M&A roundup: From Minnesota to Memphis

DSB Rock Island merges with fellow Minnesota firm Meuwissen, Flygare, Kadrlik and Associates; Smith + Howard adds Richmond-based consultancy Fahrenheit Advisors; Reynolds, Bone & Griesbeck adds fellow Memphis firm Scott and Pohlman; and GBQ expands its credit union practice with Lillie & Co.

DSB Rock Island adds MFK

Sean Boland

Minnesota-based DSB Rock Island is merging in Eden Prairie-based Meuwissen, Flygare, Kadrlik and Associates PA, effective Dec. 1.

Terms of the deal were not disclosed, but the combined firm is expected to have 110 employees, 16 partners and approximately $31 million in revenue.

The two firms began discussions earlier in 2024.

"We took time to figure out what was important to them, which includes career advancement for their team and a more robust service offering for clients," said DSB Rock Island president Sean Boland, in a statement. "So it's a great match in terms of our business mission and structure and aligning their goals with DSB Rock Island's growth plan."

"We initially worked with M&A consultant Art Kuesel to determine the right opportunity that would add long-term value to our business," MFK managing partner Scott Kadrlik said, in a statement. "Now, we are looking forward to integrating the expanded resources, technologies and services such as estate planning, M&A and succession planning that DSB Rock Island will provide. The same team is still here to offer continuity of service to our clients, and now we have a plan for the future."

Smith + Howard adds Richmond consulting firm

Sean Taylor

Atlanta-based Smith + Howard has acquired Richmond, Virginia-based consulting firm Fahrenheit Advisors, effective Nov. 26.

The combination marks Smith + Howard's first expansion in the Capital Region and will expand its service offerings, including introducing a set of human capital management consulting services.

Founded in 2010, Fahrenheit offers services around business strategy, finance and accounting, human capital management, sales advisory and executive search services.

Financial terms of the deal were not disclosed, but Fahrenheit will continue to operate under its own brand, and brings 140 employees and consultants to the combination. Smith + Howard ranked No. 11 on Accounting Today's Regional Leaders list for the Southeast, with $48.7 million in revenue and over 200 employees.

"We are pleased to welcome Fahrenheit to Smith + Howard," said Sean Taylor, CEO of Smith + Howard, in a statement. "Fahrenheit's operational excellence, respected market position and dedication to client success make them an ideal fit for us. This addition to the Smith + Howard family of companies is another key step to expanding our service offerings, our national footprint, and creating new opportunities for our clients and colleagues."

Smith + Howard, which received an undisclosed amount of funding from private equity firm Broad Sky Partners in late 2022, operates under an alternative practice structure in which licensed CPA firm Smith + Howard PC provides audit and other attest services to its clients, and Smith + Howard Advisory LLC provides tax, accounting and advisory services.

It has undertaken a number of acquisitions since taking on PE money, including Dallas-based VIP Search and Solutions earlier this year, and CPA firm Market Street Partners in August of 2023.

BellMark Partners provided advisory services to Fahrenheit in this transaction.

RBG adds Scott and Pohlman

Memphis-based Reynolds, Bone & Griesbeck PLC has acquired local firm Scott and Pohlman PC.

Terms of the deal were not disclosed.

"We are thrilled to welcome the experienced team at Scott and Pohlman to the RBG family," said Skeet Haag, CPA and mnaging partner of RBG, in a statement. "This acquisition represents our commitment to strengthening our tax and client advisory and accounting service teams. Together, we will be able to expand solutions that support our clients' growth and success."

RBG offers tax, accounting, auditing and advisory services to a wide variety of clients and has been one of the leading firms in Memphis for a century.

GBQ expands credit union practice

Top 100 Firm GBQ Partners LLC has acquired Lillie & Co. and Lillie Resource Group, effective Dec. 2.

The deal adds to Columbus, Ohio-based GBQ's credit union and financial services practice and is expected to make it the leading auditor of credit union clients in Ohio.

Terms of the deal were not disclosed.

"We are thrilled to welcome the Lillie & Co. and Lillie Resource Group teams and clients to our GBQ family," said GBQ director of financial services Scott Runyan, in a statement. "Our shared commitment to the industry is reflected in our combined growth in size, scope and client relationships. Together, we are better positioned to provide comprehensive, best-in-class solutions to empower growth of our clients' businesses."

Founded in 2003 by Steve Lillie, Lillie & Co. brings a team of 14 to the combination.

"Joining forces with GBQ is a natural next step for our team and clients," said Lillie, in a statement. "We share the same values and a passion for supporting the credit union industry. This partnership allows us to deliver the same exceptional service while giving our clients access to GBQ's extensive range of solutions designed to meet their evolving needs."

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