Anders CPAs + Advisors acquires Summit CPA Group; and EGP merges in Henry & Kell.
M&A roundup: Anders, EGP make deals
March 23, 2022 2:41 PM
Anders CPAs + Advisors acquires Summit CPA Group
Courtesy of Anders CPAs + Advisors
As part of the deal, Summit co-founders Jody Grunden and Adam Hale along with all 60 of their staff members will join Anders, bringing the firm’s total partners and staff to 335 with revenues of approximately $60 million. Anders has 32 partners and 275 staff.The merger is expected to close early in the second quarter of 2022.
Financial terms of the deal were not disclosed. Anders ranked No. 94 on Accounting Today’s 2022 list of the Top 100 Firms, with $51.5 million in annual revenue in 2021, while Summit had $8.5 million in annual revenue.
Summit was founded in 2002 and has been doing remote work in the accounting profession since 2013. By offering virtual CFO services including cash flow management, business tax planning and financial forecasting, Summit has been approximately doubling in size every three years since 2010 and has been recognized by Inc. 5000. Anders has also grown quickly by adding advisory services, new industry lines, organically and through mergers.
“Adding this unique solution to the portfolio of Anders services, including our current outsourced CFO offerings, is important to our vision for growth, and we found a great match with Summit,” said Anders managing partner Robert Minkler, Jr., in a statement Tuesday. “Given the current workforce environment, more clients are seeking deeper strategic insight and a higher level of value from their advisor. Summit’s proven track record of delivering high-value CFO services that result in long-term growth will be a strong addition to our firm.”
Summit offers strategic advisory services to help CFOs make business decisions based on better financial data. The firm also offers 401(k) audits and recently launched a CPA Firm Augmentation program to provide other CPA firms with a business plan on how to perform virtual CFO services.
“We are excited to join Anders and become a part of this forward-thinking and expanding firm,” said Grunden in a statement. “Summit has a strong commitment to utilizing technology to its fullest when serving our clients and Anders shares that vision. Anders and Summit together will be able to combine resources and provide a valuable solution.” He currently chairs the Digital CPA advisory board and is a board member of the Indiana CPA Society.
Growth Path Partners LLC CEO Anthony Zecca advised Anders on the transaction. He was instrumental in connecting Anders and Summit, and he will continue to serve as an advisor as the merger solidifies. Zecca is a retired partner of CohnReznick and was managing partner of the firm’s Advisory Group.
EGP merges in Henry & Kell
Details: EGP PLLC, a CPA firm based in North Little Rock, Arkansas, has added Henry & Kell, LLP, a firm in Little Rock.
Both firms provide tax, litigation support, expert witness testimony and business valuation services. The combined firm will include nearly 45 staff members, including seven partners. As part of the merger, Henry & Kell owner Liles Henry will remain at his current office in Little Rock but also provide EGP with a presence in West Little Rock. In addition EGP has other offices in Bryant and Heber Springs. Financial terms were not disclosed.
"The synergy of the combined firms within litigation, business valuations as well as tax, is extremely exciting," said EGP managing partner Colin Gorman in a statement Monday. “Liles has the experience and depth in litigation/expert witness testimony that resembles that of our firm’s founding partner, Bruce Engstrom, and will result in enriched services to clients and the state of Arkansas.”
The deal will enable Henry, whose career dates back to 1980, to reduce his work schedule as well. “From a personal standpoint, I value and respect the members of EGP,” Henry said in a statement. “This merger is a great opportunity that allows me to continue to work and consult with a less demanding schedule.”
Both firms provide tax, litigation support, expert witness testimony and business valuation services. The combined firm will include nearly 45 staff members, including seven partners. As part of the merger, Henry & Kell owner Liles Henry will remain at his current office in Little Rock but also provide EGP with a presence in West Little Rock. In addition EGP has other offices in Bryant and Heber Springs. Financial terms were not disclosed.
"The synergy of the combined firms within litigation, business valuations as well as tax, is extremely exciting," said EGP managing partner Colin Gorman in a statement Monday. “Liles has the experience and depth in litigation/expert witness testimony that resembles that of our firm’s founding partner, Bruce Engstrom, and will result in enriched services to clients and the state of Arkansas.”
The deal will enable Henry, whose career dates back to 1980, to reduce his work schedule as well. “From a personal standpoint, I value and respect the members of EGP,” Henry said in a statement. “This merger is a great opportunity that allows me to continue to work and consult with a less demanding schedule.”
