Friedman added Bohlmann Accounting Group, and Herbein + Company merged in Mosteller & Associates.
M&A roundup: Friedman and Herbein expand
June 30, 2021 3:47 PM
FLORIDA: Friedman adds Bohlmann Accounting Group
Courtesy of Friedman LLP
The merger will expand Friedman’s footprint in Florida, while also growing service areas offered by both firms, such as tax planning, transaction advisory and assurance services. Financial terms were not disclosed. Friedman ranked No. 39 on Accounting Today’s 2021 list of the Top 100 Firms, with $145 million in annual revenue. The combined firm will have $148 million in total revenue. Friedman has a total of 655 people, including 95 partners, while Bohlmann totals 10 people, including four partners.
“We are known across the communities we work with as being one of the most trusted accounting, tax and business consulting firms, so we are excited to welcome a very well-respected practice into our family,” said Friedman co-managing partner Fred Berk in a statement Tuesday. “Our cultures and values are well aligned, and we share the same entrepreneurial, trusted approach to doing business.”
His co-managing partner, Harriet Greenberg, sees the deal as a way to expand Friedman’s services. “Bohlmann Accounting Group complements and enhances our current service offerings and brings a team that will help us serve our clients across new markets,” she added.
Bohlmann has worked with Friedman in the past. “We have built a positive business relationship with Friedman’s leaders over many years and determined that their commitment to the South Florida region and sophisticated range of services are in line with our own goals for our future and the needs of our clients,” said Bohlman Accounting Group managing partner Benjamin Bohlmann in a statement. “Our alliance with Friedman will enhance our ability to serve evolving needs through new specializations that include international and state and local tax, mergers and acquisitions, cybersecurity, digital currency and more.”
Friedman did another merger in 2019 by adding
PENNSYLVANIA: Herbein + Company merges in Mosteller & Associates
Courtesy of Herbein
Mosteller will become a division of Herbein and operate as Herbein HR Solutions, dba Herbein | Mosteller HR Solutions. The deal enhances Herbein’s ability to deliver human resources services and resources. Financial terms were not disclosed. Herbein, which is also based in Reading, ranked No. 23 on Accounting Today’s Regional Leaders list for the Mid-Atlantic, with $35.89 million in annual revenue.
“Among the top issues we hear are staffing concerns, finding the right personnel for key roles, team member staff training, and HR guidelines related to safety particularly in the post-pandemic landscape,” said Herbein managing partner David W. Stonesifer in a statement Wednesday. “This acquisition aligns with Herbein’s growth strategy and we view it as a tremendous opportunity to offer our clients a full range of human resources solutions with one of the region’s most respected HR teams.”
Prior to the deal, Herbein had 24 partners and 175 total team members, while Mosteller had 25 total team members, including owner Chet Mosteller.
“Herbein complements and enhances our current service offerings and brings greater opportunity to help us serve clients across the Mid-Atlantic and beyond,” Mosteller said in a statement. “During merger discussions, both firms grew more and more impressed with each other’s people, experience and expertise.” Mosteller will now become CEO of Herbein | Mosteller HR Solutions.
His firm was founded in 1994 and provides human resources services to clients in Eastern and Central Pennsylvania and the Mid-Atlantic region. Mosteller employees will stay at their current location and work closely with Herbein’s existing teams in Pennsylvania and New Jersey.
In 2018, Herbein added
