M&A roundup: Citrin Cooperman, BerryDunn, Wipfli and Calvetti Ferguson expand

January 5, 2021 12:31 PM

Citrin Cooperman added Goren, Marcus, Masino & Marsh; BerryDunn merged in VantagePoint Healthcare Advisors; Wipfli combined with Hughes & Company; and Calvetti Ferguson acquired Larkin, Ervin, and Shirley.

CALIFORNIA: Citrin Cooperman adds Goren, Marcus, Masino & Marsh

Goren, Marcus, Masino & Marsh offices in Los Angeles

Courtesy of Citrin Cooperman

Details: Citrin Cooperman, a Top 25 Firm based in New York, has expanded on the West Coast by merging in Goren, Marcus, Masino & Marsh, a firm in Los Angeles, effective Jan. 1.

GMMM dates back 42 years and provides accounting, assurance, tax, management consulting, litigation services and support. The firm has a mix of real estate, law firm, entertainment, and family office based clients.

“At face value, this deal just makes sense. GMMM and Citrin Cooperman share many synergies in our background and values,” said Citrin Cooperman CEO Joel Cooperman in a statement Tuesday. “We look forward to continuing their history of contributing to the success of their clients and staff.”

Citrin ranked 23rd on Accounting Today’s 2020 list of the Top 100 Firms, with $335 million in annual revenue, and approximately 240 partners and 1,160 staff. With the addition of GMMM, Citrin Cooperman will have over 120 professionals in four offices in California. GMMM has annual revenues of $7.5 million, and will be adding five partners and 22 staff members to Citrin. Financial terms of the deal were not disclosed.

“Our clients are confronted with nuanced changes within the industry and want to work with an experienced, confident firm to help them navigate the issues that arise,” said GMMM founding partner Jan Goren in a statement. “Citrin Cooperman is a well-established firm, and we are delighted to be joining with them. This is a near-perfect alignment and an opportunity we couldn’t, and wouldn’t want to, pass up.”

Koltin Consulting Group CEO Allan Koltin advised both firms on the deal. “Citrin Cooperman has done it again and continues to amaze me with their rapid growth of top talent and firms in the California region,” he said in a statement. “They are truly becoming an undisputed leader in this market. The team at GMMM will be a great fit with the team at Citrin Cooperman, and I look forward to seeing this natural progression. ”

In December, Citrin Cooperman expanded in Fairfax, Virginia by adding Homes, Lowry, Horn & Johnson. A year ago, it added LGSH in Los Angeles.

COLORADO: Wipfli combines with Hughes & Company

Details: Wipfli, a Top 20 Firm based in Milwaukee, has added Denver-based Hughes & Company, effective Jan. 1.

Hughes & Company was founded in 1999 and offers accounting, tax and business advisory services to hundreds of closely held businesses, nonprofits and individuals throughout the Rocky Mountain region. The firm focuses on the construction industry, but also has clients in the wholesale distribution industry, medical professionals and special-purpose districts.

“It’s exciting to have a well-respected and established firm such as Hughes & Company join Wipfli,” said Wipfli managing partner Kurt Gresens in a statement Tuesday. “Over the past two decades, the leaders of Hughes & Company have built a talented team of professionals with valuable construction experience and a strong commitment to quality and to building enduring, trusted relationships. We are confident the Hughes & Company team will be an excellent addition to our growing industry practices regionally and nationally.”

Financial terms of the deal were not disclosed. Wipfli ranked 19th on Accounting Today’s 2020 list of the Top 100 Firms. Wipfli earned $392.3 million in annual revenue in fiscal year 2020. Hughes’s revenue figures weren’t available. Wipfli has more than 2,400 associates, over 450 partners and principals. Hughes has 11 associates, including two partners.

“By joining Wipfli, we are thrilled to be a part of a firm that shares the same core values of client service and associate growth,” said Hughes & Company managing partner Bill Hughes in a statement. “Wipfli has established itself as a top 20 accounting and business consulting firm in the United States, a leader in the Denver market and a powerhouse in the construction arena. We are confident that our clients will benefit greatly from our continued commitment to excellent client service while having access to Wipfli’s vast resources and capabilities. Leveraging Wipfli’s deep industry specialization, we see great opportunity to expand our reach in construction, special-purpose districts and government organizations as well as other growing industry sectors.”

