M&A roundup: Baker Tilly, Aprio and P&N expand

Details: Baker Tilly US LLP, a Top 10 Firm based in Chicago, has added Bader Martin PS, an accounting firm in Seattle, effective June 1, expanding Baker Tilly’s presence to the Pacific Northwest and adding nearly $20 million in revenue.

Financial terms of the deal were not disclosed. Baker Tilly US’s annual revenue last year was $1 billion as of May 31, 2021 across its consulting, tax and assurance lines. The firm ranked No. 9 on Accounting Today’s 2022 list of the Top 100 Firms. Bader Martin’s revenue in 2021 was $19 million.

Baker Tilly US is part of the Baker Tilly International network of accounting and business advisory firms in 148 territories, with 38,000 professionals and combined worldwide revenue of $4.3 billion. Baker Tilly US has approximately 6,000 professionals, including 500 partners. Bader Martin has 100 professionals, including nine partners.

Bader Martin specializes in tax and wealth strategies for generations of affluent families, closely held and family businesses, entrepreneurs and executives.

“Bader Martin has exceptional leaders and has earned the trust and respect of clients whose relationships span decades,” said Baker Tilly CEO Alan Whitman in a statement Tuesday. “This combination signals Baker Tilly’s commitment to the Pacific Northwest by honoring and elevating what makes Bader Martin special.”

Bader Martin managing principal Kelly Nelson will become Baker Tilly’s managing partner for the Seattle market. “Joining forces with Baker Tilly provides international capabilities and incredible talent to do more for our clients whose needs are complex,” said Nelson in a statement. “Our people are now connected with an organization whose very existence is to help them discover their strengths, sharpen their skills, deepen their knowledge and soar to personal heights.”

Koltin Consulting Group CEO Allan Koltin advised both firms on the merger. “Bader Martin’s reputation and deep-rooted relationships are something to be admired,” he said in a statement. “They recognized in Baker Tilly a vision and strategy that resonates and leads to endless possibilities for their clients and people.”

Baker Tilly frequently does M&A deals. In March, Baker Tilly US announced plans to acquire Vanilla, an enterprise resource planning consulting firm based in the United Kingdom, effective May 1. In February, Baker Tilly acquired Orchestra Healthcare, a health care IT professional services and consulting firm based in West Palm Beach, Florida. Last November, Baker Tilly acquired The Compliance Group, a nationwide mortgage compliance and quality control organization based in Carlsbad, California, as well as the MFA Companies, a Boston-based accounting and advisory firm. Earlier in the year, the firm acquired Arnett Carbis Toothman LLP in West Virginia, as well as AcctTwo, a Houston-based technology and services company, along with Margolin, Winer & Evens, a Regional Leader firm in New York.

Details: Aprio LLP, a Top 50 Firm headquartered in Atlanta, is combining with RINA Accountants & Advisors, a firm in the San Francisco Bay area, effective July 1. 

The combination will increase Aprio’s team to more than 1,000 people across 10 key markets. RINA’s 80 team members, including 12 partners and 68 other staff will join Aprio on July 1, 2022. Aprio has more than 950 staff members.

Financial terms of the deal were not disclosed. Aprio ranked No. 35 on Accounting Today’s 2022 list of the Top 100 Firms, with $171 million in annual revenue last year. Rina’s annual revenue was $20 million.

RINA was founded in 1946 and has two offices in San Francisco and Walnut Creek, California. Bay Area. It’s a member of the MGI Worldwide network. The firm serves high-net-worth individuals and closely held businesses across various industries, including real estate, non-profit, manufacturing, technology and professional services. 

“Aprio is thrilled for RINA to join forces with us — their dynamic and ambitious culture aligns with our foremost mission to help our clients achieve what’s next,” said Aprio CEO and managing partner Richard Kopelman in a statement Tuesday. “Together, we will create exceptional experiences for our clients, helping them mitigate risk so they can achieve their growth objectives.”

As part of the deal RINA managing partner Tom Neff will join Aprio as partner and Bay Area leader. 

“We knew that combining with a premier, forward-thinking firm would create the best opportunities for our clients and team members, enabling our people and clients to thrive in the many years to come,” Neff said in a statement. “We anticipate our team and client base will grow and expand in a meaningful way on the west coast and mirror what Aprio has accomplished on the east coast over the past five years.”

Accounts Advisory Group CEO and senior consultant Joe Tarasco advised both firms on the deal.

Aprio has grown over the past 70 years into a top 35 firm through expanded services and capabilities and has completed more than 14 strategic mergers and acquisitions in the last five years. Last month, Aprio announced a merger with Leaf, Miele, Manganelli, Fortunato & Engel LLC (which also goes by the name Leaf Saltzman), a firm in Fairfield, New Jersey, effective June 1. In December, Aprio merged in Henderson & Godbee in Valdosta, Georgia. The firm has done over a dozen M&A deals since 2013 to broaden its presence in key U.S. markets. Last February, it acquired the cybersecurity firm Syzygy Solutions and its IT staffing firm Velossent in Georgia. The previous December, it added Tarlow & Co. in New York City and Stowe & Stowe CPAs in Charlotte, North Carolina.

Last year, Aprio onboarded 362 people through mergers, acquisitions and internal hires. “We’re very focused on the culture and we have institutionalized 31 fundamentals of behavior, and we practice one of these fundamentals every week,” Kopelman recently told Accounting Today. ”Many companies have their four or five core values on the wall when you walk in the door and I think most companies struggle with what that really means. I believe that culture is the accumulation of stories that people inside and outside the organization tell about the company, their people and leaders, and these weekly rituals we have around our 31 fundamentals provide an opportunity for hundreds of stories to be shared around the firm every week on that fundamental. Those fundamentals might be to speak straight, have fun, be kind and deliver results. One of my favorite fundamentals is blameless problem solving. I think many companies get stuck and fixated and pointing fingers and blaming one another, especially in high stress environments, and we take the approach of OK, it’s happened. Now let’s go solve it.”

Details: Postlethwaite & Netterville, a Top 100 Firm and the biggest Louisiana-based public accounting firm, has combined with RBM LLP, a Shreveport-based CPA firm, effective July 1.

The merger will give P&N’s clients in Shreveport and the surrounding area greater access to local resources and support and build the firm’s assurance, tax, consulting, and technology services.

Financial terms of the deal were not disclosed. P&N ranked No, 75 on Accounting Today’s 2022 list of the Top 100 Firms, with $67.97 million in annual revenue. The firm has approximately 40 partners and 500 employees.

“We are excited to welcome these talented professionals to the P&N team and to be able to leverage RBM’s tax, assurance and advisory capabilities — including its nationally recognized state and local tax (SALT) practice—to enhance our clients’ experience,” said P&N managing director and CEO Dan Gardiner in a statement Tuesday.

P&N plans to operate from RBM’s Shreveport office in addition to its nine other locations across Louisiana, Texas and Mississippi. RBM is a member of the BDO Alliance USA association of independent firms. RBM partners Scotty Amos, Trent Millican and Anna Gleason will be joining P&N as part of the deal.

“P&N’s quality client service, core values, work quality and integrity perfectly align with what we’ve tried to do over the years here at RBM,” said Amos in a statement. “Trent, Anna and I are excited about the future and opportunities this combination offers to our clients, from expanded resources, services and scalability to the amazing career opportunities for our team members.”