M&A roundup: Deals from Tacoma to Baltimore

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 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. 

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.