Could a private company/individual trace phone calls?

I'm not talking about *69 or reverse lookup, the stuff we all can do. I mean, for example, could very large and well-funded security/investigations firm have the kind of technology that lets police trace phone calls and get an address -- trap-and-trace, they call it. (Just curious about the what sometimes turns up in crime fiction).Could a private company/individual trace phone calls?
In this day and age anything is possible with the right amount of money and the right connections. Private, public, large or small. The digital advances in the past ten years have opened many possibilities! Lawful and unlawful snooping occurs thousands of time everyday.