CALIFORNIA Armanino adds Bolar Hirsch & Jennings
Details: Armanino LLP, a Top 100 Firm based in San Ramon, California, expanded to Orange County by merging in Bolar Hirsch & Jennings, a firm based in Irvine.
The deal builds on Armanino’s existing presence in Southern California. Financial terms of the deal were not disclosed. Armanino had $268 million in annual revenue. The firm has 117 partners and 1,075 staff members, for a total of 1,192 employees. Bolar Hirsch & Jennings has $20 million in annual revenue, seven partners and more than 90 staff members.
“Bolar Hirsch & Jennings is a highly specialized tax firm with an amazing group of people and will put us in the hub of Orange County, where they have created a successful and trusted brand for nearly 30 years,” said Armanino CEO Matt Armanino in a statement. “Armanino has been strategically investing in the Southern California market to ensure we can better serve the market with an expanded geographic footprint that covers all the major hubs in the region. With this addition, we will now have a total of five offices throughout Southern California.”
Bolar Hirsch & Jennings’ tax practice specializes in high-net-worth individuals, real estate and corporate taxes.
“Bolar Hirsch & Jennings is a top-flight firm in Orange County with a stellar reputation for its client service and acuity in niche tax matters,” said Koltin Consulting Group CEO Allan Koltin, who advised both firms. “With this agreement, Armanino is extremely well positioned throughout Southern California.”
GEORGIA McGuire Sponsel merges in Ernst & Morris
Details: Tax and consulting firm McGuire Sponsel has added Ernst & Morris, a firm that specializes in cost segregation studies.
Based in Indianapolis, McGuire Sponsel helps CPA firms with specialized services such as cost segregation, research and development tax credit studies, IC-DISC, and economic incentives advice.
Ernst & Morris is based in Marietta, Georgia, just outside of Atlanta. It’s one of the oldest and biggest firms dedicated to cost segregation studies, which help clients identify property assets to optimize depreciation deductions for federal tax purposes. Founded in 1993, Ernst & Morris operates in all 50 states servicing both CPA firms and property owners.
Financial terms of the deal were not disclosed. The combined firm has 50 employees.
Winding River Consulting CEO Gary Shamis said the merger represents an opportunity for both firms and the clients they serve. “This is a substantial combination of industry forces,” he stated. “McGuire Sponsel has quickly developed a national reputation for high-level advisory work, and Dave McGuire is a leading industry expert. Ernst & Morris is an industry pioneer and considered to be one of the top cost segregation boutique firms in the country. It’s a sizeable concentration of technical expertise, proven track records, and client-focused service.”
ILLINOIS BDO USA acquires TAXPE
Details: Top 7 Firm BDO USA has announced the acquisition of TAXPE, a firm that focuses on end-to-end income tax reporting processes for large corporate tax departments.
Scott Hice, CEO of TAXPE, has joined BDO as a partner and national leader of BDO’s tax transformation services practice. TAXPE has previously worked with more than 300 companies on tax performance projects involving tax provisioning and compliance software enhancements.
"It’s generally looking at how the tax department delivers all of their deliverables, going from the source, whether it’s the process itself, the documentation around the process, and how do they do their day-to-day, month-to-month, quarter-to-quarter and year-to-year activities, all in driving towards largely delivering the tax provisioning and the tax returns globally," Hice said.
BDO's acquisition aims to help companies navigate the web of tax laws and regulations through improved processes and technology to respond to policy changes, while creating a more efficient work environment and generating value for the business.
“BDO is seeing a huge increase in these types of projects, and BDO is growing
quite a bit, so to have Scott and his team come over is going to help us service our clients better," said BDO tax transformation services managing director Barbara Torzewski. "Together we can really build some things that are what our clients areCY looking for.”
Financial terms of the acquisition were not disclosed, but the deal is expected toK double the size of BDO's tax transformation services practice. The acquisition will bring more Fortune 500 clients to BDO, along with new technology.
NEVADA RubinBrown to expand in Las Vegas
Details: St. Louis-based Top 100 Firm RubinBrown LLP will add the team members of Las Vegas-based CPA firm Bradshaw Smith & Co. The combination is expected to bolster RubinBrown’s gaming practice, and make it the second-largest accounting firm in Las Vegas.
