并购的威力│增长最快的五家500强企业
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2015年里发生的兼并与收购前所未有，因此毫不令人意外，这一年《财富》500强公司营业收入增长最快的那些，也是通过并购实现的。 确实，在过去几年中，许多公司都难以提高他们的销售额，因此他们决定换个办法。通过变革性的交易，有些公司的规模一夜之间就增长了一倍。今年《财富》500强中增长最快的五家公司，全部都在2015年进行了一次或几次大规模的并购，从而帮助他们在营业收入上实现了两位数甚至三位数的增长。假如没有这些交易，其中的货运公司XPO Logistics甚至无法进入《财富》500强的榜单。 （在去年《财富》500强增长最快的公司中，并购也是主旋律，不过并非所有的入榜公司都是依靠并购。） 并购浪潮在2016年有所消退，部分原因在于美国的反垄断监管机构喊停了一系列交易。这些增长最快的公司如果在今年无法完成这么多并购，能否实现同样巨大的增长？让我们拭目以待。 以下是2015年《财富》500强榜单中增长最快的五家公司。点此阅读我们最新的《财富》500强榜单，了解美国大型公司的更多信息和即时新闻。 |
After a record-setting year of mergers and acquisitions, it shouldn’t be much of a surprise that the Fortune 500 companies that grew revenue most in 2015 did so through M&A. Indeed, companies have been struggling to grow their sales for the last several years, opting instead to strike transformative deals that have in some cases doubled their size overnight. All five of this year’s fastest-growingFortune 500 companies took part in a major merger or acquisition in 2015 (or several) that accounted for their double- or even triple-digit revenue growth. Without such deals, one of those companies, trucking concern XPO Logistics, wouldn’t have made the Fortune 500 list at all. (Mergers and acquisitions were also a big theme among the Fortune 500’s fastest-growing companies last year, but not for all of them.) The M&A wave has slowed in 2016, thanks in part to astring of deal-busting decisions by U.S. antitrust regulators. It remains to be seen whether the fastest-rising companies will be able to achieve the same blockbuster growth as this year’s top companies if they aren’t able to complete as many mergers. Below are the five Fortune 500 companies that grew revenue the most in 2015. Visit our new Fortune 500 listfor more information and breaking news about all of America’s largest companies. |
1. XPO物流
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《财富》500强排名：353 2015年营业收入：76亿美元 2015年收入增长：224% 《财富》500强排名：提升556名 XPO物流（XPO Logistics）已经成为了全球最大的汽车货运（官方术语叫做“货运代理”）公司之一。该公司在去年的规模急剧增加，从2014年《财富》的第909名攀升了556位，冲进了《财富》500强榜单。这家物流公司在供应链的各个节点之间运送货物，他们在2015年疯狂吞并了其他四家同行，从而让销售额增长到了原来的三倍以上。 在这种情况下，收入的增长并不意味着盈利：XPO为其中两次并购各花费了30亿美元，公司亏损的增幅比收入更大：去年，他们的亏损达到1.92亿美元，是2014年亏损的三倍以上。排除XPO的收购以后，他们的营收增幅只有个位数，不过公司希望在今年实现更多的内生性增长。 |
Fortune 500 rank: 353 2015 revenue: $7.6 billion 2015 revenue growth: 224% Change in Fortune 500 rank: +556 Already one of the world’s largest trucking companies—the official term is “freight brokerage”— XPO Logistics 4.51% grew so much last year that it catapulted on to the Fortune 500 list, climbing 556 spots from No. 909 in Fortune’s 2014 rankings. The logistics firm, which transports cargo between various points in a supply chain, more than tripled its sales in 2015 after an acquisition spree in which it snapped up four other truckers. In this case, revenue growth didn't mean profitability: Two of its acquisitions cost XPO more than $3 billion each, and the company’s bottom-line losses grew even more than its revenue: It reported negative profits of about $192 million last year, more than three times its losses in 2014. Not counting the acquisitions, XPO’s revenue grew at a single-digit rate last year, but the company hopes to grow more organically this year. |
2. AECOM
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《财富》500强排名：156 2015年营业收入：180亿美元 2015年营收增幅：115% 《财富》500强排名：提升187名 AECOM是一家工程设计和基础设施公司。他们在2014年底以包含抵押债务的60亿美元收购了竞争对手URS Corp.，并在2015年让销售额翻了一倍以上。AECOM的首席执行官迈克尔·伯克表示，这次交易是“行业历史上最大的一次合并”。然而，除去这次合并外，AECOM的内生性营收在去年表现平平，部分原因也在于汇率影响。由于并购，AECOM去年的利润也十分惨淡，亏损达到了1.55亿美元。 |
