LBMC, a Top 50 Firm based in Brentwood, Tennessee, is adding Strothman & Co., a firm based in Louisville, Kentucky, effective Nov. 1.
The deal will expand LBMC's footprint to Kentucky and Indiana. LBMC has more than 800 team members, with offices in Chattanooga, Brentwood, and Knoxville, Tennessee, as well as Charlotte, North Carolina. Strothman has offices in Louisville and Middletown, Kentucky, along with Jeffersonville, Indiana.
LBMC has 58 shareholders and a total of 800 employees, while Strothman has nine shareholders a total of 65 employees. They will be serving more than 11,000 clients across the country.
Financial terms of the deal were not disclosed. LBMC, which ranked No. 35 on Accounting Today's 2023 list of the Top 100 Firms, earned $206 million in annual revenue, while Strothman & Co. earned $14 million in revenue.
"While LBMC's growth over the past 40-plus years has been primarily organic, our firm is now aggressively opportunistic about adding talent, skills, and filling gaps in our service offerings to ensure we continue to evolve as the firm of the future," said LBMC CEO Jeff Drummonds in a statement Friday. "The Strothman & Co. team further enhances our service offerings and allows us to expand our Kentucky presence, where we currently serve over 100 clients across the state."
LBMC specializes in serving clients in the health care sector, who make up about 30% of its business. The firm also serves clients in the private equity, manufacturing, distribution and technology sectors, as well as high-net-worth families. It will be able to offer advisory services such as human resources, technology solutions, staffing, recruiting, cybersecurity, consulting, business intelligence, wealth advisory and procurement to Strothman's client base.
"We are very excited to be joining a nationally renowned team of experts, who bring complementary strengths to the table while being fully aligned on core values, exceptional client experience and culture," said Strothman managing director Bill Meyer in a statement. "We believe this transaction will bring numerous benefits to both our team members and valued clients."
In 2019, LBMC acquired
