Grassi acquired S&Z Fund Services; Yount, Hyde and Barbour merged in Rowles & Co.; Alexander Thompson Arnold acquired Teasler CPA; and DJH Mitten Clarke added Lloyd Piggott.
M&A roundup: Grassi, YHB, ATA and DJH expand
August 3, 2021 3:34 PM
NEW YORK: Grassi acquires S&Z Fund Services
The deal adds nine professionals to Grassi’s existing financial service practice, which provides audit, tax and fund administration services to hedge and private equity funds, funds of funds, master-feeders, broker-dealers, investment advisors, family offices, fintech entities and more.
As part of the deal, Gregory Zoraian, who has led S&Z Fund Services since it was founded in 2005, has been named Grassi’s new financial services practice leader. S&Z co-founder John Zoraian is joining as a principal in Grassi’s financial services practice. The acquisition also added seven other staff members to Grassi’s financial services team. Grassi now has 41 partners and 369 team members, including partners.
“Joining Grassi was a natural choice as we looked toward the future of S&Z Fund Services,” Zoraian said in a statement Tuesday. “Both of our firms have a longstanding commitment to the financial services industry, and together we can reach an even greater number of fund managers with the compliance solutions and administration support they need to succeed.”
Financial terms of the deal were not disclosed. Grassi ranked No. 64 on Accounting Today’s 2021 list of the Top 100 Firms, with $77.68 million in annual revenue.
“We are continually looking for ways to help our financial services clients meet the unique requirements of their industry,” said Grassi managing partner Louis Grassi in a statement. “With the addition of our new team members and Gregory at the helm, Grassi is well-positioned to provide this support even more effectively, especially as regulations and the needs of our clients rapidly change.”
This spring,
MARYLAND: Yount, Hyde and Barbour merges in Rowles & Co.
Courtesy of YHB
This is YHB’s first office in its neighboring state and the firm’s ninth location in the D.C.-Maryland-Virginia region.
Rowles & Company dates back to 1928 and provides a variety of accounting services to clients in different sectors, with a focus on financial institutions, engineering and architecture firms, small businesses, not-for-profit organizations, individuals, estates and trusts.
YHB ranked No. 8 on Accounting Today’s Regional Leaders list for the Top Firms in the Capitol Region in 2021.
“With the inclusion of Rowles to YHB, we are excited to say we are officially a Maryland firm,” said YHB managing partner Scott Moulden in a statement. “We already serve many financial institutions, construction firms, and not-for-profits in Maryland. Finding a partner with a similar culture and skill set to officially plant roots in the neighboring state is a win-win for everyone.”
YHB ended the 2021 fiscal year with revenue of $36 million and expects Rowles to add another $1.7 million in 2022. “We anticipate steady organic growth in the market through additional services to their current client base and growth via YHB’s other dominant specialties (financial institutions, construction, not-for-profit and health care specifically),” said YHB chief marketing officer Jeremy Shen. “We believe YHB’s positioning and approach can fill a void in the current Baltimore market.”
The addition of Rowles to YHB is expected to expand the firm’s expertise in serving credit unions. The Rowles professional staff of 11 will be joining YHB and continue to serve clients from their current location in Baltimore.
“Our staff are eager to join forces with the team at YHB,” said Rowles managing partner Steven Halpern in a statement. “We have worked alongside them over the years at shared financial institution clients, so we are familiar with the quality of their work. Finding another firm with the dedication to client relations, community and staff was what helped make this decision easier. Both Joe (Musumeci, Partner at Rowles) and I look forward to being able to offer our clients even more resources as YHB and Rowles become one.”
Last year,
MISSISSIPPI: Alexander Thompson Arnold acquires Teasler CPA
Details: Alexander Thompson Arnold PLLC, a regional firm based in Jackson, Tennessee, has expanded its presence in Tupelo, Mississippi, by acquiring the local firm Teasler CPA PLLC, effective July 1, 2021.
ATA had already established a presence in Tupelo after acquiring Ashby & Associates PLLC in 2017 and Fred Page & Associates P.C. in 2018. The acquisition of Teasler CPA enables ATA to grow further in the Tupelo area. ATA has 13 office locations in Tennessee, Kentucky and Mississippi.
“As we continue to grow, it is our top priority to join with firms that embody similar values as ATA,” said ATA managing partner John Whybrew in a statement last week. “Teasler CPA is a natural fit, and we see a bright future for our firm in the Tupelo area.”
Financial terms of the deal were not disclosed. ATA earned $31.7 million in annual revenue.
A staff member from Teasler CPA, Haley Gilley, will join the team at ATA Tupelo and will continue to be the main contact for Teasler’s former clients. Teasler will remain of counsel to the firm.