Financial terms of the deal were not disclosed. Bradshaw Smith will add 25 total team members, including six partners — Douglas Winters, Jeffrey Cooper, Michael Dobbins, Heather Grech, Jeffery Pero and Christy Lou Banton — to RubinBrown’s current Las Vegas office, which currently has 74 team members,
including 11 partners. The combined office will be led by Glenn Goodnough, the managing partner of RubinBrown’s Vegas practice.
Founded in 1976, Bradshaw Smith specializes in gaming, real estate, construction, broadcasting, nonprofit, medical and manufacturing services.
NEW JERSEY PKF O’Connor Davies merges in Hodulik and Morrison
Details: PKF O’Connor Davies, a Top 100 Firm based in New York, has added Hodulik and Morrison, a firm in Highland Park, New Jersey, that specializes in audit services for the public sector.
Hodulik and Morrison will expand PKF O’Connor Davies’ public sector practice, but will operate as a division of the firm. The deal represents PKFOD’s latest expansion and the third firm to join in the last six months as it continues to grow along the East Coast.
Financial terms of the deal were not disclosed. PKFOD had $165.75 million in annual revenue, while H&M had $2.5 million. PKFOD has 105 partners and 755 staff, and will be adding two partners and more than a dozen staff from H&M to PKFOD’s office in Cranford, N.J. PKFOD has 11 offices in five states.
Out of the Box Technology and EBS Associates merge
Details: Out of the Box Technology and EBS Associates, two accounting firmscum-QuickBooks solutions providers, have merged. Operating under the name of Out of the Box Technology, they aim to be a one-stop shop providing services for everything related to QuickBooks, as well as offering a range of bookkeeping, business and software-integration services to accounting professionals and the SMB market at large.
Denise Loter-Koch, founder of EBS Associates, will take on the role of CEO in the new venture. Lisa McCarthy, co-founder of Out of the Box Technology with Andrew Abrams, moves into the role of chief operating officer and will lead all recurring and project accounting along with national customer training activities.
As chief technology officer, Andrew Abrams will lead all aspects of technical sales, development and applications for customers.
BKD expands to Utah
Details: BKD, a Top 100 Firm based in Springfield, Missouri, is adding Stayner Bates PC, a firm in Salt Lake City, extending the firm’s footprint to Utah.
Stayner Bates specializes in assurance, tax, consulting and business valuation services, supplementing BKD’s capabilities in the Western market.
Financial terms of the deal were not disclosed. BKD’s annual revenue is approximately $600 million, to which Stayner Bates is expected to add $5.7 million. BKD has 38 offices in 17 states. Stayner Bates plans to remain at its offices in Salt Lake City.
“With the addition of Stayner Bates, BKD has accomplished a long-standing goal of joining the Utah market,” said Jeff Ronsse, managing partner of BKD's Colorado and Salt Lake City practice unit. “The combination enhances BKD’s resources and provides Stayner Bates with greater growth opportunities and
BKD has approximately 300 partners and 2,410 staff members, while Stayner Bates has four partners and 31 staff.
Brown Edwards buys practices from Cherry Bekaert
Details: Brown Edwards acquired the Roanoke and Lynchburg, Virginia, practices of Cherry Bekaert, LLP. As part of the deal, Cherry Bekaert partners Randy Burton and Richard Hedley in Roanoke will be joining Brown Edwards, along with most of the staff members at both offices. Many of Cherry Bekaert’s clients are expected to move to Brown Edwards as well. Financial terms of the deal were not disclosed.
“This acquisition not only solidifies Brown Edwards’ position as the largest firm in these markets, with 15 partners and 92 professional staff between the two offices, but also allows the Cherry Bekaert clients more local resources and access to immediate and local decision-making,” said Brown Edwards CEO Jason Hartman in a statement.
Brown Edwards offers assurance, tax and business advisory services to clients across Virginia, West Virginia, North Carolina and Tennessee. The Roanoke acquisition will give Brown Edwards a new office in the Wells Fargo Tower while the Cherry Bekaert office in Lynchburg will transition to the Brown Edwards office.