M&A roundup: Landmark, Forvis Mazars expand

September 10, 2024 1:26 PM

Landmark CPAs merged in Garland & Greenwood CPAs; and Forvis Mazars completed its acquisition of ConTech360.

Landmark CPAs merges in Garland & Greenwood CPAs

Landmark CPAs reception desk and conference room

Landmark CPAs, a Regional Leader based in Little Rock, Arkansas, plans to add Garland & Greenwood CPAs, effective Jan. 1, 2025.

As part of the deal, Garland & Greenwood's four partners — John Brock, Jake Froemsdorf, Rocky Goodman and Greg Schichtl — along with 36 staff members, will join Landmark CPAs, expanding the team to 203 professionals across eight locations in Arkansas and Arizona.

Financial terms of the deal were not disclosed. Landmark currently has 17 partners and 146 staff. Landmark CPAs ranked No. 20 on Accounting Today's 2024 list of the Top 100 Firms, with $24 million in annual revenue.

As part of the merger, Landmark CPAs will add a new location in Jonesboro, Arkansas, and open a brand-new office in Conway, Arkansas. "We are excited to welcome the Garland & Greenwood team into the Landmark CPAs family," said Landmark CPAs managing member Randy Milligan in a statement. "This merger allows us to build on our shared commitment to delivering exceptional service and innovative solutions to our clients. Together, we are stronger, and we look forward to the many opportunities this merger will bring for both our staff and our clients."

"Joining forces with Landmark CPAs is a tremendous opportunity for our firm," said Garland & Greenwood managing partner Rocky Goodman in a statement. "We have long admired Landmark's dedication to excellence and client service, and we are thrilled to become part of a team that shares our values. This merger enables us to provide even greater resources and expertise to our clients."

Landmark previously merged in Arizona-based Monheit Frisch in 2021, expanding its reach beyond Arkansas. Landmark originates from a 2018 merger between two firms: Beall Barclay & Co. PLC and the Little Rock office of Thomas & Thomas LLP. Beall Barclay was founded in 1963 in Fort Smith, Arkansas, and Thomas & Thomas in 1953 in Texarkana, Arkansas.

Forvis Mazars completes acquisition of ConTech360

Forvis Mazars building in the U.S.

Courtesy of Forvis Mazars

Forvis Mazars has added a new construction technology services consulting practice after acquiring ConTech360, a Charlotte, North Carolina-based construction technology firm that joined Forvis Mazars effective Sept. 1, following a previously announced acquisition of assets to better serve its construction industry clients.

Managing directors Steve Maddox and Jim Wagner founded ConTech360 and are among the leaders of the new consulting practice.

The new practice is augmented by Forvis Mazars' recently announced status as a Trimble Authorized Business Development Partner.

"Digital transformation is having a major impact on our industry and is a huge focus area for many of the clients we serve," said Jason Myers, national industry leader for construction and real estate at Forvis Mazars,in a statement. "We have a deep understanding of both the challenges and opportunities of technology adoption and implementation. Forvis Mazars is investing in our capabilities and our team — including the addition of experienced leaders such as Jim and Steve — so we can help our clients unlock their full potential as they invest in themselves at this critical time."

The deal to acquire ConTech60 was made by Forvis before it completed its merger with Mazars to form the global network Forvis Mazars. Forvis itself was formed only about two years ago through the merger of two Top 20 Firms, BKD CPAs & Advisors and Dixon Hughes Goodman, which combined under the name "Forvis" in reference to their "forward vision." BKD was based in Springfield, Missouri, and DHG in Charlotte, North Carolina. After the merger, they grew into a Top 10 Firm on Accounting Today's 2024 list of the Top 100 Firms, ranking No. 9, with nearly $1.7 billion in annual revenue. In combination with Mazars, the Forvis Mazars global accounting network has a combined $5 billion in revenue, 40,000 employees and nearly 1,800 partners in 103 different countries.