ATA had already established a presence in Tupelo after acquiring Ashby & Associates PLLC in 2017 and Fred Page & Associates P.C. in 2018. The acquisition of Teasler CPA enables ATA to grow further in the Tupelo area. ATA has 13 office locations in Tennessee, Kentucky and Mississippi.
“As we continue to grow, it is our top priority to join with firms that embody similar values as ATA,” said ATA managing partner John Whybrew in a statement last week. “Teasler CPA is a natural fit, and we see a bright future for our firm in the Tupelo area.”
Financial terms of the deal were not disclosed. ATA earned $31.7 million in annual revenue.
A staff member from Teasler CPA, Haley Gilley, will join the team at ATA Tupelo and will continue to be the main contact for Teasler’s former clients. Teasler will remain of counsel to the firm.
UNITED KINGDOM: DJH Mitten Clarke adds Lloyd Piggott Chartered Accountants
Details: DJH Mitten Clarke, a firm based in Staffordshire, U.K., has added Lloyd Piggott Chartered Accountants, a firm based in Manchester, its second acquisition of 2021.
The deal expands the firm into Northwest England and provides a springboard into Central Manchester, with the opportunity to grow its client base further in the region.
DJH Mitten Clarke is the result of a merger earlier this year between DJH and Mitten Clarke, two of the largest firms in Staffordshire, England. It is a member of the Russell Bedford International network of independent accounting firms. The combined firm acquired Morris & Co. in Cheshire, U.K., in April, and is now expanding to Manchester.
“It has always been a personal ambition to open a substantial Manchester City Center office, and we started to make progress taking space within WeWork in Spinningfields, but then the pandemic hit,” said DJH Mitten Clarke executive director Scott Heath in a statement last week. “Our conversations with the team at Lloyd Piggott opened up a new opportunity that is right for our business, and more importantly our team. When bringing two firms together, it’s always critical to make decisions based on culture and ours with Lloyd Piggott are very much aligned; they’re honorable, they’re ambitious and, above all, they’re passionate about people and the community.”
Sue Redmond, a director at Lloyd Piggott, will continue to lead the Manchester team, along with tax director Paula Abbott. Lindsey Shepherd will also join the office from DJH Mitten Clarke to provide continuity for the firm's existing clients in Northwest England.
“Since our story began over 125 year ago, we’ve always looked out for new partnerships and innovative thinking, and this is why we’ve been successful,” Redmond said in a statement. “Although our past is important to us, it’s our future that counts, so it is crucial that we seize great opportunities at the right moment to carry on moving forward. DJH Mitten Clarke bring with them a number of specialist services, such as: capital allowances, R&D, wealth management and commercial and residential funding, along with group services such as marketing, learning and development and recruitment. Ultimately, this will enhance the advice and support we offer our clients.”
Lloyd Piggott team will retain its name until Oct. 4, 2021, and will then take on the name DJH Mitten Clarke while becoming the firm's Manchester office.
The deal expands the firm into Northwest England and provides a springboard into Central Manchester, with the opportunity to grow its client base further in the region.
DJH Mitten Clarke is the result of a merger earlier this year between DJH and Mitten Clarke, two of the largest firms in Staffordshire, England. It is a member of the Russell Bedford International network of independent accounting firms. The combined firm acquired Morris & Co. in Cheshire, U.K., in April, and is now expanding to Manchester.
“It has always been a personal ambition to open a substantial Manchester City Center office, and we started to make progress taking space within WeWork in Spinningfields, but then the pandemic hit,” said DJH Mitten Clarke executive director Scott Heath in a statement last week. “Our conversations with the team at Lloyd Piggott opened up a new opportunity that is right for our business, and more importantly our team. When bringing two firms together, it’s always critical to make decisions based on culture and ours with Lloyd Piggott are very much aligned; they’re honorable, they’re ambitious and, above all, they’re passionate about people and the community.”
Sue Redmond, a director at Lloyd Piggott, will continue to lead the Manchester team, along with tax director Paula Abbott. Lindsey Shepherd will also join the office from DJH Mitten Clarke to provide continuity for the firm's existing clients in Northwest England.
“Since our story began over 125 year ago, we’ve always looked out for new partnerships and innovative thinking, and this is why we’ve been successful,” Redmond said in a statement. “Although our past is important to us, it’s our future that counts, so it is crucial that we seize great opportunities at the right moment to carry on moving forward. DJH Mitten Clarke bring with them a number of specialist services, such as: capital allowances, R&D, wealth management and commercial and residential funding, along with group services such as marketing, learning and development and recruitment. Ultimately, this will enhance the advice and support we offer our clients.”
Lloyd Piggott team will retain its name until Oct. 4, 2021, and will then take on the name DJH Mitten Clarke while becoming the firm's Manchester office.
