M&A roundup: Top 100 Firms on a tear

June 30, 2022 3:35 PM

BPM combined with Avaunt; Carr, Riggs & Ingram merged in Pharr Bounds; Sikich acquired Petrow Kane Leemhuis; Mauldin & Jenkins bought Holland Shipes Pennix; and Riveron acquired Clermont Partners.

CALIFORNIA: BPM combines with Avaunt

Courtesy of BPM LLP

Details: BPM LLP, a Top 50 Firm based in San Francisco, has expanded in Sacramento by adding Avaunt Ltd. CPAs and Consultants, extending its footprint into California’s capital.

Avaunt will rebrand as BPM LLP when the deal closes August 1. All 13 Avaunt employees (including 11 staff and two partners) will join BPM, which has more than 900 employees worldwide.

The deal comes on the heels of BPM’s recent announcement of its upcoming combination with Elliott CPA Group Inc. in Santa Rosa, California, which is expected to take effect July 1.

Financial terms of the deal were not disclosed. BPM, formerly known as Burr Pilger Mayer, ranked No. 38 on Accounting Today’s 2022 list of the Top 100 Firms, with $166.3 million in annual revenue.

Avaunt was founded by Perry Ghilarducci in 1985 and focuses on serving businesses in the restaurant and hospitality space, along with medical industry practices and professionals.

“As a firm, BPM is committed to meeting clients where they are, which is why we are so pleased Avaunt plans to join us, providing an office and top-notch resources in California’s capital city,” said BPM North Bay partner-in-charge Michelle Muth Ausburn in a statement Wednesday. “Throughout their long history in the market, their team has demonstrated a people-first approach much like BPM’s.”

“The Sacramento region has seen unprecedented growth in the last five years, and we could not be happier to combine forces with the 900+ members of the BPM team to meet the market demands,” Ghilarducci said in a statement. “BPM brings new depth to the services we currently offer our clients, as well as an expanded menu of solutions that will help further our clients’ business goals in the region and well beyond.”

This is the fifth combination for BPM since 2020. Prior to the deal with Elliott CPA Group in Santa Rosa, the firm’s Southern California expansion has included teams from Orange County, Long Beach and Santa Monica. Last summer, in probably its biggest deal, BPM merged in Gumbiner Savett, which was based in Santa Monica. In 2020, BPM added Rossi LLP, a firm in Long Beach, NetSuite reseller Caravel Partners and Warnick, Maestas & Maroney, a firm in Irvine.

TEXAS: Carr, Riggs & Ingram merges in Pharr Bounds

Courtesy of CRI

Details: Carr, Riggs & Ingram LLC, a Top 25 Firm based in Enterprise, Alabama, has expanded its presence in Texas with the addition of Pharr Bounds LLP to its existing Austin offices.

Financial terms of the deal were not disclosed. CRI ranked No. 22 on Accounting Today’s 2022 list of the Top 100 Firms, with $382.33 million in annual revenue. The firm has over 350 partners and 2,100 employees.

“Pharr Bounds is a highly regarded firm in Austin, and they show a deep commitment to their clients and their employees,” said CRI managing partner and chairman Bill Carr in a statement Thursday. “This combination further establishes CRI’s presence in the vibrant Austin market, and Pharr Bounds’ extensive tax, audit and consulting expertise will increase our capacity to serve clients in the area.”

Koltin Consulting Group CEO Allan Koltin advised both firms on the merger. “I don’t know if there is a Top 25 Firm in the country who has had as much success as CRI has in the M&A area,” he said in a statement. “They give the entrepreneurial firm the ability to compete for larger clients and projects while delivering more depth, resources and expertise for their existing clients. CRI has also become a destination for aspiring young talent who want to be a part of one of the country’s fastest-growing firms. Pharr Bounds is one of Austin’s most respected and talented CPA firms, and they will be a major addition to CRI’s Austin and Texas expansion efforts.”

CRI operates in more than 30 markets across 10 states. In addition to providing accounting and auditing, tax, advisory, and client accounting services, the firm operates seven portfolio companies — Auditwerx (SOC reporting and IT audits), CRI Advanced Analytics (data analytics), CRI Capital Advisors (investment banking), CRI TPA Services (retirement plan administration), Level Four Advisory Services (wealth management), Paywerx (payroll management), and The Preferred Legacy Trust Co. (trust and estate services).

In January, CRI merged in Travani & Richter in Jupiter, Florida. Last November, it expanded in Georgia by adding Brooks, McGinnis & Co., a firm in Atlanta, and in September, it expanded in North Carolina by adding Sharrard, McGee & Co.

INDIANA: Sikich acquires Petrow Kane Leemhuis

Photo: Matt Stout

Details: Sikich, a Top 30 Firm based in Chicago, signed an asset purchase agreement to acquire the operating assets of Petrow Kane Leemhuis PC, effective June 30, expanding Sikich’s presence in the Indianapolis area.

