distribution in addition
to air compressors, dryers, hose reels and accessories. MCA
also represents Powerex medical gas components for use in any
medical gas delivery system.
Modern Control Services represents building automation
and analytics solutions from Siemens, Delta and CopperTree
Analytics, in addition to building entry control and lighting
control solutions, Mr. Brown said.
The company is also pushing to develop its own technologies
in the competitive construction industry. It last year launched
FabPro LLC, a software
company that has
developed “the only
solution for fabrication
shop productivity
tracking in the construction
industry” and
has other products under
development, Mr.
Brown noted.
The company’s
wide range of construction
expertise
and technologies has
earned it a role in a
number of high-profile
Corridor projects,
including the University
of Iowa’s Stead
THE TEAM
EXECUTIVE TEAM
Ken Brown, CEO
Dave Brown, Director
Matt Huber, CFO
BOARD OF DIRECTORS
Ken Brown
Dave Brown
Kristin White
SUPPORT TEAM
F&M Bank
RSM US LLP
Simmons Perrine Moyer
Bergman PLC
Family Children’s
Hospital, the new Hancher Auditorium and the UI’s new
Visual Arts Building.
“Without the investments in virtual design construction
and our fabrication facility in Cedar Rapids, we could have not
completed these projects efficiently,” he said.
Strategic partnerships are set to be a focus for Modern Companies
in 2018, Mr. Brown said. The firm is working with other
“like-minded” partners in Des Moines and Minneapolis, and
plans to have agreements in place this year. It’s a logical evolution
for a company that has grown through relationships and
alignments with other firms, and is fighting hard to stay relevant
in a rapidly changing industry.
“I wouldn’t have thought five years ago we would be rounding
out our services, looking into other opportunities and developing
software,” he said. “The construction industry is moving
faster than ever before.”
- Jim Offner
26 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

Largest Privately Held Companies
(Ranked by 2017 Revenues)
Largest Privately Held Companies
(Ranked by 2017 Revenues)
RANK Name/Address Contact Information Year Established Top Local Executives 2017 Revenue
Number of
Employees
FT/PT
12
McComas-Lacina Construction
1310 Highland Court
Iowa City, IA 52240
(319) 338-1125; fax (319) 338-5964
www.mccomaslacina.com
1977
Mike Hahn
Al Morelock
$92,000,000
155
- -/- -
13
HR Green Inc.
8710 Earhart Lane SW
Cedar Rapids, IA 52404
(800) 728-7805
(319) 841-4000; fax (319) 841-4012
www.hrgreen.com
1913
Steven Heyer
Richard White
Michelle Byard
$86,700,000
436
385/51
14
The Accel Group LLC
3100 Oakland Road NE
Cedar Rapids, IA 52402
(800) 765-8611
(319) 365-8611; fax (319) 365-6919
www.acceladvantage.com
1928
Tim Gassmann
Mike Byl
Kevin Mease
$86,500,000
75
73/2
15
Acumen
425 Second St., Ste. 1275
Cedar Rapids, IA 52401
(319) 731-0500; fax (319) 366-3636
www.acumenadv.com
2012
Andrew Morf
Kirby Moss
$85,000,000B
39
- -/- -
16
Folience
230 Second St. SE, Ste. 100
Cedar Rapids, IA 52401
(800) 397-8333
(319) 200-2800
www.folience.com
1884
Daniel Goldstein
Cathy Terukina
$78,400,000
509
- -/- -
17
Ready Wireless
955 Kacena Road, Ste. A
Hiawatha, IA 52233
(800) 516-0414
(319) 294-6080; fax (319) 294-6081
www.readymobile.com
2005
Dennis Henderson
Fred Haumesser
Scott Kokotan
$71,400,000
135
132/3
18
Pancheros
2475 Coral Ct. Ste. B
Coralville, IA 52241
(319) 545-6565; fax (319) 545-6570
www.pancheros.com
1992 Rodney Anderson $69,000,000
222
- -/- -
19
Shive-Hattery Architecture &
Engineering
316 Second St. SE., Ste. 500
Cedar Rapids, IA 52401
(800) 798-0313
(319) 362-0313; fax (319) 364-2883
www.shive-hattery.com/
1895
James Lee
Shawn Lueth
Phil Larson
$58,700,000
380
346/34
20
Collins Community Credit Union
1150 42nd St. NE
Cedar Rapids, IA 52402
(800) 475-1150
(319) 393-9000; fax (319) 378-3399
www.collinscu.org
1940
Stefanie Rupert
Benjamin Wickum
$57,600,000
301
293/8
21
BerganKDV
2720 First Ave. NE, Ste. 300C
Cedar Rapids, IA 52402
(800) 741-7087
(319) 294-8000; fax (319) 294-9003
www.bergankdv.com
1945D
Loren Viere
Vince Ellison
Cori Power
Brittani Von Roden
$52,100,000
355
347/8
22
Involta
460 12th Ave. SE, Ste. 100
Cedar Rapids, IA 52401
(855) 364-3061
(319) 261-3008; fax (319) 362-1046
www.involta.com
2007
Bruce Lehrman
Jim Buie
Ken Kremer
$47,500,000
198
- -/- -
23
Ohnward Bancshares Inc.
665 Marion Blvd.
Marion, IA 52302
(319) 373-1371
www.ohnwardbank.com
2009E
Abram Tubbs
Kevin King
$47,200,000
261
- -/- -
24
CEC (Communications Engineering
Company)
405 Boyson Road
Hiawatha, IA 52233
(800) 377-0271
(319) 294-9000; fax (319) 395-6096
www.cecinfo.com
1946
Jim Smith
Matt Dlouhy
$42,000,000
250
- -/- -
Note: Entries may be edited for length and clarity.B Revenue includes premiums C Other location: 2530 Corridor Way Ste. 301; Coralville, IA 52241 D Merger in 2015 created BerganKDV E Ohnward Bancshares, Inc. was
formed in 1967
CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 27

