SolomonEdwards acquires Steele Consulting in Atlanta; LGA merges in McGaunn & Schwadron CPAs in Massachusetts; and Barsz Gowie Amon & Fultz adds William E. Howe & Co. in Pennsylvania.
M&A roundup: East Coast expansion
December 3, 2024 2:44 PM
SolomonEdwards acquires Steele Consulting
Courtesy of SolomonEdwards
The acquisition is the second in the past two weeks for SolomonEdwards, after it purchased Dominion Advisory Group, an anti-money laundering advisory and financial crime consulting firm. SolomonEdwards received private equity investment in May from Renovus Capital Partners.
The Steele Consulting deal will bolster its services in consulting and operational support for banking, financial services and regulatory compliance and complement SolomonEdwards' accounting and finance operations practice, working directly with tax department heads and extending its support to the CFO's office. SolomonEdwards clients will gain access to an expanded set of tax support services across state, local, federal and international jurisdictions.
Founded by Jay Steele in 2005, Steele Consulting helps Fortune 1000 companies navigate complex tax regulations, address the tax consequences of business transactions, and maintain compliance with relevant statutory frameworks.
"We looked at the work that Jay and his team have accomplished and immediately identified tremendous synergies between our firms," said SolomonEdwards CEO John Gulnac in a statement Tuesday. "Their high standards of service and deep expertise are the exact qualities we want to offer our clients as we expand our firm. The addition of an accomplished firm like Steele to SolomonEdwards bolsters our diversified suite of accounting & finance solutions."
Jay Steele will join SolomonEdwards as a partner. All the other 35 full-time employees will also transition to SolomonEdwards, which currently has 10 partners and 446 staff.
"Our philosophy has always been to hire exceptional tax professionals to provide the highest level of service to our clients," Steele said in a statement. "This acquisition, along with the continued retention of our clients and consultants, demonstrates our remarkable success."
LGA merges in McGaunn & Schwadron
This deal will widen LGA's industry expertise, especially with health care clients. Founded by Mark McGaunn, McGaunn & Schwadron offers guidance in tax planning, financial management, valuations and practice transitions to veterinary and dental professionals across New England and in more than 20 states, including Alaska, Oregon and Washington. McGaunn is joining LGA as a tax partner, and Meredith Quinn as a tax manager, bringing LGA to 28 partners and over 160 professionals.
"We are excited to welcome Mark McGaunn and his talented team to the LGA family," said LGA managing partner John Geraci in a statement. "Their specialization in veterinary and dental accounting and consulting aligns with the firm's strategic vision of developing deep industry expertise to drive value to our clients beyond compliance. Mark's client-centered philosophy is a great fit with our values, and we are eager to expand our reach within these vital industries."
Financial terms of the deal were not disclosed. LGA earned over $30 million in annual revenue prior to the merger. With projected growth from additional strategic mergers — including this one— LGA expects to exceed $35 million by 2025. LGA ranked No. 10 on Accounting Today's 2024 Regional Leaders list of the Top Firms in New England.
McGaunn sees benefits in the combination: "This merger presents a wonderful opportunity for our clients," he said in a statement Tuesday. "By partnering with LGA, we will continue to deliver the personalized service our clients expect, while gaining access to a broader array of resources, service offerings, and expertise. I'm particularly excited to offer our veterinary and dental clients enhanced business advisory and consulting services, including fractional CFO services, a deeper bench for business valuations, and transaction support if they are buying or selling a practice."
In November, LGA merged in
Barsz Gowie Amon & Fultz adds William E. Howe
Courtesy of Barsz Gowie Amon & Fultz
Both firms are based in Delaware County, Pennsylvania. The combined firm will include three partners and 70 staff members (58 from BGA&F and 12 from Howe). Financial terms were not disclosed, but after the combination, BGA&F expects to earn over $12 million annually. The deal was arranged by Ira Rosenbloom, chief operating executive of Optimum Strategies.
William E. Howe & Co. has been in business for over 100 years, offering accounting, audit, tax planning and compliance, and advisory services. BGA&F specializes in clients from the real estate industry, medical and dental practices, hospitality and manufacturing businesses. BGA&F dates back to the 2017 merger of Pennsylvania accounting firms
"We're excited to welcome William E. Howe & Co. into the BGA&F family," said BGA&F managing partner William Gowie, in a statement. "The merger is a strategic step that enhances our ability to provide comprehensive accounting and advisory services to a broader client base. Together, we are well-positioned to deliver innovative solutions while maintaining the integrity and client-focused approach that have defined both firms."
The Media office of William E. Howe & Co. will become a BGA&F location, operating under the Barsz Gowie Amon & Fultz name until the lease expires in September 2025. At that time, the office will consolidate with BGA&F's offices. In addition to Media, BGA&F also has offices in Chadds Ford, Pennsylvania.
"We are proud of the legacy we've built at William E. Howe & Co.," said Herbert Berkowitz, managing partner of William E. Howe & Co., in a statement Tuesday. "This merger allows us to continue that tradition while offering our clients expanded capabilities and resources. We're confident that our combined expertise and shared commitment to quality will drive even greater success for our clients."