Fortune 500 rank: 156 2015 revenue: $18 billion 2015 revenue growth: 115% Change in Fortune 500 rank: +187 AECOM 2.48% , an engineering design and infrastructure firm, more than doubled its sales in 2015 after acquiring its competitor URS Corp. for $6 billion including debt in late 2014. The deal was “the largest combination in our industry’s history,” according to AECOM CEO Michael Burke. Without it, however, AECOM’s organic revenue growth was flat last year, restrained in part by the effects of currency-exchange rates. And the company’s profits suffered as a result of costs related to the acquisition: AECOM swung to a loss of $155 million last year. |
3. Dollar Tree
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《财富》500强排名：180 2015年营业收入：155亿美元 2015年营收增幅：80% 《财富》500强排名：提升150名 一元店Dollar Tree在收购了竞争对手Family Dollar后，门店数量在2015年翻了一番以上，销售额也提高了超过80%。这其中，门店数量更多的Family Dollar贡献了增长的90%，除去这次收购，Dollar Tree的收入增长只有不足9%。尽管Dollar Tree在门店上现在超过了竞争对手Dollar General，但公司的销售额和市值都还不如对方。 |
Fortune 500 rank: 180 2015 revenue: $15.5 billion 2015 revenue growth: 80% Change in Fortune 500 rank: +150 Dollar Tree -0.27% more than doubled its store count in 2015 when it completed its acquisition of rival dollar-store chain Family Dollar, and its sales surged more than 80%. Revenue from Family Dollar—which has more stores than Dollar Tree—accounted for about 90% of that gain; without that, Dollar Tree grew revenue by less than 9%. Though Dollar Tree now outnumbers its competitor Dollar General -0.65% in terms of stores, it still makes less in sales and has a lower market value than its peer. |
4. NGL Energy Partners
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《财富》500强排名：167 2015年营业收入：168亿美元 2015年营业收入增长：73% 《财富》500强排名：提升132名 原油价格暴跌在去年让业内大部分公司遭遇了惨痛损失，这家原油储存和管道公司是如何实现73%的营业收入增长的？原因在于今年《财富》500强榜单采用的是NGL Energy Partners截至去年3月的2015财年的数据，这在原油价格跳水最严重的时期之前。公司当时通过一系列收购，极大地提高了原油储量和运输能力，从而实现了营业收入增长。（他们去年也进入了我们的《财富》500强增长最快的公司榜单，原因类似。）从那以后，NGL Energy Partners拆分了部分资产，导致其在2016财年的营业收入减少了超过30%，不过他们也借此提振了公司疲软的股价。 |
Fortune 500 rank: 167 2015 revenue: $16.8 billion 2015 revenue growth: 73% Change in Fortune 500 rank: +132 Wondering how an oil storage and pipeline company could grow revenue 73% during a year when declining crude prices crushed most companies in that industry? It helped that this year’s Fortune 500 list is based on NGL Energy Partners’ fiscal 2015, which ended in March of last year, before the worst of the oil carnage. NGL Energy Partners 9.71% padded revenue during that year with a series of acquisitions that greatly expanded its oil storage and transportation capacity. (The company was also on our list of fastest-growing Fortune 500 companies last year, for similar reasons.) Since then, though, NGL Energy has divested some of the same assets, which lowered its revenue more than 30% in fiscal 2016, but boosted its sagging stock price. |
5. 卡夫亨氏公司
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《财富》500强排名：153 2015年营业收入：183亿美元 2015年营收增幅：68% 《财富》500强排名：提升119名 通心粉公司卡夫和番茄酱公司亨氏在2015年7月完成了合并，合并后的公司估值高达500亿美元，这也是卡夫亨氏（Kraft Heinz，之前的卡夫食品）在去年营业收入提升68%的主要原因。这次合并由传奇投资家沃伦·巴菲特推动，伯克希尔哈撒韦公司是这家联合公司的头号股东。这笔交易也让卡夫亨氏成为了全球五大食品和饮料公司之一。该公司如果想在不再并购的前提下复制2015年的增长率，得卖出海量的奶酪和果冻才行。 （财富中文网） 译者：严匡正 |
Fortune 500 rank: 153 2015 revenue: $18.3 billion 2015 revenue growth: 68% Change in Fortune 500 rank: +119 The merger of the macaroni and ketchup companies, completed in July 2015 and valued at as much as $50 billion, is the main reason Kraft Heinz 1.36% (formerly Kraft Foods) grew its revenue 68% last year. Driven by legendary investor Warren Buffett, whose Berkshire Hathaway 1.15% is a top investor in the combined company, the deal puts Kraft Heinz among the five biggest food and beverage companies on the planet. Kraft Heinz will have to sell an awful lot of cheesy elbows and Jell-O if it expects to repeat its 2015 growth rate—that is, assuming it doesn’t make further acquisitions. |
