CohnReznick LLP, a Top 20 Firm based in New York, is expanding in Massachusetts by adding Kevin P. Martin & Associates P.C., effective Monday.
The deal adds 100 people to CohnReznick and the firm said it would also make it one of the top 10 firms in Massachusetts. CohnReznick plans to maintain its Boston office while adding locations in Braintree, Danvers, and Fall River.
Financial terms of the deal were not disclosed, but the firm now projects annualized revenues for the Northeast region of $280 million — more than one-third of CohnReznick’s $770 million projections. CohnReznick ranked No. 16 on Accounting Today’s 2021 list of the Top 100 Firms, with $680 million in annual revenue last year. The firm has approximately 275 partners and 2,900 employees.
Accounting firms have been combining more this year than last year, thanks to the strong economy and ready availability of funds.
“Culturally, CohnReznick and KPM are a great fit,” said CohnReznick CEO David Kessler in a statement. “Our shared passion for investing in our communities — and commitment to our clients and stakeholders in the many industries we serve — cannot be understated. On behalf of our partners and everyone at CohnReznick, I am delighted to welcome the KPM team to our firm.”
KPM specializes in tax-credit programs like the New Markets Tax Credit, and tax credits for renewable energy, low-income housing, research and development, and historic preservation, as well as film and entertainment tax credits.
“This is an exciting move for our firm at the right time in the marketplace,” said KPM president and CEO Kevin Martin, Jr. in a statement. “The pandemic has accelerated our industry forward by more than a decade. Now, more than ever, clients want geographic reach, decision-making agility, and in-depth knowledge. Our clients will benefit from CohnReznick’s resources and expertise, and our team will benefit from enhanced professional development, leadership, and career advancement opportunities. My dad founded our practice over 50 years ago and we will continue to honor his legacy every day. Like so many of us, my dad had a strong admiration for David Reznick, and he would have been very proud that KPM has become part of the CohnReznick family and its commitment to client service excellence, hands-on approach, innovation, diversity, and community engagement.”
