M&A roundup: Deals in Pennsylvania, New Jersey, Florida and Illinois

April 4, 2019 4:22 PM

CFGI acquires Pine Hill Group; Sax Wealth Advisors adds Stuart B. Hermann, CFP, CPA; Mauldin & Jenkins acquires Jon Campbell & Associates; and Cresa acquires Portfolio Solutions Group.

PENNSYLVANIA: CFGI acquires Pine Hill Group

Details: CFGI, a national provider of technical accounting and finance advisory services, has acquired Philadelphia-based Pine Hill Group, an accounting and transaction advisory firm.

The acquisition comes only one year after the Carlyle Group acquired a stake in CFGI, whose goal is to build a position as a national leader in accounting and finance advisory services. With the addition of Pine Hill Group, CFGI now has over 400 employees, an expanded geographical presence and new offerings, including Pine Hill’s transaction advisory services.

The acquisition enables CFGI to extend its reach with an expanded national footprint that includes Boston, New York, New Jersey, Connecticut, Philadelphia, San Francisco and Washington, D.C.

“CFGI is building on its position as a national leader for accounting and finance advisory services and aims to be the go-to partner for every CFO and finance executive nationwide,” said CFGI co-CEO Shane Caiazzo in a statement. “The addition of Pine Hill Group gains us both a leadership position within the Philadelphia market and the addition of a leading transactions services advisory team.”

Financial terms of the deal and revenue figures were not disclosed. CFGI has 325 full-time professionals and Pine Hill has 75, and together they will have approximately 400 employees. The combined business will have annual revenues of more than $150 million. All eight partners in Pine Hill Group will be joining CFGI as part of the deal.

“Together, Pine Hill and CFGI maintain our commitment to cultivating top talent and delivering outstanding client service, while expanding our ability to serve public, private and private equity clients in sophisticated technical accounting matters,” stated CFGI Co-CEO Nick Nardone. "The fact that all eight partners at Pine Hill are joining CFGI speaks volumes about our shared vision of growth as a company.”

JMP Securities served as financial advisor to Pine Hill for the transaction, while Global PMI Partners will be the post-merger integration advisor to CFGI.

“Since its founding in 2007, Pine Hill’s Big Four firm expertise, first-hand industry experience and boutique touch have enabled us to deliver the highest quality consulting services to clients,” said Pine Hill Group CEO Chuck Jacobson in a statement. “With CFGI, we have found a like-minded partner and an established financial sponsor as a Carlyle-backed company. I’m extremely excited about the future and what this combination will offer both our employees and our clients.”

NEW JERSEY: Sax Wealth Advisors adds Stuart B. Hermann, CFP, CPA

Details: Sax Wealth Advisors, a subsidiary of the accounting and consulting firm Sax LLP, has added the practice of Stuart B. Hermann, CFP, CPA, effective April 1, 2019.

Herman will be joining Sax as a wealth advisor. He was previously an investment advisor representative and chief compliance officer at Chadwick Wealth Management LLC, in Fair Lawn, New Jersey, and has over 35 years of experience in finance, accounting and insurance. “I am very much looking forward to continuing to serve and nurture my long-standing client relationships under the Sax Wealth Advisors banner,” Herrmann said in a statement. “I firmly believe in the principles and investment philosophies that Sax Wealth Advisors follow and intend to utilize our combined expertise to best serve our clients.”

With the merger of Herrmann’s practice, Sax Wealth Advisors now manages approximately $1.150 billion in assets. Financial terms of the deal were not disclosed. Sax LLP, based in Clifton, N.J., ranked 19th on Accounting Today’s 2019 Regional Leaders list for the Top Firms in the Mid-Atlantic region, with $40 million in annual revenue, 27 partners and over 160 employees.

“Stuart Hermann’s high standards of professional integrity and client service makes him a great fit for Sax Wealth Advisors,” said Kyle Stawicki, partner-in-charge of Sax Wealth Advisors, in a statement. “He has greatly demonstrated results and expertise and will prove to be a vital asset to the firm.”

FLORIDA: Mauldin & Jenkins acquires Jon Campbell & Associates

Details: Top 100 Firm Mauldin & Jenkins has acquired Jon Campbell & Associates, an advisory firm that services community banks and other financial institutions in Florida, effective March 15.

As part of the deal, the firm’s president, Jon Campbell, and his staff joined M&J’s Bradenton, Florida, office, one of eight locations operated by the Atlanta-based firm.

Financial terms of the deal were not disclosed. Mauldin & Jenkins ranked 91st on Accounting Today’s 2019 list of the Top 100 Firms, with $48.7 million in annual revenue, 52 partners and over 300 employees.

“This combination gives the Mauldin & Jenkins financial services team additional resources while significantly increasing the firm’s presence and recognition within the state of Florida,” said M&J managing partner Hanson Borders in a statement. “We believe this combination will strategically integrate and align with both our existing Florida financial services practice as well as our firm-wide financial services practice by continuing Jon Campbell & Associates’ long-term reputation and legacy for excellent client service.”

Jon Campbell & Associates provides internal audit, technology and other services to its financial institution clients. “This merger will further enhance the level of financial services expertise and informational resources that our community banking clients rely on in their overall risk management, internal audit, regulatory compliance and loan review functions,” said Campbell.

ILLINOIS: Cresa acquires Portfolio Solutions Group

Details: Cresa, a commercial real estate firm, has completed the acquisition of Portfolio Solutions Group, a lease administration, accounting and abstracting services company.

PSG will be renamed Cresa Lease Administration. PSG managing partner Jeffrey Tosello, and partner Meredith Kern will remain in charge of CLA, reporting to Cresa CEO Jim Underhill.

Cresa clients will be integrated into CLA’s technology platforms. CLA offers services such as lease database consulting, audit, document collection and data extraction.

“The acquisition of Portfolio Solutions Group will provide a significant competitive benefit to Cresa, and more importantly to our clients,” Underhill said in a statement. “They have demonstrated performance over 20 years for notable corporate brands, in a sector that requires constant innovation and technology investment.”

PSG, based in Chicago, was formed in 1999 and manages approximately 20,000 leases. Financial terms of the deal were not disclosed. Cresa has 200 partners and 800 staff members, while PSG has two partners and 35 staff members.