Archives for August 2012

Eide Bailly Makes Utah Acquisition

Fargo, N.D.-based Eide Bailly (FY12 net revenue of $157.7 million) will acquire Schmitt Griffiths Smith and Co., (FY11 revenues of $6 million and 45 staff) an Ogden, Utah firm later this year. The deal is expected to close Nov. 1.

Stuart Tholen, SGSs managing partner says SGS’s 45-person staff of accountants will continue to serve clients in the area. Over the next five years, Eide Bailly expects to hire 50 more accountants and establish an office in Salt Lake City, says Tholen.

Jerry Topp, Eide Bailly’s MP, says the acquisition will fill a hole in its regional footprint, which covers nine Midwestern and southwestern states. “Bringing SGS into the Eide Bailly family will connect our Phoenix, Denver, Boise and Billings practice areas,” Topp said in a statement.

Tholen will serve as partner-in-charge of the Utah office. SGS partners, Dan Milne, Nikki Thom, Ken Jeppesen, Eric Johnson, and Brett Dagley will all join Eide Bailly when the merger is finalized.


People in the News – August 27

New York-based EisnerAmper LLP (FY12 net revenues of $256.92 million) has announced that Dana Smith has joined the firm as a partner in the firm’s Litigation Services practice. Smith provides expert witness services in intellectual property and complex commercial disputes. Her forensic accounting experience includes assisting clients in post-acquisition disputes, fraud investigations, insurance claims, and in performing contract compliance examinations. Prior to joining EisnerAmper, she was a principal with a regional accounting firm and a director with a Big 4 firm.

Armanino Consulting Buys Illinois-based AccessTek

Armanino Consulting, the technology arm of San Ramon, Calif.-based Armanino McKenna (FY11 net revenue of $84.02 million), has purchased Naperville, Ill.-based AccessTek, an Intacct channel partner.

On Sept. 1 AccessTek effectively becomes part of Armanino. All employees will be retained and chief executive Lindy Antonelli will become a partner. The acquisition is part of Armanino’s plan to improve its cloud practice area, which includes representing products from Intacct and Adaptive Planning and, with the purchase, cloud-based social CRM and association management software vendor Avectra.

“This is two great Intacct practices combining into one, but it’s about more than just one solution,” says Armanino COO and partner Matt Armanino. “It’s about the vision of what cloud financial solutions are going to be and how to position ourselves as a leading provider of those solutions.”

The AccessTek deal took nearly a year to complete. Over the past two years, Armanino has acquired or merged in OneSource, Factory IMS and Gateway Solutions. Armanino Consulting currently represents Dynamics GP, AX, Intacct, Avectra, QlikView, Adaptive Planning and EASi.

Two Michigan Firms Join Forces

Croskey Lanni of Rochester Hills, Mich., (FY11 revenue of $3.76 million) is merging Hirzel Jackson & Swaine of Novi, Mich., into its practice.

The merger will create a combined firm of more than 30 associates. HJS, its partners and staff will remain in their existing office, and the combined firm will operate as Croskey Lanni. The firm is a member of the BDO Siedman Alliance.

Ben Swaine and Dick Shovan, principles of HJS, will continue in their existing roles managing client services for the combined firm.

CohnReznick Brands for the Future; Names Association Affiliation

In June, IPA Best of the Best firm, Roseland, N.J.-based J.H. Cohn (FY11 net revenue of $235.6 million) and IPA Best of the Best firm, Bethesda, Md.-based Reznick Group (FY11 net revenue of $202.5 million) announced plans to merge, which will result in a $450 million firm when it takes effect in October.

Cohn is a member of Nexia and Reznick is a member of PrimeGlobal. The firms announced that the newly merged firm will join as one under the Nexia umbrella and will be known as CohnReznick. The choice of Nexia International elevates the network into the top 10, according to published reports.

The two firms found an affinity for one another early on, and decided against a three-way merger with Baker Tilly Virchow Krause.

“This is truly a merger of equals and decisions will be 50/50,” says J.H. Cohn MP and CEO Tom Marino. In a joint interview with IPA, Marino noted that it was “remarkably easy” to discuss issues as equals with Ken Baggett, Reznick Group’s MP and CEO. Baggett agrees. “These guys feel like our partners already – like someone we grew up with.”

Marino and Baggett will serve as co-CEOs for three years, and then a vote of the members will choose the next leader of CohnReznick.

Nexia International Executive Director Kevin Arnold says, “The merger of J.H. Cohn and Reznick Group is the most significant in the U.S. market since CliftonLarsonAllen was formed earlier this year. In both cases, the merged firms have chosen to join Nexia International, reinforcing our position as the network of choice for leading global accountancy firms and demonstrating our continued commitment to consolidating our presence within the region.”

Nexia International has more than 570 offices in over 100 countries.

