M& A Watch

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GE­OR­GIA Mauldin & Jenk­ins adds KRT CPAS divi­sion

De­tails: Top 100 Firm Mauldin & Jenk­ins merged in KRT CPAS’ gov­ern­men­tal prac­tice divi­sion, ex­pand­ing the firm to Sa­van­nah.

KRT CPAS, for­merly known as Karp, Ron­ning & Tin­dol, dates back to 1925. The firm has been op­er­at­ing in Sa­van­nah for over 90 years.

As part of the deal, Der­rick Cowart will be join­ing Mauldin & Jenk­ins as a part­ner, along with sev­eral other staff pro­fes­sion­als. He has more than 30 years of ex­pe­ri­ence in pub­lic ac­count­ing.

Fi­nan­cial terms were not dis­closed. With the merger, Mauldin & Jenk­ins will have ap­prox­i­mately $51.5 mil­lion in to­tal rev­enue with 36 eq­uity part­ners and 14 non-eq­uity part­ners.

Clifton­lar­son­allen adds Dug­gan & Massey

De­tails: Top 100 Firm Clifton­lar­son­Allen merged in Dug­gan & Massey, ex­pand­ing CLA’S pres­ence in At­lanta.

As part of the deal, 22 for­mer Dug­gan & Massey team mem­bers, in­clud­ing four part­ners, will be join­ing CLA, while con­tin­u­ing to work from their of­fice in At­lanta’s Buck­head dis­trict. CLA has more than 5,400 peo­ple, in­clud­ing more than 700 prin­ci­pals.

Fi­nan­cial terms of the deal were not dis­closed. Clifton­lar­son­allen had $850 mil­lion in rev­enue in 2017. Dug­gan & Massey earns $5 mil­lion in an­nual rev­enue.

Dug­gan & Massey dates back to 1956 and caters to closely held busi­nesses and high-net-worth in­di­vid­u­als in the At­lanta area.

“We have been ap­proached by many firms over the years, but CLA was unique,” said Dug­gan & Massey man­ag­ing part­ner Michael Thomp­son in a state­ment. “Their core fo­cus on help­ing closely held busi­nesses, own­ers and high-net-worth in­di­vid­u­als aligned per­fectly with Dug­gan & Massey.”

ILLI­NOIS Mitchell Ti­tus ac­quires Wash­ing­ton, Pittman & Mckeever

De­tails: Two of the old­est mi­nor­i­ty­con­trolled ac­count­ing firms, Mitchell Ti­tus and Wash­ing­ton, Pittman & Mckeever, are join­ing to­gether.

Mitchell Ti­tus, based in New York, is ac­quir­ing the ma­jor­ity of Chicago-based Wash­ing­ton, Pittman & Mckeever’s client base, along with cer­tain em­ploy­ees. How­ever, Wash­ing­ton, Pittman & Mckeever will con­tinue op­er­a­tions to ser­vice cer­tain govern­ment con­tracts. Fi­nan­cial terms of the deal were not dis­closed.

The two firms have a long his­tory in serv­ing the African-amer­i­can com­mu­nity. Wash­ing­ton, Pittman & Mckeever was founded in 1939 by Mary T. Wash­ing­ton, the first African-amer­i­can fe­male CPA in the United States. The firm has grown over the years and is led by Lester Mckeever, a CPA and at­tor­ney, who is the for­mer chair­man of the Fed­eral Re­serve Bank of Chicago and a for­mer mem­ber of the Fi­nance Com­mit­tee for Chicago May­ors Harold Wash­ing­ton and Richard M. Da­ley. Mckeever will be­come a part­ner at Mitchell Ti­tus, which was founded in 1974 by Bert Mitchell and Robert Ti­tus and is now led by chair­man and CEO An­thony Ken­dall, who has been with the firm since 1991.

MASS­A­CHU­SETTS Citrin Coop­er­man merges in Sharkan­sky

De­tails: Citrin Coop­er­man, a Top 100 Firm based in New York, ex­tended its foot­print in New Eng­land by adding Sharkan­sky LLP, a firm based in Brock­ton, Mass­a­chu­setts.

As part of the deal, six part­ners and more than 25 of Sharkan­sky’s staff are join­ing Citrin Coop­er­man, work­ing out of Citrin’s of­fice in Brain­tree, Mass­a­chu­setts. Fi­nan­cial terms of the deal were not dis­closed.

Be­fore the deal, Citrin had 208 part­ners and 587 pro­fes­sion­als in 10 of­fices.

