Last Updated on July 30, 2025
Middle market companies are businesses with annual revenues between $10 million and $1 billion. They make up roughly one-third of the U.S. private-sector economy and employ over 48 million people. Sitting between small businesses and large corporations, these firms are the engine behind America’s innovation, employment, and economic resilience.
This guide explores standout middle market firms by industry, revealing their growth trends, revenue estimates, and ownership structures. Whether you’re an investor, a business strategist, or simply curious about the impact of mid market companies, this is your definitive list.
What Are Middle Market Companies?
Middle market companies are typically defined as businesses with annual revenues between $10 million and $1 billion. They sit between small businesses and larger companies, forming a key segment of the U.S. economy.
These firms fall into three categories:
- Lower middle market: $10M–$50M
- Core middle market: $50M–$500M
- Upper middle market: $500M–$1B
While there are different definitions from industry experts and authorities, most agree that these companies:
- Employ between 100 and 2,000 people
- Are often privately owned
- Operate across diverse industries, from healthcare to logistics
The National Center for the Middle Market estimates that there are 200,000 to 300,000 middle market firms in the U.S. They may not have the market capitalization of publicly traded giants, but they consistently drive growth, employment, and acquisitions.
In short, middle market businesses are the invisible giants, big enough to scale, small enough to move fast.
By the Numbers: Key Facts About Middle Market Companies
The U.S. middle market is more powerful than most people realize. These firms sit between small cap startups and big business, yet their economic impact is massive. Here are the numbers that define the middle market segment:
1. 200,000–300,000 Companies
There are an estimated 200,000 to 300,000 middle market companies operating in the United States today. Most are private companies, making them less visible than publicly traded firms.
2. $10 Trillion+ in Annual Revenue
Collectively, middle market businesses generate over $10 trillion in total revenue, accounting for about one third of the U.S. private sector’s gross receipts.
3. 48 Million Employees
These firms employ approximately 48 million people, representing nearly 30% of private-sector employment in the U.S. That’s more than some entire national workforces.
4. Fastest-Growing Employment Segment
Middle market employment is growing faster than the national average, cementing these companies as key drivers of job creation and economic development.
5. Revenue Range: $10M–$1B
To define middle market firms by revenue:
- Lower middle market: $10M–$50M
- Mid market companies: $50M–$500M
- Upper middle market: $500M–$1B
6. Industry-Spanning Reach
From manufacturing and logistics to healthcare and technology, middle market companies operate across every major industry in the economy.
7. Mostly Privately Held
While some may become public companies, the majority of middle market firms are privately owned, often family-run or backed by middle market investment banks or business development companies.
8. Critical but Undercovered
Despite their size and value, the middle market remains underrepresented in the media and policymaking. Yet it is central to mergers, growth strategies, and the future of the American business sector.
Next: We’ll dive into industry-by-industry breakdowns of standout middle market companies, organized by revenue, sector, and growth trajectory.
The Ultimate List: Middle Market Companies by Industry
Below are standout middle market companies making a measurable impact across a variety of sectors. Each middle market firm demonstrates how targeted strategy, industry focus, and operational agility can drive revenue and growth in today’s economy.
Middle Market Companies in Technology
DigitalOcean Holdings, Inc.
- Ownership: Publicly Traded (NYSE: DOCN)
- Revenue: $576 million (2023)
- Headquarters: New York City, NY
DigitalOcean is a standout among middle market companies in the cloud infrastructure space. Serving startups, mid market firms, and developers, DigitalOcean provides scalable cloud computing solutions that are easy to deploy and manage, making it ideal for lean IT teams and high-growth middle market businesses.
With a focus on simplicity, pricing transparency, and developer experience, the company appeals to a segment often overlooked by larger companies like AWS or Azure. As a publicly traded middle market firm, DigitalOcean strikes a rare balance: offering the flexibility of a startup with the structure of an established market company.
The company continues to grow its footprint in the global community, positioning itself as a cloud partner of choice for companies with annual revenues between $10M and $500M.
BlackLine, Inc.
- Ownership: Publicly Traded (NASDAQ: BL)
- Revenue: $523 million (2023)
- Headquarters: Woodland Hills, CA
BlackLine is a leading provider of financial automation solutions, serving middle market firms, business development companies, and even segments of the Fortune 1000. The company’s cloud-based platform helps finance teams automate account reconciliation, close management, and intercompany transactions.
What sets BlackLine apart in the middle market segment is its focus on reducing time-consuming tasks and enhancing compliance. With increasing regulatory pressure and digital transformation needs, middle market companies turn to BlackLine to optimize their financial operations and gain real-time visibility into performance.
