M&A roundup: Prager Metis, REDW, Somerset and Fineman West expand

January 20, 2021 5:15 PM

Prager Metis combines with Blair, Bohlé & Whitsitt; REDW joins with CPA Global Tax & Accounting; Somerset CPAs and Advisors adds Rowley & Company; and Fineman West merges in Katz & Associates.

ARIZONA: REDW joins with CPA Global Tax & Accounting

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Details: REDW, a Regional Leader firm based in Albuquerque, New Mexico, has continued with its strategic expansion plans by adding CPA Global Tax & Accounting, a firm in Scottsdale, Arizona, effective Jan. 15, bolstering its international tax services.

As part of the deal, Pallav Acharya, owner of CPA Global Tax, will join REDW as a Principal in the firm’s Phoenix office. In addition, Desylina Christensen, who was a tax professional with the Acharya firm, will join REDW as a tax senior accountant in the same office.

“Our decision to add the international tax expertise of Pallav and his team to REDW is part of our overall continued strategic expansion,” said REDW managing principal Steve Cogan in a statement. “We recognize that rapid globalization is creating great opportunities, but also a challenging tax environment as businesses continue to trade or expand their operations around the world. This is especially relevant as we look ahead to a busy 2021 when the new federal and state administrations are expected to bring about new tax policies. We are now even better positioned to proactively advise clients on cross-border tax matters.”

Financial terms of the deal were not disclosed. REDW ranked 7th on Accounting Today’s 2020 list of Regional Leaders for the Southwest region, with $31.24 million in annual revenue.

Acharya founded CPA Global Tax in 2006 to provide tax and accounting services with a specialization in international tax and business issues. The firm’s services include planning, structuring, consulting, compliance and transfer pricing issues. Clients include companies and individuals who have cross-border activities in Canada, Mexico, Asia and Europe.

“We have been providing international tax services for many years, but this joining of forces allows REDW to expand our capabilities in this specialized area to even more effectively serve U.S. clients internationally, as well as international clients in this country,” said REDW principal and tax practice leader Christina Roderick in a statement. “We’re thrilled to welcome someone of the caliber of Pallav. Adding his extensive expertise to our firm marks a significant milestone for our practice and our clients as we recognize that today’s business demands require tax advisors who are fully fluent in the issues at play.”

Last year, REDW merged in Human Resources Experience LLC, an Albuquerque-based HR consulting and proactive legal practice.

CALIFORNIA: Fineman West merges in Katz & Associates

Details: Fineman West & Company, a Los Angeles-based accounting and consulting firm, has added Katz & Associates, another firm in LA.

Katz & Associates dates back to 1978 and specializes in tax services. As part of the deal, president Stanley Katz, president of Katz & Associates, is joining along with senior auditor Ruben Samson, senior tax accountant Jimmy Lin, and administrative staff members Eden Pinsker and Nedra Jackson.

“Our combined 80+ years of experience allows us to better serve clients by capitalizing on our deep business knowledge and industry expertise,” said Harold West, co-founder and managing partner of Fineman West, in a statement last week. “Katz & Associates values their relationships with clients and has a wide network of referral sources and relationships that Fineman West can tap into. We’re excited to join forces to provide unparalleled financial acumen and are committed to serving our clients.”

Financial terms of the deal were not disclosed. This is Fineman West’s second merger in less than two years. In 2019, it added the firm of Steven L. Jager, CPA, in Sherman Oaks, California.

“This partnership gives us the opportunity to tap into Fineman West’s capabilities such as their deep expertise in the fashion industry and allows us the support to handle certified audits more efficiently and quickly,” said Stanley Katz. “For the past 42 years, we continued to evolve and joining Fineman West is the perfect next step.”

INDIANA: Somerset CPAs and Advisors adds Rowley & Company

Courtesy of Somerset CPAs

Details: Somerset CPAs and Advisors, a Regional Leader based in Indianapolis, has merged in Rowley & Company LLP, a firm in Michigan City, Indiana, effective Jan 1.

Managing partner Mark T. Rowley founded Rowley & Company in 1992. Under his direction, the firm has grown to offer a variety of accounting and financial consulting services throughout Northwest Indiana, Southwest Michigan, and the greater Chicago area with the help of fellow partner, Cindy E. Weber. Their offices will remain in Michigan City.

Financial terms of the deal were not disclosed. Somerset CPAs and Advisors ranked 15th on Accounting Today’s 2020 Regional Leaders list for the Great Lakes region, with $39.03 million in annual revenue. In 2-19, Somerset expanded in Indiana by adding Merrill & Thoman and the Jongleux CPA Group.

NORTH CAROLINA: Prager Metis combines with Blair, Bohlé & Whitsitt

Details: Prager Metis CPAs, a Top 50 Firm based in New York, has expanded into North Carolina by adding Blair, Bohlé & Whitsitt PLLC, a firm based in Charlotte, effective Jan. 1.

As part of the deal, George Bohlé, Steven Johnston, Andy Spittle, and Bryant Whitsitt will join Prager Metis as partners, along with John Blair as an independent consultant and 14 other employees. Prager Metis currently has 115 partners and more than 600 employees.

Financial terms were not disclosed. Prager Metis ranked 39th on Accounting Today’s 2020 list of the Top 100 Firms, with $133.92 million in annual revenue.

“We have been looking for a CPA Firm in the Charlotte area that shares our values and standards of proactive service so that we can better serve our clients and expand our footprint into the region,” said Prager Metis co-managing partner Lori Roth in a statement. “We chose to combine with Blair, Bohlé & Whitsitt due to their reputation for excellent client service.”

Blair, Bohlé & Whitsitt dates back over 20 years ago and offers assurance, tax, and advisory services to individuals, businesses, nonprofit, and government organizations in the Greater Charlotte area and across the Carolinas.

“Prager Metis has a level of expertise and a growing reputation that is unique for an accounting firm of its size,” Whitsitt said in a statement. “Their firm culture and desire to expand their presence into the Charlotte, North Carolina region fit so well with our background and expertise that we feel Prager Metis is not only a perfect fit for our firm but for our clients as well. We are truly very excited to join the Prager Metis team.”

Prager Metis posted a video about the merger here.

Last year, Prager Metis added the firm of William J. Keephart, CPA, in Lawrenceville, New Jersey. It also expanded its presence in New York by adding three downstate offices of D’Arcangelo & Co. LLP and announced a merger with Shine & Co.