Eide Bailly Expands Nevada Presence with Merger

Reno, Nev.-based Kafoury Armstrong & Co. (FY13 net revenue of $10 million), a member of The Leading Edge Alliance, will become part of Fargo, N.D.-based Eide Bailly LLP (FY14 net revenue of $195.4 million) on Dec. 15. Kafoury Armstrong brings 10 partners and 56 staff members to Eide Bailly giving the firm a total of 28 offices in 12 states and raising its professional count to 1,547, which includes 225 partners. Eide Bailly is a member of HLB International.

In November, Eide Bailly made its debut into the state of Nevada with the addition of Muckel Anderson in Reno. Kafoury Armstrong adds three additional Nevada offices in Fallon, Elko and Las Vegas.

“Kafoury Armstrong ties nicely into our plan to expand into the western region of the United States, and gives us the opportunity to strengthen our presence in Nevada,” says Dave Stende, MP and CEO of Eide Bailly. According to Stende, clients appreciate Eide Bailly’s small firm / large firm approach to service. “We have a personal, respectful approach to service and, at the same time, we offer ‘Big 4’ business solutions for our clients. As the first regional firm in Nevada, we are a new alternative for clients in Nevada and the surrounding regions.”

According to Allan Koltin, CEO of Koltin Consulting Group who advised both firms on the deal, Eide Bailly continues to attract high performing firms that are looking for a bigger platform and service offerings for their clients. “Eide Bailly is part of a select group of national firms that have the entrepreneurial culture to attract successful firms like Kafoury Armstrong,” says Koltin. “They had numerous national firms interested in them, but chose Eide Bailly for its outstanding leadership, commitment to service excellence and the great growth opportunities for its people.”

Todd Ferguson, CEO and shareholder of Kafoury Armstrong, will be Eide Bailly’s tax department head in Nevada. “Joining Eide Bailly comes at an opportune time, as Nevada is on the rebound,” says Ferguson. “Being a part of Eide Bailly gives us the ability to help our clients with immediate and long-term business needs, such as business valuations, cost segregation studies and technology services. We want to help our clients reach the next level in their business, and this positions us to do that. I am very excited to join a firm that has a similar culture and service philosophy to Kafoury Armstrong.”