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Top 100 Family Businesses in Europe

Welcome to the first definitive list of the top 100 family businesses in Europe, compiled by Campden FB. The role of family businesses in the European economy is paramount to the success of the countries that comprise the biggest economic region in the world.

Just how important they are to the wellbeing of Europe is underlined by the combined revenues of the top 100 that amounted to €1.1 trillion in 2009 – nearly equivalent to the GDP of Spain. At the apex of this list in terms of total revenue is the carmaker Volkswagen, the second-largest automaker in the world of which the Piëch clan control 32.2%, with revenues of more than €105 billion last year.

The Mittal family controlled steel conglomerate ArcelorMittal is ranked second, with revenues of €50.7 billion last year. But that’s nearly half of what the company generated the year before, showing how much some family businesses were hit by the economic downturn.

Other big revenue losers on the list are the Spanish construction company Acciona and Italian energy company ERG, which saw their revenues halve last year. But there are also some businesses on the list that saw revenues rise, including the Swiss health group Roche, supermarket group Aldi, health specialist Novartis Group, Associated British Foods and precious metals trader Heraeus Holdings. Altogether, French and German family businesses are the best represented with 19 and 18 companies respectively on the list.

Indeed, German companies dominate the top of the table, with four in the top 10 – VW, BMW, Aldi, and Bosch. Italy has 16 companies and the UK 15; fifth place goes to Spain with eight companies. Around a third of the companies on the list are 100% owned by the founding family, families, or foundations controlled by the family/families. There are a wide variety of industries represented within the list, suggesting family businesses aren’t concentrated in just a few sectors. But retailing in its broadest sense is the most prevalent sector, with around 20% of the firms linked to the sector.

The table lists the company, the family/families controlling the 25% or above of capital, country where the company is based, revenues for 2009 and 2008, and how much of the company is owned by the family/families/family-controlled foundations. There are many difficulties in compiling a list like this, not least that families often channel ownership through diverse vehicles and might have multiple shareholding structures, but through our detailed research, including direct contact with many of the businesses, Campden FB was able to compile the list.

To be included in the list, businesses must have met all the criteria listed below:
1. At least one representative of the family or kin is formally involved in the governance of the firm;
2. Listed companies meet the definition of family enterprise if the person who established or acquired the firm or their families or descendants possess 25% of the decision-making rights mandated by their share capital; and
3. The share capital controlled by the family is at least in the second generation or beyond.

Top 100 Family Businesses in Europe

¹ The Robert Bosch Stiftung foundation holds a 92% stake, the Bosch family holds 7%
² Voting rights
³ Bertelsmann Stiftung Foundation holds 77.4% – Mohn family owns 23%
⁴ 53.7% by Porsche family. 46.3% by Piëch family
⁵ Voting rights
⁶ 51% Miele family, 49% Zinkanns
⁷ Voting rights
⁸ 60% Willmont family 20% Dixon family
† Estimates
* Fiscal year