IPA No. 16, Chicago-based Baker Tilly Virchow Krause (BTVK) (FY12 net revenue of $259 million) and IPA No. 87, Melville, N.Y.-based Holtz Rubenstein Reminick (HRR) (FY11 net revenue of $34.7 million) combined forces today, April 24. The merger will be effective on June 1. The combined firm will be known as Baker Tilly Virchow Krause, LLP.
HRR will be the platform for BTVK’s New York practice and further expands the firm’s presence on the east coast.HRR was affiliated with DKF International.
“We’ve been looking for the right merger partner in New York and we found that partner in HRR. They have a strong reputation, considerable technical excellence, and a record of success,” Tim Christen, Chairman and CEO of BTVK says. “The combination of these two well-respected firms will result in a $300+ million firm with more than 1,600 professionals, deepening our capabilities to better serve our clients.”
“Baker Tilly and Holtz Rubenstein Reminick are complementary firms,” Barry Garfield, regional MP of HRR says. BTVK’s Executive MP Ed Offterdinger will expand his role and lead the integration of the two firms.
“We are very excited about this expansion of our east coast practice,” Offterdinger says. “With anchor offices in D.C. and New York, the merger will allow us to better serve existing clients and pursue strategic growth opportunities in the highly active corridor that connects our nation’s capital with the largest commercial market in the U.S.”
Allan Koltin, CEO of Koltin Consulting Group who advised both firms on the merger commented, “this discussion started almost exactly two years ago for HRR at a strategic planning retreat. HRR is one of those high achieving firms that could easily have stayed independent but saw even better growth opportunities for their people and clients by virtue of the combination. BTVK had a couple other discussions over the past few years with other New York firms but chose HRR because both firm’s strategic plan for greater New York was identical. Together I wouldn’t be surprised to see the size of the practice double in the next five years.”