LPH by the Numbers
EMPLOYEE BASE
(TOP 10 COMPANIES)
TOP SUPPORT
ORGANIZATIONS
(AS DETERMINED BY COMPANY
RESPONSES IN 2016 & 2018)
BANKS
Cedar Rapids Bank & Trust
Wells Fargo
LAW FIRMS
Bradley & Riley PC
Simmons Perrine Moyer
Bergman PLC
ACCOUNTANTS/
CONSULTANTS
RSM US LLP
CliftonLarsonAllen
18,000
16,000
14,000
12,000
10,000
8,000
6,000
2012 2014 2016 2018
TOTAL REVENUES
(TOP 10 COMPANIES)
$4,500
MILLIONS
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
2012 2014 2016 2018
2: WOMEN-LED
COMPANIES
on the 2018 list (Van Meter &
Stanley Consultants), up from 1 in
2014 and 2016, and none in 2012.
6: THE MOST
SPOTS JUMPED
by a company making the Top 10,
by Ruffalo Noel Levitz
(No. 14 in 2012 to No. 8 in 2016).
28 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

LPH by the Numbers
2018 INDUSTRY BREAKDOWN
(TOP 35 COMPANIES)
PROFESSIONAL SERVICES.................. 8
BANKING/FINANCE............................. 6
CUSTOMER SERVICE............................ 5
CONSTRUCTION/DEVELOPMENT..... 4
INSURANCE........................................... 4
TECH........................................................ 3
MANUFACTURING................................ 2
TRANSPORTATION............................... 2
GAMING.................................................. 1
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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 29

