M&A roundup: Mergers from shore to shore

February 1, 2023 4:55 PM

CliftonLarsonAllen LLP brought in SobelCo; Carr, Riggs & Ingram merged in Stanfield + O'Dell; Weaver added Columbia Financial Advisors; Fandl and Gagnon completed a merger; Prager Metis acquired MGO's co-op and condominium practice; and Reid CPAs merged in Michael C. Allen & Co.

CLA merges in SobelCo

Top 10 Firm CliftonLarsonAllen has added SobelCo, a Regional Leader based in Livingston, New Jersey, effective Feb.1.

SobelCo, also known as Sobel &. Co., has been providing accounting, tax and advisory services since 1956.

"We chose CLA because of our shared client promise and core values," said SobelCo managing member Alan Sobel in a statement Wednesday. "In joining CLA, we're gaining the capacity to expand our team and strengthen our commitment to understand the challenges our clients face and deliver targeted business strategies to address those challenges on both a personal and professional level."

Financial terms of the deal were not disclosed. SobelCo's annual revenue last year was $32 million. The firm has more than 20 partners and 200 people. It ranked No. 25 on Accounting Today's 2022 list of Regional Leaders for the Mid-Atlantic region. SobelCo's team members will continue to serve clients locally and nationally from offices in Livingston and Woodcliff Lake, New Jersey.

CLA earned $2 billion in revenue last year and has more than 1,200 principals and signing directors, and over 8,500 total people, including a team of more than 580 people across New Jersey, New York and Pennsylvania. CLA ranked No. 8 on the 2022 list of Top 100 Firms.

"SobelCo is recognized as a leader in the community offering a broad range of valuable services," said CLA chief geographic officer Scott Engelbrecht in a statement. "The team's deep industry knowledge and multidisciplinary approach helps them keep clients ahead of the curve. I'm excited to welcome the SobelCo team members to the CLA family as we continue to expand our reach into New Jersey, New York, and surrounding areas."

CLA did several M&A deals last year and announced plans to expand internationally. Last November, it added Hayashi Wayland in Salinas, California, Concannon Miller in Bethlehem, Pennsylvania, and Price CPAs in Nashville.

Koltin Consulting Group CEO Allan Koltin advised both firms on the combination. "This deal is another testimonial to CLA and its continued success, strong growth, and intentional values," he said in a statement. "SobelCo would easily fit in the category of New Jersey's 'Best of the Best' CPA firms in the state, with its great young talent, great leadership, and very impressive client base. Because of this, the SobelCo team was much sought after by many of the regional and national firms in the Northeast. They chose CLA based on cultural and strategic fit."

CRI merges in Stanfield + O’Dell

Courtesy of CRI

Carr, Riggs & Ingram, a Top 25 Firm based in Enterprise, Alabama, has expanded into Oklahoma by adding Stanfield + O'Dell PC, a firm in Tulsa.

Financial terms of the deal were not disclosed. CRI ranked No. 22 on Accounting Today's 2022 list of the Top 100 Firms, with $383.33 million in annual revenue, over 350 partners and 2,100 employees.

"Expanding our footprint into Oklahoma has long been a part of our strategic growth plan," said CRI executive chairman and portfolio managing partner Bill Carr in a statement Wednesday. "Entering the Tulsa market with Stanfield + O'Dell leverages the strength of our teams and resources to enrich our client experience and technical expertise further. Together, we are client-focused and forward thinking, and we are thrilled to establish CRI in Oklahoma and in the dynamic Tulsa market."

Koltin Consulting Group CEO Allan Koltin advised both firms on this deal as well. "CRI just celebrated their 25th anniversary by entering the great state of Oklahoma with Stanfield + O'Dell, one of the preeminent CPA firms in the region," he stated. "Stanfield & O'Dell had numerous suitors but felt CRI was the best strategic and cultural fit for their people and their clients. CRI continues their 25-year journey as the country's fastest-growing first-generation CPA firm."

CRI expanded to South Carolina in December by adding Lanning Group LLC, a firm based in Mount Pleasant in the Charleston suburbs. Last July, it expanded in Florida by adding Alonso & Garcia, a firm in Miami. Last January, it expanded in Florida by adding Travani & Richter in Jupiter, and in Texas by adding Pharr Bounds LLP in Austin.

