Flush with a
$250 million investment from Bain Capital, Top 50 Firm Sikich has agreed to acquire Rockville, Maryland-based CPA firm Saggar & Rosenberg PC.
The Maryland firm primarily provides accounting and consulting services to government contractors, nonprofits, real estate companies and the federal government.
The terms of the deal were not disclosed. Saggar & Rosenberg has six partners, three principals and eight directors, and one office. Sikich reported 139 partners and over 1,600 total employees for 2023, with 18 offices; it ranked No. 26 on Accounting Today's most recent list of the Top 100 Firms, with $364 million in revenue.
"Over the years, Saggar & Rosenberg has experienced significant growth serving a wide range of sophisticated clients who are demanding an increasing set of diverse services," said firm founder and CEO Sandy Saggar, in a statement. "We want to support those clients with a broader set of offerings as they navigate change and do so in a way that ensures the excellent service they've come to expect from us. This expectation is what attracted us to Sikich, with their track record, strategy for growth and people-first mindset. Given the latter, I believe we have found a like-minded organization that will allow our employees to expand their skills and explore opportunities for growth."
"Over the last 25 years Sandy Saggar has built an impressive company that dovetails nicely with our own offerings and specialized services to nonprofits and the government sector, where we have a strong presence," said Sikich co-managing principal Antony Nettleton, in a statement. "We look forward to leveraging the expertise of his team, who are delivering comprehensive, enterprise-wide financial solutions to clients across the country. We will serve our collective clients together, with the integrity and quality our companies are known for, while taking advantage of emerging opportunities in the market."
This is the first acquisition Sikich has made since it took on a
minority investment of $250 million from Bain Capital to help fuel its acquisition strategy, among other things. The firm entered the Washington, D.C., market in 2019 when it acquired
Halt, Buzas & Powell. Last year, the firm strengthened its presence in the federal government market with the acquisition of
Cotton & Co. and acquired the
federal government practice of Top 10 Firm CLA at the beginning of this year.
Late in 2023, it signed an agreement to acquire the operating assets of
Golden Trail Advisers, a wealth management consulting firm based in Burr Ridge, Illinois; a month before that, it acquired
Thornhill Financial in Northeast Ohio, and in October the firm's technology practice added a
data and analytics offering and acquired
Four Leaf LLC in Sacramento, California. Last December, Sikich acquired
Vonya Global LLC, a consulting firm in Chicago. Last November, it acquired two other Chicago firms:
O'Malley & Kwit, which specializes in taxes, and
Accelerated Growth, an accounting, finance and technology consulting firm.
