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The phrase 'private companies' is correct and usable in written English.
It can be used to refer to companies that are not owned by the government or public sector. For example, "Many private companies are facing financial difficulties due to the effects of the pandemic."
Exact(60)
Private companies don't report earnings.
Eventually, private companies could too.
Others are private companies".
He prefers private companies.
In hospitals, private companies provide the catering.
Private companies are not yet convinced.
Private companies are barred from the system.
Some are jumping ship for private companies.
No explicit provisions existed for private companies.
Local private companies are investing little.
A director of several private companies.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com