M&A Watch

Accounting Today - - Practiceresources - From page 36

mid­town Man­hat­tan. Hecht and Co. was also lo­cated on Fifth Av­enue.

Fi­nan­cial terms of the deal were not dis­closed. The com­bined rev­enue of the new firm will be ap­prox­i­mately $15 mil­lion. LM Co­hen has 33 staff mem­bers, and Hecht has 17 peo­ple on staff. The deal will add three to four new part­ners in the firm.

LM Co­hen & Co. of­fers a va­ri­ety of ser­vices across the New York met­ro­pol­i­tan area, in­clud­ing au­dit, tax and ad­vi­sory ser­vices to com­pa­nies, high-net-worth in­di­vid­u­als and fam­ily of­fices. Hecht and Co. spe­cial­izes in tax and ac­count­ing man­age­ment, es­tates and trusts, merg­ers and ac­qui­si­tions, and ad­vi­sory ser­vices. Its clients in­clude whole­sale, man­u­fac­tur­ing, real es­tate and ser­vice busi­nesses, along with high-net-worth in­di­vid­u­als.

PENN­SYL­VA­NIA Citrin Coop­er­man merges in D&H Global

De­tails: Citrin Coop­er­man, a Top 100 Firm based in New York, added D&H Global Tax LLC, a Philadel­phia-based tax and ac­count­ing firm that spe­cial­izes in U.S. ex­pa­tri­ates. As part of the deal, D&H man­ag­ing part­ner Leon Dutkiewicz, CPA, will lead Citrin Coop­er­man’s in­ter­na­tional tax­a­tion prac­tice. Three other direc­tors and 15 staff mem­bers from D&H will join Citrin’s Philadel­phia of­fice, and Citrin plans to keep another of D&H’S of­fices in Pit­man, N.J.

Fi­nan­cial terms of the deal were not dis­closed. Citrin Coop­er­man ranked No. 23 on Ac­count­ing To­day’s 2018 list of the Top 100 Firms, with $242 mil­lion in an­nual rev­enue.

D&H fo­cuses on in­ter­na­tional tax plan­ning and prepa­ra­tion for clients who are U.S. ex­pa­tri­ates and oth­ers who live out­side the U.S., but still have tax-fil­ing obli­ga­tions in the U.S. The firm han­dles tax plan­ning and com­pli­ance, fi­nan­cial ser­vices ad­vi­sory, in­sur­ance and risk man­age­ment, tax con­tro­versy, and au­dit rep­re­sen­ta­tion, along with fam­ily of­fice and back-of­fice ser­vices. D&H also has busi­ness clients in var­i­ous in­dus­tries, in­clud­ing oil and gas, pro­fes­sional ser­vices, al­ter­na­tive in­vest­ments, manu- fac­tur­ing, real es­tate, sports and en­ter­tain­ment, tech­nol­ogy, and trans­porta­tion and lo­gis­tics.

Al­lan Koltin, CEO of Koltin Con­sult­ing Group, ad­vised both firms on the deal.

VIR­GINIA Brown Ed­wards ac­quires DHG’S New­port News prac­tice

De­tails: Brown Ed­wards is ac­quir­ing the New­port News, Vir­ginia, prac­tice of Top 100 Firm Dixon Hughes Good­man. As part of the deal, two DHG part­ners, Hugh Bar­low and Les­lie Roberts, along with most of the staff from DHG’S New­port News of­fice, will join Brown Ed­wards. A sig­nif­i­cant num­ber of DHG’S clients are also ex­pected to make the tran­si­tion.

Fi­nan­cial terms of the deal were not dis­closed. DHG, based in Char­lotte, North Carolina, ranked No. 17 on Ac­count­ing To­day’s 2018 list of the Top 100 Firms, with $404 mil­lion in an­nual rev­enue. Brown Ed­wards, based in Roanoke, Vir­ginia, ranked No. 6 on the Re­gional Lead­ers list for the Cap­i­tal Re­gion, with $37.5 mil­lion in an­nual rev­enue.