People in the News – August 21

Oak Brook, Ill.-based Crowe Horwath (FY12 net revenues of $533.30 million) admitted nine to partner: Stephen Bedell, tax, Columbus, Ohio; Rebecca Hurt, tax, Knoxville, Tenn.; John Kelleher, tax, Oak Brook, Ill.; Bart Kimmel, risk consulting, Los Angeles; Troy La Huis, risk consulting, Grand Rapids, Mich.; Gary Lindsey, risk consulting, Columbus, Ohio; Dan Megathlin, tax, Atlanta; Jeremy Nichols, audit, Nashville, Tenn.; Mike Varney, risk consulting, Cleveland. Crowe also promoted several partners and expanded roles on its leadership team: Jim Dolinar, Managing Partner, assurance professional practice, Oak Brook, Ill.; Gary Fox, Managing Partner, tax, South Bend, Ind.; Craig Funkhouser, Office Managing Partner, Chicago metropolitan area, Oak Brook, Ill.; Kevin Hovorka, Managing Partner, industry horizontals and private equity services, Chicago; Tom Jones, elected to executive committee, Fort Wayne, Ind.; Tony Klaich, elected to executive committee, San Francisco; Ann Lathrop, Chief Marketing Officer, Indianapolis; Gary Milligan, Chief Operating Officer of audit, tax and OMPs, Grand Rapids, Mich.; Marc Shaffer, Managing Partner, financial advisory services, Chicago.

Dennis Ito has joined Los Angeles-based Holthouse Carlin & Van Trigt (FY11 net revenue of $67.11 million) as a new tax partner in the Encino, Calif., office. For the past six years, he owned and managed his own practice, Dennis Ito & Associates after more than 30 years at KPMG.

CBIZ MHM, based in Cleveland and Leawood, Kan., (FY11 net revenue of $598 million) has named Jeffrey Gluck the accounting services practice leader for its New York office. Gluck joined the organization in 1992 and works closely with privately held companies in varied industries including apparel, consumer products, wholesale, manufacturing and importing. Gluck will continue his role leading the royalty compliance services group conducting royalty audits and assisting clients in the recovery of unreported revenue from licensing

Andrew Bentley has joined Roseland, N.J.-based Rothstein Kass (FY11 net revenue of $181.57 million) as a principal and leader of the tax practice in its soon-to-be-opened Boston office. He brings more than 14 years of “Big Four” public accounting experience to the team, with a specialization in the taxation of alternative investments. Prior to joining the firm, he served as director of financial services tax at PwC. Rothstein Kass expects to have more than 30 professionals when it officially opens the Boston office in the fall.

Larson & Rosenberger Joins CPAmerica International

Salt Lake City-based Larson & Rosenberger has joined CPAmerica International.

“We look forward to sharing our knowledge as well as absorbing knowledge from leaders of member firms,” says MP Dennis Larson.

“We’ve made progress over the past few years, but we’re at a point where we need to have an association with firms who have been through some of the issues involved with multiple offices and rapid growth.”

SC&H Group Taps Scott Tyler to Lead Tampa Office

Sparks, Md.-based SC&H Group (FY11 net revenue of $49.62 million) has announced that Scott Tyler has joined the firm as a partner in its state and local tax practice to launch the firm’s newest office in Tampa, Fla.

Prior to joining SC&H, Scott led Crowe Horwath’s southeast property tax practice.

Elliott Davis Opens Richmond Office

Greenville, S.C.-based Elliott Davis (FY12 net revenue of $61.02 million) is closing its Galax, Va., office and opening a new one in the state’s capital.

Shareholder Paul Pickett will lead the Richmond office.

The firm opened its first Virginia office in 2006. This recent move to Richmond is part of Elliott Davis’ long-term strategic plan.

MP Rick Davis says that in addition to organic growth, he expects expansion of the office to come from lateral hiring and potential practice acquisitions.

Burr Pilger Mayer MP Steps Down

Stephen Mayer, MP of San Francisco-based Burr Pilger Mayer Inc. (FY11 net revenue of $70.7 million) stepped down unexpectedly on Aug.1 after 26 years as CEO to lead a new entity tentatively called BPM Ventures.

Russ Burbank, Mike Spence, Marc Berger, and Curtis Burr are overseeing firm operations until a new CEO is named. The firm was named an IPA Best of the Best firm for five consecutive years, from 2004-2009.

“This new venture will hold many of our early stage and entrepreneurial businesses such as Armus, IT Consulting, Financial Planning for smaller clients, NetSuite implementation, and other businesses that may be added from time to time,” Mayer said in an email message to BPM. “By putting these all together in an incubator environment, my goal is to build each of them into successful and self-sufficient businesses, and hopefully provide new opportunities for BPM and the folks who join me in this effort.”

In October, 2011, BPM and Windes & McClaughry (net revenues of $24 million) of Long Beach, Calif., announced their plans to merge. The merger of BPM and W&M would have created the second largest firm on the West Coast, behind Seattle-based Moss Adams, with combined revenues of $100 million. In early Feb., the firm’s backed away from the merger, stating “We believed that combining both firms was the proper strategic direction, but, unfortunately, we could not come to agreement on all of the key issues,” says Windes MP, John Di Carlo.

Mayer will remain active on the board of directors. “I will also continue to be one of the primary market facing persons for the firm with a strong emphasis on business development, community relations, and coaching and mentoring folks here at BPM,” he wrote.