EisnerAmper will be adding Edelstein & Co.; Simon, Krowitz, Meadows & Bortnick joined Marcum; LMC acquired Vogel & Co.; and Crete secured additional funding.
M&A roundup: Up and down the East Coast
May 2, 2024 4:49 PM
EisnerAmper adding Edelstein
Edelstein was founded in 1968 and has 11 partners and a staff of more than 150 professionals. EisnerAmper has approximately 450 partners and 4,200 employees. Edelstein offers accounting, tax and advisory services for the food and beverage, health care, financial services, nonprofit, real estate, professional services and other sectors.
"Clients want their financial issues solved, concerns lessened, and lives made easier," said Edelstein managing partner Scott Kaplowitch in a statement Thursday. "This spurs us to go the extra mile, because our clients' success is completely interconnected with our own. EisnerAmper is also a 'go-the-extra-mile' type of firm. We welcome the opportunity to leverage EisnerAmper's vast resources in expertise and technology to help take our client service capabilities to the next level."
The transaction represents the latest in a series of M&A deals since
Financial terms of the deal were not disclosed. EisnerAmper has $848.7 million in annual revenue and its Eisner Advisory Group ranked No. 17 on Accounting Today's 2024 list of the Top 100 Firms, while Edelstein ranked No. 8 on Accounting Today's Regional Leaders list for New England, with $33.52 million in revenue.
"For 50-plus years, the professionals at Edelstein have been trusted business advisors," said Jay Weinstein, EisnerAmper vice chair of industries and markets, in a statement. "That type of longevity is a powerful testament to Edelstein's leadership, practitioners, and approach. We warmly welcome our new colleagues from Edelstein, and we're extremely excited about the opportunities in the ultra-critical Boston market."
Succession Institute CEO Bill Reeb advised both firms on the deal. "Both EisnerAmper and Edelstein have stellar reputations," he said in a statement. "This combination is a great fit for EisnerAmper's growth plan and Edelstein's strategy to leverage additional services and expertise. This move makes a lot of sense for both firms and promises to greatly benefit their clients."
In March, EisnerAmper announced it was adding the
Marcum expands in Maryland
Courtesy of Marcum LLP
SKMB dates back to 1959. The combination expands Marcum's financial reporting, audits, tax consulting and preparation, bookkeeping, and business valuation and litigation services.
Financial terms of the deal were not disclosed. Marcum ranked No. 13 on Accounting Today's 2024 list of the Top 100 Firms with $1.325 billion in annual revenue. The firm has roughly 550 partners and over 4,100 associates. SKMB will be adding two senior advisors and around 10 other employees to the firm.
"We have always focused on professional excellence and client service, principles that resonate deeply with Marcum's own," said SKMB co-managing partner Edward Bortnick in a statement. "While I look forward to the enhanced capabilities we will bring to our clients, I am also excited about the opportunity it creates for our employees."
"By joining a firm that places immense value on professional growth and development, our team will benefit from Marcum's extensive training programs, career advancement paths, and a culture that fosters innovation and leadership," said SKMB co-managing partner Henry Meadows.
Marcum has had a presence in Maryland for about 75 years. "This deal is a natural extension of our strategy to grow with firms that share our values and dedication to client service," said Marcum chairman and CEO Jeffrey Weiner in a statement Thursday. "This partnership enhances our capabilities, further solidifies our position as a powerhouse in the Mid-Atlantic region, and creates extraordinary value for our clients and employees."
"SKMB's local knowledge and experience are unparalleled, and we are thrilled to integrate their strong capabilities into our Rockville Maryland practice," said Jeffrey Zudeck, Marcum's Mid-Atlantic regional managing partner, in a statement. "We see a future of shared growth and continuing success as we introduce Marcum's comprehensive solutions to our expanded client base in Maryland."
In February, Marcum merged in
LMC acquired Vogel & Co.
The strategic partnership promises to expand the range of services and solutions available to high-net-worth clients.
"We warmly welcome Vogel & Co. to the LMC family and look forward to building a family office firm that embodies our mutual commitment to excellence and delivers exceptional value to clients," said LMC Advisors CEO Lee Cohen, a member of Accounting Today's 2023 MP Elite, in a statement Thursday
The combined firm's services include financial management, financial operations, trust and estates, philanthropic planning and concierge services.
"Partnering with LMC allows us to achieve our joint dream of building the premier family office firm offering clients tailored financial guidance and transparency, empowering families to preserve and grow their wealth and their legacies," said Vogel & Co. CEO George Vogel in a statement. "Together, we will raise the bar for excellence."
Financial terms of the deal were not disclosed. LMC Advisors ranked No. 29 on Accounting Today's 2024 Regional Leaders list for the Mid-Atlantic, with $24.3 million in annual revenue, six partners and approximately 100 employees.
Last June,
LMC has won honors as a Best Firm to Work For from Accounting Today, Crain's Best Places to Work in NYC, and Best Companies to Work in New York.
Crete secures additional funding
Crete PA plans to use the extra funding to accelerate its plans to bring more firms into its alliance and leverage technology such as artificial intelligence.
"Thrive and Bessemer both have proven track records as investors and innovators in fast-evolving technology, including artificial intelligence and vertical software," said Crete PA co-founder Jake Sloane in a statement Thursday. "With their support, we believe we're uniquely positioned to utilize technology to enhance the productivity of our partner firms and our employees' professional development and opportunities, while maintaining our commitment to delivering excellent client service."
Koltin Consulting Group CEO Allan Koltin has advised Crete Professionals Alliance on various strategic and growth initiatives. "Crete has only been active in the accounting profession for less than a year and they will be over $100 million in revenues by year end," he said in an email. "That would make them a Top 50 CPA and advisory firm in the profession. Their strategic and capital partnership with Thrive Capital and Bessemer Venture Partners will allow them to grow into a Top 25 CPA firm over the next two to three years."
"Crete is the perfect strategic partner for regional firms working to grow in a rapidly evolving industry," said Thrive Capital partner Kareem Zaki in a statement. "Thrive is thrilled to partner with Crete to empower independent accounting firms to keep what makes them special locally, while helping them expand their capabilities to take advantage of the new technological breakthroughs built for accounting."
"We're excited about Crete's ability to provide the resources of a scaled national platform to accounting firms, while maintaining their independence in brand, culture, and day-to-day operations," said Brian Feinstein, a partner at Bessemer Venture Partners, in a statement. "While many firms are talking about this industry's rapidly evolving technology, Crete is acting on it, and we're excited to support them in that mission."
In April, Crete added