Its consistent growth, strategic acquisitions, and robust partner ecosystem have made it a go-to choice for private companies and public companies alike seeking scalable, audit-ready financial infrastructure.
Middle Market Companies in Healthcare
CorVel Corporation
- Ownership: Publicly Traded (NASDAQ: CRVL)
- Revenue: $678 million (2023)
- Headquarters: Irvine, CA
CorVel Corporation is a top-tier example of a middle market healthcare business focused on delivering technology-enabled solutions for risk management. The company partners with employers, insurance companies, and government agencies to manage workers’ compensation, health claims, and disability programs.
With its integrated platform and advanced analytics, CorVel helps mid market companies reduce costs while improving patient outcomes. The firm’s emphasis on proprietary technology and industry expertise enables it to address growing demand for compliant, efficient care delivery, especially among private companies looking to scale without sacrificing operational control.
As part of the U.S. middle market, CorVel is well-positioned to serve a wide range of organizations that fall between small businesses and larger companies, offering the personalized attention often missing from big business providers.
STAAR Surgical Company
- Ownership: Publicly Traded (NASDAQ: STAA)
- Revenue: $312 million (2023)
- Headquarters: Monrovia, CA
STAAR Surgical is a middle market firm specializing in implantable lenses and vision-correction surgical tools. Their flagship product, the EVO ICL (Implantable Collamer Lens), offers an alternative to LASIK for patients with myopia and astigmatism.
What makes STAAR stand out among mid market companies is its intense focus on innovation in ophthalmic healthcare. With a global presence spanning over 75 countries and growing demand from investors and practitioners alike, the company continues to scale within a clearly defined niche.
STAAR Surgical blends industry specialization with international reach, making it a powerful contender in a highly regulated and competitive market. Its growth is supported by increasing interest in refractive surgeries and minimally invasive vision correction technologies, areas where middle market businesses can lead with speed and precision.
Middle Market Companies in Consumer Products
TreeHouse Foods, Inc.
- Ownership: Publicly Traded (NYSE: THS)
- Revenue: $3.45 billion (2023)
- Headquarters: Oak Brook, IL
TreeHouse Foods is one of the most prominent middle market companies in the private-label packaged food industry. Despite revenue that edges above traditional middle market definitions, its operating structure, customer profile, and flexibility firmly place it within the middle market segment in terms of strategy and scale.
Serving grocers, foodservice brands, and business development companies, TreeHouse specializes in snack foods, ready-to-eat meals, beverages, and condiments, all made for retailers’ private-label lines. The company’s ability to adapt to changing consumer preferences, especially in health-conscious and plant-based product categories, gives it a competitive edge against larger companies.
As middle market businesses continue to prioritize differentiation and brand control, TreeHouse offers a cost-effective, scalable way to enter new markets or expand private-label portfolios.
Edgewell Personal Care Co.
- Ownership: Publicly Traded (NYSE: EPC)
- Revenue: $2.2 billion (2023)
- Headquarters: Shelton, CT
Edgewell is a diversified middle market company in the personal care space, known for household brands like Schick, Banana Boat, Hawaiian Tropic, and Wet Ones. While its market capitalization reflects a substantial footprint, Edgewell maintains the operational flexibility and targeted market approach of a middle market firm.
The company serves both domestic and international markets, with a business model focused on innovation, sustainability, and direct-to-consumer sales. Edgewell’s industry expertise lies in identifying emerging personal care trends and converting them into scalable consumer products faster than big business competitors.
Their performance also underscores the strength of mid market companies that leverage brand equity, nimble marketing, and cost efficiency to maintain relevance in highly saturated consumer markets.
Middle Market Companies in Manufacturing
SPX Corporation
- Ownership: Publicly Traded (NYSE: SPXC)
- Revenue: $1.5 billion (2023)
- Headquarters: Charlotte, NC
SPX Corporation is a diversified middle market industrial company providing infrastructure solutions in HVAC, detection and measurement, and engineered systems. While its total revenue places it in the upper tier of the middle market, its segmented business structure and operational model align closely with core middle market business characteristics.
SPX stands out for its ability to serve highly technical industrial sectors with a portfolio of products designed for efficiency, safety, and environmental standards. Its acquisition strategy and focus on niche markets, like fire detection and cooling systems, allow it to deliver targeted value without the bureaucratic slowdown often associated with larger businesses.