Last year, Wipfli expanded in Portland, Maine by adding a technology consulting firm, Tidestone Solutions, in Chicago with another technology consulting firm, Punchkick Interactive, and in Denver by adding advisory firm Stratagem.

CONNECTICUT: BerryDunn merges in VantagePoint Healthcare Advisors

Details: BerryDunn, a Top 100 Firm based in Portland, Maine, has added VantagePoint Healthcare Advisors, a health care compliance, consulting and credentialing firm in Hamden, Connecticut, effective Jan. 1.

Both firms have long worked together to help clients in the health care industry.

“We have known and respected the VantagePoint owners, Helen Hadley, CEO, and Susan Prior, president, and their talented team of consultants for many years,” said BerryDunn principal Jeff Walla in a statement Tuesday. “Through our involvement in Healthcare Financial Management Association (HFMA), as well as our collaboration on projects, we recognize that VantagePoint is on the leading edge of an evolving health care landscape. We’re both dedicated to offering industry-specific expertise that helps our mutual clients gain control in a changing healthcare environment. This merger will benefit clients of both firms.”

Financial terms of the deal were not disclosed. BerryDunn ranked 61st on Accounting Today’s 2020 list of the Top 100 Firms. BerryDunn’s net revenue was $100,873,600 for the fiscal year ended June 30, 2020. The firm has 51 principals and over 500 employees. VantagePoint has two principals and more than 20 employees.

BerryDunn provides assurance, tax, and consulting services to various industries, including financial services, health care, education, and government. The firm has served the health care industry for more than 40 years with various consulting and auditing services, including health care data analytics and Medicaid and technology consulting. With the merger, the firms’ combined experience in revenue cycle assessments and health care compliance and credentialing will add more capacity to serve clients.

“Over the past 27 years, VantagePoint has expanded throughout the U.S. to serve health care providers in hospital systems, medical groups and nonprofits,” said VantagePoint CEO Helen Hadley in a statement. “To be able to continue to grow and offer our existing clients additional services and expertise via this merger is very exciting.”

The merger will expand BerryDunn’s geographic footprint and client reach in southern New England. BerryDunn has maintained a Hartford-area office since 2017, and added a Boston presence when it merged in Rodman CPAs in July 2019. With offices in six states and employees in over 30 states, BerryDunn is planning to open a state-of-the-art national headquarters in Portland, Maine, in early 2021 to create a hub to support its employees with training, technology and professional development.

TEXAS: Calvetti Ferguson acquires Larkin, Ervin, and Shirley

Courtesy of Calvetti Ferguson

Details: Calvetti Ferguson, a Houston-based accounting and advisory firm, has acquired CPA firm Larkin, Ervin, and Shirley LLP, a firm that specializes in providing expatriate tax services, effective Jan. 1.

Based in The Woodlands, Texas, Larkin-Ervin is the latest M&A deal for Calvetti Ferguson, which has expanded its headcount to 140 across Dallas, Fort Worth, Houston, San Antonio, and the Woodlands by acquiring several firms, including a deal with Mark M. Jones Associates last month in Fort Worth.

Financial terms of the latest deal were not disclosed. Calvetti Ferguson's 2019 revenue was just over $20 million. The firm has 22 partners, including one who joined from Larkin, Ervin, and Shirley.

"With this acquisition, we are even more well equipped to address the complex tax needs of our clients with a full portfolio of services,” said managing partner Jason Ferguson in a statement Monday. "As a full-service regional CPA and advisory firm, we are always looking for ways to better serve our clients."

As part of the deal, James Larkin is joining as a partner at Calvetti Ferguson. "I am pleased to join Calvetti Ferguson's growing team and continue to advise on expatriate tax services,” he said in a statement. “It was an easy choice to transition my clients to Calvetti Ferguson knowing they will continue to receive excellent client service and have access to a wider array of service offerings."