Two IPA Top 100 Firms Announce Intent to Combine Forces

Two IPA Top 100 firms, Reading, Pa.-based Beard Miller Company (bmc) (FY08 net revenue of $75.2 million) [No. 35 on the 2009 IPA Top 100 ranking] and Philadelphia-based Parente Randolph (FY08 net revenue of $74.3 million) [No. 36 on the 2009 IPA Top 100 ranking] announced their intent to merge effective this fall.

Collectively, the combined firm will have over 170 partners and more than 1,200 team members throughout Pennsylvania, New York, New Jersey, Maryland, Delaware and Texas.

“Our new firm will have even deeper resources and broader areas of expertise to serve our clients, including more industry-specific expertise, specialized tax consulting and other business advisory resources,” bmc Chairman and CEO Lamar Stoltzfus says in the announcement.

“This is truly a complimentary merger. It fills in gaps in geography, industry niches and service areas,” Bob Ciaruffoli, Chairman and CEO of Parente, tells IPA. “This merger will catapult us to the top regional firm in the Northeast – we will be stronger, more diverse, and have even greater talent.”

Stoltzfus will serve as Chairman of the new firm, while Ciaruffoli will serve as CEO.

This will truly be a merger of equals. “Lamar and I started talking over lunch last December and we clearly saw the benefits of our two firms coming together. Our firms have known each other for quite a few years and we’ve competed against each other. We knew it was a long shot, but the more we spoke, the more we realized how similar our firms are,” he tells IPA.

Already the leader in Central and Eastern Pennsylvania, the new firm will be positioned as a significant practice in the New York City, New Jersey and Philadelphia markets. The firms’ presence in key markets such as Maryland, Western Pennsylvania, upstate New York, and New Jersey will also be strengthened. These markets are imperative to the new firm’s growth and development in the coming years. The new firm will be headquartered in Philadelphia, and management of the firm will be decentralized into eight regions. The new firm is committed to maintaining its local presences and serving and supporting local communities.

The name / logo of the new firm will be announced at the close of the merger.