M&A roundup: Deals from Tacoma to Baltimore

August 1, 2023 11:19 AM

CliftonLarsonAllen acquires Frost & Co.; UHY combines with Bigelow & Co.; Withum acquires TMDG and PBMares practices; RKL eSolutions buys CPA Technology; and Anglin Reichmann Armstrong merges in Adamson + Co.

CLA acquires Frost

CLA's Irvine, California office

CliftonLarsonAllen LLP, a Top 10 Firm, has expanded in the Pacific Northwest, acquiring Frost & Co., a firm based in Tacoma, Washington, effective Aug. 1.

Frost dates back over 35 years. The firm had two locations in the area, in Tacoma and Lacey, Washington, adding 23 employees and $5 million in revenue to CLA. CLA ranked No. 8 on Accounting Today's 2023 list of the Top 100 Firms, with $1.663 billion in annual revenue. Financial terms of the deal were not disclosed. The firm will now have more than more than 30 professionals in offices in Tacoma and Lacey.

Frost specializes in clients in the construction, health care, professional services, nonprofit and real estate sectors.

"The team at Frost & Company is recognized for consistently delivering superior service and creative out-of-the-box thinking," said CLA chief geographic officer Scott Engelbrecht in a statement Tuesday. "The team's deep industry knowledge, valuable insight, technical skills, personal attention and partner involvement has contributed to long-standing relationships as trusted advisers to its clients."

CLA will now have 11 locations across Washington State and more than 120 offices across the U.S. The Frost & Co. team will relocate to CLA's new office in Tacoma, while its employees in Lacey will stay at their current offices. Frost was an independent member of BDO Alliance USA prior to the deal. CLA is an independent network member of CLA Global.

"Frost & Company's reputation and business was built by taking a big picture approach and being truly useful to our clients," said Frost managing partner and CEO David Coates in a statement. "CLA's continued success, strong growth and intentional values helps us to further deliver on this commitment by enhancing our ability to meet the needs of our clients."

In January, CLA merged in Gilmore Jasion Mahler, a firm in Toledo and Findlay, Ohio. Last year, CLA did a number of mergers and acquisitions, including with Hayashi Wayland in Salinas, California, Concannon Miller in Florida and Pennsylvania, and Price CPAs in Nashville, Tennessee.

UHY combines with Bigelow & Co.

UHY office

Courtesy of UHY

UHY LLP, a Top 50 firm based in Farmington Hills, Michigan, is expanding to the Granite State by adding Bigelow & Co., a firm with locations in Manchester and Portsmouth, New Hampshire, effective July 31.

The deal will expand UHY's footprint in the Northeast, where it already has nine locations in New York and Connecticut. Over 1,600 professionals work in 34 UHY offices across the country. Financial terms of the deal were not disclosed. UHY and its affiliate UHY Advisors together ranked No. 28 on Accounting Today's 2023 list of the Top 100 Firms, with $307.4 million in annual revenue. UHY LLP has 172 partners, and Bigelow & Co. has two partners. UHY LLP employs over 1,600 professionals in the US, and Bigelow employs 27 professionals, who will now be employed by UHY.

Bigelow principal Marie McKay will continue as managing partner of the Manchester and Portsmouth offices. Their firm dates back to 1935.

"As one of the fastest growing accounting firms in the U.S., the choice to join UHY was very clear to us," McKay said in a statement Tuesday. "To be a part of UHY will mean that we can continue the long-term relationships we've already established in New Hampshire but now we'll have access to additional services and provide a more holistic approach to client service."

UHY was looking for a firm that would give it entry to the Granite State. "As we looked to enter the New Hampshire market we wanted to continue our successful strategy of finding a local firm, providing quality service, with a strong brand and a management team that was significantly active in the community. Bigelow & Co., under Marie McKay's leadership, was an obvious choice," said Michael Mahoney, northeast region managing director at UHY, in a statement. "I am extremely excited to partner with Marie to grow the platform she has already built, to establish UHY as the 'go to' accounting firm for assisting family-owned, closely held businesses and individuals in the state of New Hampshire."

UHY expanded into Virginia in January by adding Ross, Langan & McKendree in McLean, Virginia. Last year, UHY merged with TGM Group in Salisbury, Maryland; Stoy Malone & Co. in Towson, Maryland; LWBJ in Des Moines, Iowa; Jansen Valk Thompson Reahm in Kalamazoo, Michigan; and Patterson, Hardee, & Ballentine CPAs in Nashville, Tennessee.

Withum acquires TMDG and PBMares practices

Withum building in Princeton, N.J.

Courtesy of WithumSmith+Brown

WithumSmith+Brown PC, a Top 25 Firm based in Princeton, New Jersey, is expanding in Maryland by acquiring two practices in Baltimore.

