M& A Watch
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.