As a middle market leader in U.S. manufacturing, SPX exemplifies how mid-sized market firms can leverage engineering expertise and agile decision-making to outperform both smaller rivals and slower-moving big business incumbents.
Moog Inc.
- Ownership: Publicly Traded (NYSE: MOG.A)
- Revenue: $3.0 billion (2023)
- Headquarters: East Aurora, NY
Moog Inc. is a globally respected middle market firm in precision control components and systems for aerospace, defense, industrial, and medical industries. Known for its high-performance solutions, Moog designs everything from flight control systems for aircraft to motion control systems in medical infusion pumps.
Though its revenue borders the high end of middle market companies, Moog operates with a strategic structure often seen in mid market firms: high specialization, deep industry expertise, and an emphasis on long-term engineering partnerships. This allows them to move faster than large public companies while maintaining a reputation for innovation and quality.
Moog’s global presence and R&D investment strategy position it as a role model for middle market businesses that aim to lead in advanced manufacturing and systems integration across highly regulated sectors.
Middle Market Companies in Professional Services
Heidrick & Struggles International, Inc.
- Ownership: Publicly Traded (NASDAQ: HSII)
- Revenue: $1.0 billion (2023)
- Headquarters: Chicago, IL
Heidrick & Struggles is a leading middle market company in executive search, leadership consulting, and culture shaping. With offices in over 30 countries, the firm serves public companies, private companies, and global organizations seeking senior leadership talent and organizational transformation.
Heidrick’s strength lies in its deep industry expertise and ability to customize services for clients across multiple sectors, including healthcare, finance, industrials, and technology. Its business model exemplifies what middle market firms do best: offer highly specialized, high-touch services with the infrastructure to support complex engagements worldwide.
In a world where big businesses often deliver commoditized services, Heidrick & Struggles stands out for its consultative approach and emphasis on cultural alignment, a key consideration for investors, boards, and business development companies.
Robert Half International Inc.
- Ownership: Publicly Traded (NYSE: RHI)
- Revenue: $7.2 billion (2023)
- Headquarters: Menlo Park, CA
Robert Half operates at the high end of the middle market, but its segmented services, particularly in staffing for accounting, finance, legal, and administrative functions, serve many mid market companies and lower middle market firms.
What sets Robert Half apart is its hybrid approach to talent: blending traditional staffing with technology-forward platforms like Protiviti (its consulting arm) and its proprietary digital staffing tools. This model helps middle market businesses respond quickly to shifting workforce demands, economic uncertainty, or mergers and acquisitions.
The company is frequently ranked among the top staffing firms globally and continues to be a trusted partner for middle market leaders needing flexible hiring solutions and strategic consulting support.
Frequently Asked Questions
What is considered a middle market company?
A middle market company is typically defined as a business with annual revenues between $10 million and $1 billion. These companies fall between small businesses and large corporations, often categorized into three tiers: lower middle market ($10M–$50M), core middle market ($50M–$500M), and upper middle market ($500M–$1B). They are often privately owned, although some are publicly traded or backed by middle market investment banks.
What is the US mid-market?
The U.S. mid-market refers to the collective group of middle market firms operating in the United States. These businesses make up roughly one third of private-sector GDP, employ about 48 million people, and span a wide range of industries, from technology and healthcare to manufacturing and professional services. There are approximately 200,000 to 300,000 middle market companies in the U.S.
What does mid-market mean in business?
In business, mid-market refers to the segment between small startups and large enterprises. Mid-market companies are mature enough to generate significant revenue but nimble enough to adapt quickly. These firms usually have structured operations, access to capital, and play a vital role in economic growth, job creation, and business development.
What are middle market PE firms?
Middle market private equity (PE) firms specialize in investing in mid-sized companies, often targeting businesses with enterprise values between $25 million and $1 billion. These PE firms provide capital for growth, acquisitions, or restructuring, and may help optimize operations or guide companies toward public offerings or larger buyouts. Examples include firms like Audax Group, HGGC, and Genstar Capital.
Is Wells Fargo middle market?
Wells Fargo is not a middle market company, it is a large, publicly traded financial institution. However, Wells Fargo does have a dedicated Middle Market Banking division that provides financial services to middle market businesses. This division supports companies with revenues typically ranging from $10 million to $1 billion, helping them with lending, cash management, and capital markets solutions.
Conclusion
Middle market companies power the economy, quietly driving growth, innovation, and jobs. From tech to healthcare, these mid market firms balance scale with agility, proving you don’t need to be a big business to make a major impact. As more investors and clients turn their focus to this high-value segment, understanding the middle market is no longer optional, it’s essential.
