Digi-Key Electronics, a supplier of electronic components, ranked No. 119 on the 2022 list of America’s Largest Private Companies by Forbes. This is the first time the company has been included on the list and is one of just nine companies in the Capital Goods category.
Forbes has been tracking America’s largest private companies since 1985. This year’s list, with 246 entrants, is the largest since 2008, when the cutoff to qualify was $1 billion in sales. The threshold has since been raised to $2 billion in revenues, and companies are ranked by revenues from the most recently completed fiscal year.
“Digi-Key is proud to be recognized by Forbes as one of the largest private companies in America,” said Dave Doherty, president of Digi-Key. “We are grateful to our team members who have gone above and beyond to meet challenges and enable this accelerated growth for the company, all while helping our customers fuel their innovation. And we are grateful to be a private company that can always put our customers and team members first, and not compete with the sometimes conflicting demands of external shareholders.”
Digi-Key reports it has experienced more than 80% growth in 24 months. The company also recently opened the doors to its 2.2 million-square-foot Product Distribution Center expansion, which will allow it to scale capacity to keep up with skyrocketing demand.