M&A roundup: LGA, BA, HW&Co., De Boer Baumann and Avantax expand

November 2, 2021 12:15 PM

LGA merged in ALL CPAs; BA, Inc. combined with Flynn Accounting Solutions; HW&Co. added the Shealy Group; De Boer, Baumann partnered with NetWerks; and Avantax acquired Warner Finance.

MASSACHUSETTS: LGA LLP merges in ALL CPAs

LGA offices

Details: LGA, LLP merged in ALL CPAs, effective Nov. 1, expanding its presence in New England.

The combined firm will operate under the LGA brand with offices in Woburn and Chestnut Hill, Massachusetts, and Salem, New Hampshire. With 125 employees, LGA is expected to become one of the top 20 largest accounting firms in Massachusetts. The firm ranked No. 19 on Accounting Today’s 2021 Regional Leaders list for the top firms in New England.

Financial terms of the deal were not disclosed. The combined firm is expected to have annual revenue of $22 million, with ALL adding $8 million in annual revenue to LGA’s $14 million in revenue. The combined 125 employees include 40 from ALL and 85 from LGA 85.

“LGA’s focus on growth is driven by our commitment to deliver the highest level of value and service to our clients while attracting and retaining bright and collaborative team members,” said LGA managing partner John Geraci in a statement. “ALL CPAs’ outstanding reputation with their clients and within the community is harmonious with LGA’s core values of service and care.”

The firms will combine their tax, accounting and business advisory services groups. LGA provides services such as fractional CFO, investment banking, best practice reviews, exit planning and M&A advisory. As a member of the Russell Bedford International network, the firm can offer guidance for clients who are expanding internationally and assist foreign companies looking to do business in the U.S.

“ALL CPAs and LGA share many synergies in our experience and values, which make this merger exciting for our staff and clients,” said ALL CPAs managing partner Ron Loberfeld in a statement. “Combining our two well-established firms will make us a leader in the New England market, and ensure our client needs are met now and well into the future.”

MASSACHUSETTS: BA Inc. combines with Flynn Accounting Services

Details: BA Inc., formerly known as Burke & Associates CPAs Inc., has merged with Flynn Accounting Solutions, effective Nov. 1.

For the past 20 years, both firms have been helping small and midsized business clients. The firm’s combined operations in Rockland and Woburn, Massachusetts, are expected to provide it with larger geographic coverage and more comprehensive client services. The BA and Flynn team includes approximately 40 professionals, including nine CPAs, tax and accounting professionals, financial planners, and a team of specialists in client accounting services. The firm’s main industry focus areas include architecture, design, technology, professional services and real estate development. Financial terms of the deal were not disclosed.

“We quickly learned in our initial discussions that both firms share a common vision rooted in helping entrepreneurial businesses succeed,” said BA managing director John Burke in a statement. “This merger has felt like a very natural step to expand the resources and services we bring to our valued clients.”

OHIO: HW&Co. adds the Shealy Group

HW&Co. offices in the Cleveland suburbs

Courtesy of HW&Co.

Details: HW&Co., a regional CPA and advisory firm with offices in Cleveland, Columbus and Mentor, Ohio has merged in The Shealy Group, based in Mansfield, Ohio.

The Shealy Group joins more than 120 HW&Co. professionals serving clients across Ohio and the United States. Prior to the merger, the Shealy Group had eight employees, including one partner, while HW&Co. had 127 employees, including 27 partners. Financial terms were not disclosed.

The Shealy Group was founded in 2001 by Dave Shealy, who will become managing principal of HW&Co.’s Mansfield location, which will be HW&Co.’s fifth office. “The Shealy Group is pleased to join with HW&Co.,” Shealy said in a statement. “We believe our shared values and combined knowledge will enable us to continue to serve our clients at the highest level.”

“The Shealy Group provides HW&Co. the opportunity to expand our presence throughout Ohio, not only with their expertise in agribusiness, but they also add to our extensive list of manufacturing and distribution, and health care clientele,” said HW&Co. CEO Brandon Miller in a statement. “Dave Shealy and his staff have exceptional talent and we look forward to integrating them into our team.”

HW&Co. said it is the 14th largest firm CPA firm in the Greater Cleveland area. Last year,

HW&Co. added Finkler & Co. CPAs

, a firm based in Middleburg Heights, Ohio.

MICHIGAN: De Boer, Baumann partners with NetWerks

Details: De Boer, Baumann & Company, PLC, a firm based in Holland, Michigan, is forming a partnership with NetWerks LLC. The new entity will be known as DB&C NetWerks, LLC.

NetWerks LLC, also located in Holland, Michigan, is a technology consulting and support company that provides professional IT services to small and midsized businesses. Financial terms of the deal were not disclosed.

“This partnership is an exciting step for all of us,” said Paul Gust, owner of NetWerks LLC, in a statement Monday. “We have been working with De Boer, Baumann & Company for some time now. Somewhere along the way, we came to recognize how well we worked together and decided to form a partnership. We are excited for this move because it enhances our ability to provide exceptional services for our valued clients.”

“I have a great deal of respect for the business that Paul has built over the years,” said De Boer Baumann managing partner Mark Veenstra in a statement. “Our decision to merge was based on a variety of factors, but it comes down to this: by officially partnering, we will be able to best serve our clients. Combining our resources and knowledge base is a tremendous win for everyone involved.”

DeBoer, Baumann & Company dates back to 1934 and has offices in Holland, Grand Haven and South Haven, Michigan. The firm’s staff includes more than 40 employees, which includes six partners. It is an independent member of BDO Alliance USA.

PENNSYLVANIA: Avantax acquires Warner Finance

Details: Avantax, a provider of tax-focused financial planning services, has acquired Warner Finance, a Pennsylvania-based firm with approximately $258 million in total client assets, expanding Avantax’s in-house footprint in the Northeast.

Warner Finance president Stanley Warner, and registered rep Ann Tracey will become financial planning consultants with Avantax Planning Partners. Three other Warner staff members have remained with the Warner team as Avantax employees.

“After successfully growing my business for many years, I was interested in a path that would monetize my business but also let me focus more on serving my clients and less on the day-to-day dealings of running an office,” Warner said in a statement Tuesday. “I also wanted to branch out into different areas, and bring some exciting new offerings to clients. Transitioning to Avantax’s employee-based RIA lets us become part of an even larger financial planning effort, and now we can grow more of a regional business. That growth component and the ability to work on new opportunities is what’s so exciting.”

The deal comes on the heels of Avantax’s acquisition of New Jersey-based Headquarters Advisory Group LLC, which closed on Aug. 26, 2021. Avantax Wealth Management and Avantax Planning Partners are part of the wealth management segment of Blucora, Inc., a public company with a collective $88 billion in total client assets as of June 30, 2021. In 2019, Blucora combined HD Vest with 1st Global to create Avantax Wealth Management (

see story

).

“We couldn’t be more pleased with Stan’s decision because he’s shown the appetite and ability needed to achieve high growth while maintaining top client service, and that’s the recipe for success in our relationship-driven business,” said Louie Rosalez, president of Avantax Planning Partners, in a statement. “This is an excellent strategic fit for Warner Finance and Avantax because we share the same intense client focus and commitment to comprehensive tax-smart financial planning. The support of Avantax and our team allows Stan more time to serve clients and grow his business throughout the Northeast.”