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.”