M&A roundup: EisnerAmper merges in P&N

EisnerAmper merges in P&N

EisnerAmper's office building in Metropark/Iselin, N.J.

Courtesy of EisnerAmper

EisnerAmper, a Top 25 Firm based in New York, is adding Postlethwaite & Netterville, a Top 100 Firm based in Baton Rouge, Louisiana, with the deal expected to close this summer.

The combination is the latest in a string of M&A transactions since EisnerAmper received private equity funding in 2021 from TowerBrook Capital and restructured to split its audit practice from the rest of the firm. Financial terms of the latest deal were not disclosed. The firm ranked No. 17 on Accounting Today's 2023 list of the Top 100 Firms, with $614 million in annual revenue. P&N ranked No. 69, with $81.2 million in annual revenue. EisnerAmper has more than 320 partners and over 3,300 staff, to which P&N will add over 40 directors (the equivalent of partner) and more than 500 staff.

P&N dates back to 1949 and has nine offices in Louisiana, Texas and Mississippi. The combination will expand EisnerAmper's reach into the Gulf Coast region.

"We're extremely proud to be joining EisnerAmper and to build upon the existing success of both firms," said P&N managing director and CEO Dan Gardiner in a statement Thursday. "This is an unprecedented opportunity to provide our clients with even more innovative and competitive services and for P&N team members to benefit from additional resources and new opportunities for professional growth. By joining with EisnerAmper, P&N will continue to serve our clients across the Gulf South and U.S. with the added support, resources and partnership of a Top 20 firm with a global presence."

The deal is also expanding EisnerAmper's expertise in several practice areas. "P&N's long-standing reputation for excellence in the Gulf Coast and beyond precedes itself. With this one strategic move, we're adding more than 575 top-talent professionals and further extending deep industry experience in all aspects of our assurance, tax, advisory and outsourcing practice areas — no small accomplishment," said Christopher Loiacono, EisnerAmper's vice chair of services, in a statement. "We greatly look forward to our historic combination with P&N and the vast opportunities it will afford our clients and staff for years to come."

Last November, EisnerAmper expanded to Southern California by merging in Lindsay & Brownell in La Jolla. In October, the firm added the Hoffman Group, a CPA firm in Baltimore, and last August, it expanded in Minnesota by adding Lurie, a regional leader in the Midwest. In June, it added New York-based Top 100 Firm Raich Ende Malter, and in March of last year, it added Popper & Co., another firm based in New York City.

Ryan acquires RETC

G. Brint Ryan

Ryan, a Dallas-based global tax services and software provider, has acquired RETC Group, a property tax consulting firm also based in Dallas.

Founded in 1986, RETC specializes in real property tax appeal services and business personal property tax compliance.

"RETC is a well-established firm in the property tax space in North Texas," said Ryan chairman and CEO G. Brint Ryan in a statement. "The addition of RETC further expands Ryan's market share in Texas and adds a talented group of property tax professionals to our market-leading team. Ryan will also be able to offer RETC clients Ryan's full suite of innovative tax services and software solutions to further enhance their tax-saving strategies."

The acquisition of RETC follows a year of growth in Ryan's property tax practice, with the acquisitions of Marvin F. Poer and Co., Greystone Property Tax Advisors, Paradigm Tax Group, OneSource Property Tax from Thomson Reuters and Kurz Group.

"I feel confident entrusting our clients to Ryan," said RETC founder V.K. Gupta in a statement. "Ryan is widely known in the industry as the leader in client service, so our clients can expect the same level of attention to detail, prompt communication, and successful results as they received from us. The opportunity for our team members to grow their careers and expand their professional profiles at Ryan is second-to-none."

In March, Ryan also acquired RTC Consulting, a Montreal-based firm that specializes in tax consulting on scientific research and experimental development.

"The strength and success of RTC is the perfect addition to our thriving SR&ED practice," said G. Brint Ryan in a statement. "Their track record over the last three decades of obtaining tax credits for companies of all sizes in a variety of industries will be an immediate asset to our clients with Canadian operations."

Founded in 1989, RTC specializes in the preparation of claims for various tax credit programs across more than 30 different fields in science and technology and has helped clients receive millions of dollars in tax credit refunds and benefits. As part of the acquisition, founder and majority shareholder Peter Kustec will join Ryan as a principal in the firm's existing SR&ED practice.

"I felt Ryan was a strong fit because of its reputation in the industry as an innovator of technology and exemplary record of client service," said Kustec in a statement. "The combination of RTC and Ryan's existing SR&ED practice opens the door for many value-added opportunities for our clients. I look forward to continuing our tradition of offering our clients the highest quality services and unmatched results."

Ryan ranked No. 8 on Accounting Today's 2023 list of the Top Tax Firms, with $820.08 million in annual revenue.

Last year, in addition to the OneSource Property Tax acquisition from Thomson Reuters and the other property tax-related deals, Ryan also acquired MacRostie Historic Advisors in Washington, D.C., and Tax Advisory Services Group in Houston.