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.