Largest Privately Held Companies
Largest Privately Held Companies
(Ranked by 2017 Revenues)
(Ranked by 2017 Revenues)
RANK Name/Address Contact Information Year Established Top Local Executives 2017 Revenue
Number of
Employees
FT/PT
25
Garling Construction Inc.
1120 11th St.B
Belle Plaine, IA 52208
(319) 444-3409; fax (319) 444-2437
www.garlingconstruction.com
1973
Doug DeMeulenaere
Troy Pins
Rick Maas
$42,000,000
50
- -/- -
26
CarePro Health Services
1014 Fifth Ave. SE
Cedar Rapids, IA 52403
(800) 575-8810
(319) 363-4554; fax (319) 896-4347
www.careprohealthservices.com
1971
Michelle Jensen
Brent Bormann
$41,100,000
175
- -/- -
27
MCI, LC
2937 Sierra Ct. SW
Iowa City, IA 52540
www.mci.world 2015 Anthony Marlowe $38,200,000
1,400
1,100/300
28
MediRevv Inc.
2600 University Parkway
Coralville, IA 52241
(888) 665-6310
(319) 665-2901; fax (319) 665-6070
www.medirevv.com
2007
Chris Klitgaard
Brad Baldwin
Mike Goedken
$35,800,000
630
- -/- -
29
Watts Group
425 E. Oakdale Blvd., Ste. 101
Coralville, IA 52241
(319) 338-4100
www.wattsgroup.com
1978
Gary Watts
Mike VanDyke
Brian Watts
$35,000,000
27
26/1
30
Clickstop Inc.
202 Blue Creek Drive
Urbana, IA 52345
(800) 383-0592
(866) 322-7883
www.clickstop.com
2005
Tim Guenther
Todd Kuennen
Chad Brandmeyer
$34,500,000
166
145/21
31
Farmers State Bank
1240 Eighth Ave.
Marion, IA 52302
(319) 377-4891
www.myfsbonline.com
1927
Gene Neighbor
Steve Neighbor
$33,600,000
151
136/15
32
ImOn Communications LLC
625 First St. SE, Ste. 250
Cedar Rapids, IA 52401
(319) 298-6484; fax (319) 261-4636
www.imon.net
2007
Patrice Carroll
Jeremy Wild
$32,900,000
108
106/2
33
Thomas L. Cardella & Associates
3735 Queen Court SW
Cedar Rapids, IA 52404
(319) 730-4000; fax (319) 393-3901
www.tlcassociates.com
2007
Thomas Cardella
Tom Moroney
Ashley Hahesy
$31,000,000
1,353
1,135/218
34
Western Fraternal Life Association
1900 First Ave. NE
Cedar Rapids, IA 52402
(877) 935-2467
(319) 363-2653; fax (319) 363-8806
www.wflains.org
1897 Craig Van Dyke $29,800,000
34
- -/- -
35
BankIowa
2701 Edgewood Pkwy. SW
Cedar Rapids, IA 52404
(877)-275-7034
(319) 654-0525; fax (319) 395-9422
www.bankiowa.com
1921
Rob Robinson
Dolph Leytze
Alison Urbina
$28,300,000
139
113/26
Note: Entries may be edited for length and clarity.B Also office at 5210 20th Ave. SW, Cedar Rapids, IA 52404: (319) 398-3340
30 CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018

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CBJ’S LARGEST PRIVATELY HELD COMPANIES 2018 31

CRST TIME LINE
Proud to call
Cedar Rapids
home for over
60 years!
CEDAR RAPIDS HAS ALWAYS COME FIRST FOR US.
It’s been over 60 years since we began operations
as Cedar Rapids Steel Transportation. Thousands of
employees and millions of miles later, we’ve never
lost sight of our home. We know the extraordinary
dedication and work ethic of the people in this
community have been the power behind our success.
That success has allowed CRST to support not only
a large local workforce but to invest millions of
dollars in this community. We believe supporting
many deserving non-profit organizations helps
to make Cedar Rapids a better place to live...and
keeps CRST a great place to work.
Visit us at www.crst.com/careers
1955 Cedar Rapids Steel Transportation is founded by
Herald Smith.
1963 CRST reaches $1 million in annual revenue.
1968 Herald Smith purchases BOS Lines to quadruple
the size of CRST and set the stage for growth in the
1970s.
1974 CRST expands into dry freight and refrigerated
commodities. Cedar Rapids Steel Transport changes
name to CRST, Inc.
1977 Paul Shawver becomes President; Herald Smith
remains Chairman of the Board.
1983 John Smith becomes President; Paul Shawver
becomes Vice Chairman of the Board.
1984 Malone Freight Lines is acquired.
1985 CRST International, Inc. is formed.
1991 CRST Logistics is formed.
1997 John M. Smith purchases company from his family.
2007 CRST Dedicated Services is formed.
2008 Driver Training Center is opened on Cedar Rapids
campus.
2010 John Smith becomes Chairman of the Board;
Dave Rusch is appointed President and CEO.
2011 Specialized Transportation, Inc. is acquired. CRST
reaches $1 billion in revenue. Transport Topics names
CRST the Fastest Growing Carrier.
2013 Special Products Division of Allied Van Lines and BESL
are acquired.
2014 CRST breaks ground on new head-quarters in
downtown Cedar Rapids. CRST launches culturechanging
Gold Rules driver retention initiative.
2015 CRST acquires Pegasus Transportation and celebrates
60th Anniversary. Joe Scherbring achieves 5 million
accident-free miles.
Herald Smith, beloved company founder passes away.
2016 CRST acquires Gardner Trucking, California’s largest
private carrier.