M&A roundup: The year-end rush begins

December 4, 2024 6:30 PM

As the end-of-year rush of mergers and acquisitions in the accounting profession gathers steam, Citrin Cooperman is acquiring Rhode Island's Andsager, Bartlett & Pieroni; Cherry Bekaert is acquiring Washington, D.C.'s DeBlanc, Murphy & Murphy; LBMC is adding Frazee Ivy Davis in Memphis, Tennessee; Dean Dorton is merging in Florida's Shilts CPA; and BeachFleischman is adding Las Vegas' Indiva Advisors LLP.

Dean Dorton merges in Florida firm

Josh Shilts

Top 100 Firm Dean Dorton has merged in Jacksonville, Florida-based Shilts CPA, effective Dec. 1.

The combination will expand Kentucky-based Dean Dorton's capabilities in forensic data analysis, valuation, litigation support and expert witness services.

"We've built a strong reputation in forensic accounting and valuation services," said Shilts founder and president Josh Shilts, who will join Dean Dorton as a director in valuation and forensic services, in a statement. "Joining Dean Dorton allows us to extend our reach and leverage greater resources to support our clients. We look forward to growing together."

"Bringing Josh Shilts and his team into Dean Dorton represents a pivotal step in our strategic growth," said Dean Dorton president and CEO David Bundy, in a statement. "By adding these resources to our current outstanding group, we can increase service offerings to our clients. We are now positioned to better serve our clients in valuation, financial litigation and fraud detection."

Financial terms of the deal were not disclosed. Dean Dorton ranked No. 92 on Accounting Today's 2024 Top 100 Firms list, with $63 million in revenue, 29 partners and almost 350 employees.

In July, Dean Dorton acquired SaaS solutions provider DeRosa Mangold Consulting; in January, it acquired Indianapolis-based Von Lehman.

Cherry Bekaert expands in Metro D.C.

Top 25 Firm Cherry Bekaert has merged in DeBlanc, Murphy & Murphy LLC, strengthening its position in the Greater Washington, D.C. market.

Founded in 1978 and based in Waldorf, Maryland, DM&M provides tax planning, audit and financial consulting.

"Acquiring this business aligns with our strategic growth plan and enhances our ability to serve clients with the resources of a national leader," said Cherry Bekaert Advisory CEO Michelle Thompson, in a statement. "We are eager to integrate these assets and drive innovation and value."

"This acquisition strengthens our partnerships with our valued clients in the DMV," said Christopher DeBlanc, managing principal of DeBlanc, Murphy & Murphy, in a statement. "It underscores our commitment to expanding our capabilities and delivering even greater value to our clients."

Financial details of the deal were not disclosed, but since Cherry Bekaert operates in an alternative practice structure, it includes two transactions: Cherry Bekaert Advisors LLC acquired DeBlanc, Murphy & Murphy LLC's nonattest assets, while Cherry Bekaert LLP will acquire DeBlanc, Murphy & Murphy LLC's attest assets.

The deal is the latest in a series of acquisitions by Cherry Bekaert, as part of an M&A strategy accelerated by its partnership with private equity firm Parthenon Capital in June 2022.

Most recently, it acquired Microsoft reseller ArcherPoint in October, and ERP services provider and Sage reseller Kerr Consulting in August.

BeachFleischman expands into Vegas

Arizona-based Regional Leader BeachFleischman PLLC has entered the Las Vegas market by merging in Indiva Advisors LLP, effective Nov. 1, expanding its cannabis client base to over 20 states.

Financial terms of the deal were not disclosed, but five Indiva team members will join BeachFleischman, including managing partner Jessica Velazquez, who will come aboard as a principal and cannabis practice leader.

"This is an exciting opportunity for our team and clients," said Velazquez, in a statement. "Joining BeachFleischman gives us the added flexibility, expertise and talent to strengthen our services and expand our capabilities for the cannabis sector. We are thrilled to provide even greater value to clients across industries, particularly as the cannabis market continues to mature."

Indiva provides accounting, advisory and tax expertise to the cannabis industry; it will remain in its Las Vegas offices and operate under the BeachFleischman name, but BeachFleischman has acquired the Indiva Advisors trademark for its cannabis sector-related "go-to-market" strategies.

