M&A roundup: Withum and Whitley Penn expand

Details: Withum, a Top 25 Firm based in Princeton, New Jersey, added OUM & Co. LLP, a firm headquartered in San Francisco, effective July 15.

Financial terms of the deal were not disclosed. Withum ranked No. 24 on Accounting Today’s 2020 list of the Top 100 Firms. The firm has annual revenue of $300 million, 15 offices, over 130 partners, and 1,350 team members. OUM has annual revenue of $20 million, 11 partners, and approximately 80 team members. They will remain at their locations in San Francisco and Carlsbad, California, after joining Withum.

“We are very enthusiastic about joining forces with Withum and believe this union will take us to the next level in client service and career opportunities for OUM team members,” said OUM managing partner Chris Millias in a statement Monday. “For over 45 years, OUM's continued commitment to providing unmatched service has enhanced the delivery of the quality expertise our clients have come to expect. OUM and Withum share a commitment to the highest level of integrity, as well as a nimble, flexible and innovative culture and approach to problem-solving.”

The deal will help Withum expand on the West Coast. “Our clients will now have direct access to a larger network of national and international resources, deeper technical expertise and specialized knowledge in additional service areas,” said Doug Pallotta, the newly appointed partner-in-charge of the San Francisco and Carlsbad offices of Withum, in a statement. “With over 1,350 team members located around the country, OUM's existing office locations further amplify Withum's current West Coast presence.”

In January, Withum merged in the Doyle Carden Group, a New York-based private investigative firm. Last year, Withum expanded to California by merging in KSJG, a firm in Irvine. In 2019, it expanded in the Boston area by merging in the firm of Rucci, Bardaro & Falzone in Woburn, Massachusetts.

Details: Whitley Penn, a Top 50 Firm based in Fort Worth, Texas, plans to add the members of Werlein & Harris, a firm in Houston, effective Aug. 1.

The deal will increase Whitley Penn’s size to approximately 650 employees, with about 125 in the Houston office. Financial terms were not disclosed. Whitley Penn ranked No. 37 on Accounting Today’s 2021 list of the Top 100 Firms, with $145.68 million in annual revenue. With the addition of Werlein & Harris, the combined firm will have $160 million in revenue and the addition of the 15 Werlein Harris team members gives the firm 640 team members.

“We are always looking for ways to further expand our service offering and Werlein & Harris is the right fit,” said Whitley Penn managing partner Larry Autrey in a statement Monday. “By joining together, we will be able to expand our client base in the Houston market while offering the long-time Werlein & Harris clients an expanded range of services.”

The Werlein & Harris team plans to relocate to Whitley Penn’s existing office in Houston on the effective date of Aug. 1.

“As we plan for the future, we know that Whitley Penn is the right place for both our employees and clients alike,” Werlein & Harris president and founding partner Victor Harris in a statement. “We are excited to join the firm and offer additional niche services and expanded industry experience for our client base.”

Last November, Whitley Penn merged in Johnson, Miller & Co., a firm in Midland, Texas. In 2019, Whitley Penn merged in Speer & Associates, a firm based in Dallas. In 2018, Whitley Penn added Dossani, Turnage & Van Hoose and its affiliate, Impact Financial Solutions, also in the Dallas–Fort Worth area.