Weaver adds Columbia Financial Advisors

Weaver, a Top 50 Firm based in Houston, joined forces with Columbia Financial Advisors Inc., a firm in Portland, Oregon, effective Feb. 1, 2023

The deal expands Weaver's footprint on the West Coast and its valuation services practice. As part of the deal, CFAI partners Arlene Ashcraft and Donny Springer are joining Weaver as partners in its valuation services practice, while one managing director, Robert Regis, and seven other professionals are also joining Weaver. CFAI's founders and former owners, Kathryn Aschwald, Mary McCarter and Donna Walker, will remain involved as key advisors, mentors and directly on select engagements.

CFAI was founded in 1992 and focuses on employee stock ownership plan-owned companies, especially on ESOP formation and exit transactions as well as annual valuation updates. Other services involve trust and estate, transactional and valuation related dispute support.

Financial terms were not disclosed. Weaver ranked No. 39 on Accounting Today's 2023 list of the Top 100 Firms.
Weaver's revenues were $198 million as of May 31, 2022, its last fiscal year end. Weaver has 132 partners and 954 team members, while CFAI has two partners and 10 team members.

"CFAI's values, culture and technical capabilities align well with ours. Their strong valuation practice and robust understanding of ESOPs deepens our existing capabilities in this unique niche," said Weaver CEO and managing partner John Mackel in a statement Wednesday. "Our combined valuation practice is poised for continued growth in the Pacific Northwest and across the country."

Last year, Weaver expanded in New York by merging in Levine & Seltzer.

Prager Metis acquires co-op and condo practice

Prager Metis, a Top 50 Firm based in New York, has acquired the Long Island-based co-op and condominium practice and related staff from MGO, a Top 75 firm based in Los Angeles.

"Bringing on this practice is essential for our plans to expand our resources and further strengthen our reputation as the 'go-to' expert in co-op and condominium services," said Andrew Sgro, partner-in-charge of the co-op and condominium practice at Prager Metis, in a statement last week. "With the expanded knowledge base and experience, Prager Metis will be among the few top 50 firms in this space."

Financial terms were not disclosed. Prager Metis ranked No. 46 on Accounting Today's 2022 list of Top 100 Firms, with $139 million in annual revenue. MGO, short for Macias Gini & O'Connell LLP, ranked No. 59 on the list with $98 million in annual revenue.

Reid CPAs merges in Michael C. Allen

Reid CPAs LLP, a firm based in Woodbury, New York, merged in Michael C. Allen & Co. of Lake Success, New York, effective Jan. 1, 2023.

As part of the deal, four partners and dedicated staff will join Reid CPAs in their Woodbury office. Before the merger, Reid had 20 partners and 62 staff, while Allen had five partners and 21 staff.

Financial terms were not disclosed.

"Michael C. Allen & Co. has been a well-established, successful firm for many years," said Reid CPAs managing partner Jason Saladino in a statement. "They've demonstrated impeccable loyalty and dedication to their clients, earning them an exceptional reputation in this industry. We are very excited to welcome them to Reid."

Michael C. Allen & Co. was founded in 1989 and provides accounting, tax, financial planning, and business consulting services to clients in the tristate area.

"Michael C. Allen & Co. is in the people business," Allen said in a statement. "We provide opportunity for our people and serve the needs of our clients by providing a service of great value. I see this in Reid CPAs. I see it in Jason, and we are all very excited to be here."

Fandl and Gagnon complete merger

Fandl LLC, a tax advisory firm based in Ridgewood, New Jersey, and the Gagnon Group LLC, a tax consulting and technology firm based in Boston, have completed their merger to form FandlGagnon LLC.

Both firms had originally announced their intention to merge in December. Financial terms were not disclosed.

The merger creates a national firm with a wider range of tax services and competencies to help clients with tax requirements at the federal, state, and local levels. Both firms were founded by former Big Four tax partners.

"We've taken the best of our two firms and formed a new entity that offers our clients an even higher level of service and scope of capabilities," said Bill Gagnon in a statement Tuesday. "We look forward to demonstrating to them all what FandlGagnon can now offer."

"We're incredibly excited to move forward with our team, and look forward to what lies ahead," stated Glen Fandl.