"Indiva Advisors' unique expertise is a perfect complement to BeachFleischman's broad range of services," said BeachFleischman CEO Eric Majchrzak, in a statement. "With Jessica leading our cannabis practice, we are poised to become a national leader in this dynamic industry, one of the most exciting and fast-moving sectors in business today."

In August, BeachFleischman acquired a majority ownership stake in Mexico-based outsourcing firm Kuadra Support.

Citrin Cooperman adds ABP

Analise Olszewski

Top 25 Firm Citrin Cooperman Advisors has acquired Andsager, Bartlett & Pieroni LLP, expanding its presence in Rhode Island and Greater New England.

Financial terms of the deal were not disclosed, but ABP is expected to add three partners and 12 professionals to New York City-based Citrin Cooperman, which ranked No. 18 on Accounting Today's 2024 list of the Top 100 Firms, with $700 million in revenue, 490 partners and over 2,700 employees.

ABP focuses on tax planning and compliance services for high-net-worth individuals, family offices and closely held businesses.

"We are thrilled to welcome the talented team at Andsager Bartlett Pieroni to the Citrin Cooperman family," said Peter Brown, managing partner of Citrin's Providence office, in a statement. "Their deep expertise in high-end tax services and their client-centric approach sync perfectly with our values and vision. This acquisition underscores our commitment to expanding our footprint in New England."

"We are excited to join Citrin Cooperman, a firm that shares our passion for excellence and personalized service," said ABP managing partner Ken Andsager, in a statement. "This transaction provides tremendous opportunities for our clients and team members, giving us access to additional expertise and resources to address their growing needs."

Citrin has been doing a string of acquisitions since receiving private equity funding in 2021 from New Mountain Capital.

Recently, the firm announced the acquisition of the Baltimore-area Clearview Group, and of Signature Analytics, a San Diego-based outsourced accounting and advisory firm. Earlier this year, the firm acquired Teplitzky & Co., in Woodbridge, Connecticut; S&G, in Worcester, Massachusetts; Maier Markey & Justic, in White Plains, New York; Keefe McCullough & Co., in Fort Lauderdale, Florida; Mibar, a business software consulting firm in New York; and Coleman Huntoon & Brown, in Chapel Hill, North Carolina. Last year, it added Gettry Marcus, a Regional Leader based in Woodbury, New York; FMT Consultants, a California-based consulting firm; and Berdon, a Top 50 Firm based in New York.

In 2022, Citrin acquired Murray Devine Valuation Advisors, in Philadelphia; Untracht Early, in Florham Park, New Jersey; Shepard Schwartz & Harris in Chicago; Kingston Smith Barlevi in Los Angeles; McNulty & Associates in Westford, Massachusetts; Appelrouth, Farah & Co. in Coral Gables, Florida; Bloom, Gettis & Habib in Miami; as well as music industry consultancy Massarsky Consulting in New York. In 2021, it added OLC Management, a California-based business management firm.

LBMC grows at home

Jim Meade

Top 50 Firm LBMC has added Memphis, Tennessee-based accounting firm Frazee Ivy Davis, effective Dec. 2, expanding its footprint across its home state.

Financial terms were not disclosed, but the deal will add five shareholders and bring LBMC to six locations and more than 900 employees. The firm ranked No. 37 on Accounting Today's 2024 Top 100 Firms list, with $207 million in revenue and 86 partners.

"We've been carefully evaluating the right opportunity in Memphis for years since the region has been an integral part of our client base, with more than 160 clients already being served in the city with growing demand," said LBMC CEO and managing partner Jim Meade, in a statement. "With Memphis as the second-largest metro center in Tennessee, this expansion cements LBMC's position as Tennessee's largest professional services firm and third largest in the Southeast."

Established in the 1950s, Frazee Ivy Davis provides accounting and advisory services for private companies, families, individuals, executives and their legal and financial advisors, along with tax and auditing services, and expertise in valuation, exit planning and resolution of financial controversies.

"We are excited to be joining a nationally renowned team of experts," said FID president John Ivy, in a statement. "Our partnership with a leading regional firm enhances our ability to deliver a broader range of expertise and scalable solutions to our clients, positioning them for growth while providing expanded opportunities for our team."

Last year, LBMC expanded into Kentucky with the acquisition of Louisville-based Strothman & Co. In 2019, it acquired Think Data Insights, a data analytics company in Nashville, and in 2017 it bought W Squared, a Tennessee-based outsourcing company, and Pivotal Bridge's Intacct practice in Atlanta.