Brown Ed­wards al­ready pro­vides as­sur­ance, tax and busi­ness ad­vi­sory ser­vices to clients across Vir­ginia, West Vir­ginia and Ten­nessee. The New­port News of­fice will be the sev­enth of­fice in Vir­ginia and the firm’s tenth over­all. Brown Ed­wards al­ready has a sub­stan­tial client base in the New­port News area, so the new of­fice will add a con­ve­nient lo­ca­tion where the firm can serve them.

Last year, Brown Ed­wards also ac­quired DHG’S Roanoke prac­tice and the deal will en­able the firm to ex­pand its foot­print to New­port News.

WASH­ING­TON, D.C. Mar­cum merges in Raffa, ex­pand­ing non­profit prac­tice

De­tails: Mar­cum LLP has added Raffa PC, bring­ing to­gether two Top 100 Firms and sup­ple­ment­ing Mar­cum’s not-for­profit prac­tice with a non­profit-fo­cused group led by women part­ners.

Raffa will join Mar­cum’s not-for-profit prac­tice group, which will now be known as Raffa — Mar­cum’s Non­profit and So­cial Sec­tor Group.

Fi­nan­cial terms of the deal were not dis­closed. As part of the agree­ment, Raffa founder and CEO Thomas Raffa will be­come na­tional leader of the com­bined non­profit spe­cialty group, while Raffa pres­i­dent Kathy Raffa is be­com­ing Mar­cum’s of­fice man­ag­ing part­ner in Wash­ing­ton., D.C., where Raffa has been based. The com­bi­na­tion will bring a to­tal

C of 18 part­ners from Raffa to Mar­cum, 11 of

M whom are women, along with 280 as­so­ci­ates. Raffa ranked No. 85 on Ac­count­ing To­day’s 2018 list of the Top 100

CM Firms, with $50 mil­lion in an­nual rev­enue.

MY Raffa is also the only Top 100 Firm to be

CY ma­jor­ity-owned by women part­ners.

CMY The merger will ex­pand Mar­cum’s team

K to 250 part­ners and more than 1,800 as­so­ci­ates. Mar­cum, based in New York, ranks No. 16 on Ac­count­ing To­day’s 2018 list of the Top 100 Firms, with $469.53 mil­lion in an­nual rev­enue.

The pro­fes­sion­als in the new group will con­cen­trate on help­ing not-for-prof­its and so­cially di­rected busi­nesses with man­aged ser­vices in ac­count­ing, tech­nol­ogy and hu­man cap­i­tal, along with busi­ness, suc­ces­sion and sus­tain­abil­ity plan­ning. Raffa is also the biggest CPA firm in the world to achieve B Corp cer­ti­fi­ca­tion, scor­ing in the top 10 per­cent of all B Corps world­wide, and be­ing rec­og­nized as a “Best for the World” hon­oree in 2018 and 2017. The B Corp cer­ti­fi­ca­tion means a firm has met rig­or­ous stan­dards of so­cial and en­vi­ron­men­tal per­for­mance, pub­lic trans­parency, and le­gal ac­count­abil­ity to bal­ance profit and pur­pose.

“The pursuit of so­cial good through busi­ness has never been more prom­i­nent or more needed,” said Tom Raffa. “I have worked my whole adult life to im­pact sys­temic so­ci­etal change, and Raffa PC has been a trib­ute to this pur­pose. Now is the time to take what works at Raffa and bring it to scale. Mar­cum is the per­fect firm to make this vi­sion a re­al­ity.”

“Mar­cum and Raffa have more than a cen­tury of com­bined vi­sion and ex­pe­ri­ence, along with a cul­ture of en­trepreneur­ship and lead­er­ship com­mit­ted to com­mu­nity, diver­sity and in­clu­sion,” said Kathy Raffa. “I am thrilled to ex­pand Raffa’s women’s lead­er­ship, cul­tural and gen­der diver­sity, and the grat­i­fi­ca­tion that comes from help­ing clients who are mak­ing the world a bet­ter place.”

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