Financial terms of the deal were not disclosed. Sikich ranked No. 28 on Accounting Today’s 2022 list of the Top 100 Firms, with $228.57 million in annual revenue. Two PKL partners and 10 employees and will join Sikich’s recently redesigned offices in Indianapolis, which represents a priority market for the firm. Sikich has 116 partners and over 1,100 employees.

“Continuing to grow in the Indianapolis market is a top priority for Sikich,” said Tom Krehbiel, partner at Sikich and leader of the firm’s CPA practice, in a statement Thursday. “Adding the Petrow Kane Leemhuis team strengthens the audit, tax and advisory services we deliver to clients in Indiana and enhances the foundation for us to scale in this key market.”

PKL offers audit and attest, tax, accounting and various business services, including succession planning.

“We are impressed by Sikich’s technology-driven offerings and excited to leverage the firm’s wide range of services and growth-focused expertise,” said Kevin Petrow, president and managing partner of PKL, in a statement. “By joining forces with Sikich, we can offer new, innovative solutions to help our clients solve pressing challenges, and present our employees with expanded professional growth opportunities.”

In February, Sikich acquired Cotton & Co., a firm in Alexandria, Virginia. Last October, Sikich added the PA Group USA, a enterprise software and cloud services firm in Chattanooga, Tennessee, and last April, it acquired Process Stream, a process management and insurance technology consulting firm in Princeton, New Jersey.

GEORGIA: Mauldin & Jenkins buys Holland Shipes Pennix

Details: Mauldin & Jenkins, a Top 100 Firm based in Atlanta, acquired Holland Shipes Pennix LLP, also based in Atlanta, effective June 1, increasing the firm’s presence to 13 locations throughout the Southeast.

Holland Shipes Pennix provides auditing, accounting, tax, and consulting services to individuals and businesses throughout metro Atlanta and is managed by co-founder Sean Pennix. He has over 25 years of experience in public accounting and will be joining Mauldin & Jenkins as a partner, along with Dana Boyer.

Financial terms of the deal were not disclosed. Mauldin & Jenkins ranked No. 77 on Accounting Today’s 2022 list of the Top 100 Firms, with $64.3 million in annual revenue. With the acquisition, it expects to have approximately $80 million in annual revenue and 422 employees.

“I’m excited about joining Mauldin & Jenkins and I know that our clients will benefit from this partnership,” Pennix said in a statement Thursday. “Since we began, HSP has focused intently on serving client needs by delivering industry-leading expertise and outstanding client service. The culture of excellence at Mauldin & Jenkins fits perfectly with our firm culture and the reputation for excellence we’ve earned over the years.”

Mauldin & Jenkins’ managing partner Hanson Borders welcomed the merger. “Providing quality work to clients, building a firm that stands the test of time, and providing opportunities for employees remain Mauldin & Jenkins’ key objectives,” he said in a statement. “HSP brings the same focus on excellence and outstanding client service that distinguishes Mauldin & Jenkins; adding their considerable expertise and experience to our team strengthens us both and adds additional value for clients.”

In June 2021, Mauldin & Jenkins expanded in Alabama by adding CDPA PC, a firm with offices in Athens, Florence and Huntsville. In September 2020, M&J expanded to Sarasota, Florida, by acquiring Plush Smith. It acquired another firm in Florida, Jon Campbell & Associates, in 2019.

ILLINOIS: Riveron acquires Clermont Partners

Details: Riveron, a national business advisory firm that specializes in accounting, finance, technology and operations, has acquired Clermont Partners, a women-owned consultancy based in Chicago that focuses on environmental, social and governance communications and strategy, investor relations and transaction communications. expanding

Clermont was founded in 2015 by Beth Saunders and Victoria Sivrais, Clermont has a team of 35 ESG and financial communications specialists in Chicago and Washington, D.C.

Financial terms of the deal were not disclosed.

The acquisition augments Riveron’s ESG services and introduces new investor relations and transaction communications capabilities to help clients engage with investors. Saunders and Sivrais will co-lead Riveron’s newly created ESG and strategic communications practice.

“As stakeholders demand more transparency, ESG strategy is top of mind for many businesses today,” said Riveron CEO Julie Howard in a statement Wednesday. “The addition of the talented Clermont team will be a powerful accelerant as we help our clients navigate a heightened regulatory environment and investor, employee, and customer scrutiny on social and environmental issues. Through this combination, we will deliver an impactful end-to-end ESG and strategic communications offering for corporate management teams to operationalize, report, and more effectively communicate their company’s ESG metrics and commitments to potential investors and acquirers.”

“Investor, customer and regulator demands for policy, practices, and verifiable data that demonstrate a company has adequately assessed and planned for a wide spectrum of ESG risks are a significant new component of financial reporting that rests squarely on the office of the CFO,” said Clermont co-founders Saunders and Sivrais in a statement. “The combination of Riveron’s gold-standard national advisory services platform with Clermont’s investor intelligence and transactions expertise and seasoned team of climate risk, human capital, and governance experts will provide clients with the strategies and solutions required to optimize profitability and valuation throughout the business lifecycle.”