One is the specialized health care assurance and risk consulting practice of TMDG LLC and the other is a traditional tax and audit practice serviced out of Baltimore by PBMares LLP, a Top 100 Firm. Both practices will assume the Withum name as of Aug. 1, and will stay in their current locations.The partners leading Withum's new office include Matt Dubnansky, Tim Heller and Todd Levey. Withum is only acquiring those specific practices from the two firms, not the rest of either firm.

"We are thrilled to have this highly esteemed team of professionals come on board," said Withum managing partner and CEO Pat Walsh in a statement Tuesday. "Their combined areas of expertise will greatly enhance our suite of services while strengthening Withum's presence along the Mid-Atlantic region."

Financial terms of the deals were not disclosed. Withum ranked No. 22 on Accounting Today's 2023 list of the Top 100 Firms. The firm earned over $500 million in revenue and has approximately 2,400 team members and over 330 partners and principals. PBMares, based in Newport News, Virginia, ranked No. 81 on the Top Firms list, with $68.4 million in annual revenue, 52 partners and 377 employees.

In January, Withum merged in O'Connor & Drew, a firm in Braintree, Massachusetts. Last year, it added Martinez & Associates in Winter Springs, Florida; and Martini Partners in Encino, California.

RKL eSolutions buys CPA Technology

RKL building in Lancaster, Pennsylvania

Courtesy of RKL LLP

RKL eSolutions LLC, a tech consulting firm based in Lancaster, Pennsylvania, that is part of the Top 75 Firm RKL LLP, has acquired CPA Technology, a Philadelphia-based Sage business partner.

The deal will expand RKL eSolutions' technology services, especially in the construction and commercial real estate development industries.

"This transaction represents a significant investment in CRE for RKL eSolutions as we expand our industry and solution offerings within the Sage portfolio," RKL eSolutions president Joe Noll said in a statement Friday. "We'll also be leveraging the existing construction and real estate development expertise of RKL LLP in the Mid-Atlantic region, adding to the consulting services we offer to these industries."

The former CPA Technology team has over 30 years of experience deploying products such as Sage 100 Contractor, Sage 300 Construction & Real Estate and Sage Intacct Construction. Ben Hofferman and his team from CPA Technology will join RKL eSolutions as part of the deal.

"I am excited to expand our offerings and deepen our bench," Hofferman said in a statement. "The combined expertise will deliver complete life cycle solutions to our clients from pre-construction to management and maintenance, built for the mobile workforce in the cloud."

Financial terms of the deal were not disclosed. RKL eSolutions now has 113 employees.

RKL LLP ranked No. 57 on Accounting Today's 2023 list of the Top 100 Firms, with $113.16 million in annual revenue.

Anglin Reichmann Armstrong merges in Adamson

The offices of Anglin Reichmann Snellgrove & Armstrong P.C. (Anglin CPAs) in Huntsville, Alabama

Anglin Reichmann Armstrong PC, a Regional Leader firm based in Huntsville, Alabama, has merged in Adamson + Co. PA, in Winter Haven, Florida, effective Aug. 1.

The combination will expand Anglin's presence in the Southeast and presence in Central Florida. With an office in Polk County, centrally located between Tampa and Orlando, Anglin will be able to provide extra services, technology and career opportunities to local communities.

"Central Florida has been on our radar for a long time, and we already have existing relationships and clients there," said Anglin managing partner Brandon Smith in a statement Tuesday. "We looked thoroughly at the culture and client service approach of Adamson + Co., and we saw that Eric Adamson and the team there shared our vision along with the industry knowledge to be a great fit."

Polk County is the fastest growing county in Florida and among the fastest growing in the country. The merger will enable Anglin to help clients in the contracting, construction, real estate, technology, health care and other industries with accounting, advisory, tax, audit and wealth management services. Adamson sees advantages in the combination as well.

"It's not just a name change," said Adamson + Co. managing shareholder Eric Adamson in a statement. "A lot will change for the better with technology enhancements, community leadership and job growth that Anglin can bring to our market. Plus, I can focus even more time on the advisory side and help my clients grow their businesses, build wealth and legacies."

Financial terms of the deal were not disclosed. Anglin Reichmann Armstrong ranked No. 21 on Accounting Today's 2023 Regional Leaders list for the Top Firms on the Gulf Coast, with $13.59 million in annual revenue. Combined revenue for the expanded firm will be $16 million. The combined number of partners will be 17 with the addition of Eric Adamson. The total number of full-time employees post-merger is approximately 100.

In 2018, Anglin merged in Bloomer, Geri & Co., in Pensacola, Florida.