MICHI­GAN Gor­don Ad­vi­sors merges in To­bias, Van­deputte & Skul­sky

De­tails: Gor­don Ad­vi­sors merged in To­bias, Van­deputte & Skul­sky PC in Troy.

The com­bined firm will con­tinue to of­fer pub­lic ac­count­ing, tax and busi­ness ad­vi­sory ser­vices to pri­vately held com­pa­nies, in­di­vid­u­als and non­prof­its.

Both firms cater to clients in South­east Michi­gan and pro­vide sim­i­lar ser­vices. The en­tire To­bias team of part­ners and staff will con­tinue to serve clients. Fi­nan­cial terms were not dis­closed. Both firms have a shared cul­ture and a long his­tory, with Gor­don Ad­vi­sors dat­ing back more than 60 years, and To­bias, Van­deputte & Skul­sky al­most 80 years.

“We are very proud of the nearly 80-year his­tory of our firm,” said Gary Van­deputte in a state­ment. “We also rec­og­nized the next step was to merge with a top-tier lo­cal firm that would en­able us to of­fer ex­panded re­sources and ser­vices to our clients and op­por­tu­ni­ties for our team mem­bers.”

NEW YORK BKD merges in Loeb & Troper

De­tails: BKD LLP added Loeb & Troper LLP, al­low­ing the Spring­field, Mis­souri-based Top 100 Firm to ex­pand in New York.

Loeb & Troper spe­cial­izes in au­dit and con­sult­ing ser­vices for health care, man­aged care, spe­cial needs, non­profit and ed­u­ca­tion or­ga­ni­za­tions.

Its staff will re­main in their cur­rent of­fice in mid­town Man­hat­tan, and the of­fice will be led by BKD part­ner Ryan Reiff.

Fi­nan­cial terms of the deal were not dis­closed.

BKD has 38 of­fices in 17 states, and its fis­cal year 2018 rev­enues were ap­prox­i­mately $600 mil­lion.

Loeb & Troper has ap­prox­i­mately 15 part­ners and 100 to­tal per­son­nel. They will be join­ing BKD’S ap­prox­i­mately 280 part­ners and 2,650 to­tal per­son­nel.

TEXAS Whit­ley Penn merges in Dos­sani, Tur­nage & Van Hoose

De­tails: Top 100 Firm Whit­ley Penn added Dos­sani, Tur­nage & Van Hoose PC and its af­fil­i­ate, Im­pact Fi­nan­cial So­lu­tions LLC.

The firms have joined Whit­ley Penn’s Dal­las of­fice, in­creas­ing its foot­print in the Dal­las–fort Worth area to ap­prox­i­mately 350 em­ploy­ees, with nearly 500 em­ploy­ees firmwide. One part­ner is join­ing from Dos­sani, Tur­nage & Van Hoose.

Fi­nan­cial terms were not dis­closed. The com­bined firm is ex­pected to have rev­enue of $105 mil­lion.

Dos­sani, Tur­nage & Van Hoose and Im­pact Fi­nan­cial So­lu­tions spe­cial­ize in man­age­ment con­sult­ing, fi­nan­cial ac­count­ing, fi­nan­cial plan­ning, and in­come tax com­pli­ance and con­sult­ing.

The firm also spe­cial­izes in ac­count­ing soft­ware and sys­tems im­ple­men­ta­tion, which will be­come a new ser­vice of­fer­ing for Whit­ley Penn.

UTAH Squire com­bines with Pin­nock Robbins

De­tails: Squire & Co. PC merged in Pin­nock, Robbins, Posey & Richins PC, in Utah.

Squire is lo­cated in Orem, Utah, while PRPR is in down­town Salt Lake City. Fi­nan­cial de­tails were not dis­closed.

Squire re­ported $18.77 mil­lion in an­nual rev­enue for 2017; PRPR’S an­nual rev­enue is $4 mil­lion.

Squire is one of the fastest-grow­ing firms in Utah, while PRPR has been part of the ac­count­ing pro­fes­sion in Salt Lake City for nearly 75 years.

The com­bined firm has 21 part­ners and a to­tal of 130 em­ploy­ees, and will main­tain of­fices in both Orem and down­town Salt Lake City.

Squire of­fers tax and au­dit ser­vices, along with out­sourced ser­vices, ac­count­ing and ERP sys­tems im­ple­men­ta­tion, buy/sell trans­ac­tion sup­port and wealth man­age­ment as­sis­tance.

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