Peter Grandich and Company Teams with Withum

Trinity Financial Sports & Entertainment Management Company, a division of Peter Grandich and Company of Spring Lake, N.J., announced that it has teamed up with the sports and entertainment division of Princeton, N.J.-based WithumSmith+Brown (FY19 net revenue of $223.3 million).

Peter Grandich & Company offers financial services to individuals, professional athletes and owners of small and mid-size businesses.

“Over the years, we have undergone numerous discussions with a variety of professionals who were seeking to work with us and our team of professional athlete clientele at Peter Grandich and Company,” says Peter Grandich, managing member. “We believe WithumSmith+Brown brings the most talent and experience by far, and we are very much looking forward to enhancing our services with them working side by side with us.”

Ken Hicks, who leads Withum’s sports and entertainment group, says, “Peter Grandich has clearly shown to be among the most respected financial people working within the professional sports team and athlete community in the areas we serve. I truly believe our services will greatly complement one another, and we eagerly look forward to a long and mutually rewarding relationship.”

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Weaver Acquires HSSK

Houston-based Weaver (FY19 net revenue of $141.1 million) has acquired HSSK LLC of Houston. The combined firm will offer expanded forensic accounting, litigation support and business valuation practices.

Joining Weaver will be three partners and more than 20 professional staff from HSSK. They will be part of Weaver’s Financial Advisory Services practice. HSSK will add to Weaver’s ability to provide forensic accounting, investigation, litigation support and valuation services to clients.

“HSSK’s values, leadership styles and technical capabilities align well with ours,” says Weaver CEO John Mackel, “and we’re excited about the new capabilities we’ll be able to offer clients and the new opportunities that will arise for our leaders and team members.”

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Somerset CPAs Acquires Indianapolis Firm

Indianapolis-based Somerset CPAs PC (FY18 net revenue of $37.4 million) has acquired Peters Browning & Co. PC, of Indianapolis.

Peters Browning has offered a wide range of accounting, consulting and tax services since 1993. Owners Gary Peters and Bob Browning are joining Somerset as partners, along with nine other professionals from the firm, bringing the total number of Somerset employees to 223 and 35 partners.

Somerset CPAs is a member of the BDO Alliance USA association of independently owned accounting and consulting firms.

Marcum Merges in The Abrix Group

Thomas Frank

New York-based Marcum (FY18 net revenue of $549.7 million) expanded further into the Midwest by merging in The Abrix Group of Northbrook, Ill.

Abrix, a business management and accounting firm focused exclusively on the health care industry, adds four partners and 22 associates to Macum’s Illinois offices.

Abrix specialized in helping medical and dental practices with their organizational, business and financial issues, as well as the business and personal needs of individual practitioners. The firm’s services included tax, accounting, business development, regulatory issues, Medicare fraud and abuse, practice mergers, practice valuations, profit formulas, and retirement planning and administration.

“Abrix’s unique expertise in the nuances of medical and dental practice management will be an additional asset to our health care clients regionally and nationally, as we continue to grow our presence in the Chicago area,” says Cary Buxbaum, Marcum’s regional MP in Illinois.

“It is a tremendous opportunity for our firm to be able to bring the national resources of Marcum to our clients, while bringing a specialized focus on the practice side of the health care industry into their service mix,” says Thomas Frank, Abrix MP.

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CBIZ Acquires Ohio Payroll Service Company

Cleveland-based CBIZ (FY18 net revenue of $785 million) has acquired Paytime of Solon, Ohio, a payroll service provider with 37 employees and about $4 million in revenue.

CBIZ president and CEO Jerry Grisko says, “We are pleased to have Paytime join the CBIZ family and strengthen our human capital management offerings. Paytime’s strong Ohio presence aligns well with our current locations in Cleveland, Akron and Columbus, and their services will complement the other professional services we currently provide to our clients.”

Mary Ann Shamis of Paytime, says, “The fact that both companies use the same platforms will ensure a seamless transition for our employees and clients.”

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BerryDunn Merges with Rodman CPAs

Portland, Maine-based BerryDunn (FY18 net revenue of $70.3 million) will merge with Rodman CPAs of Waltham, Mass., on July 1.

The combined firm will operate as BerryDunn. Rodman’s 40 employees will join BerryDunn’s staff of about 400.

“We decided to seek a merger with another firm because we believe that a larger organization will allow us to provide a wider array of services and more depth,” says partner Steven Rodman. “A larger organization will also mean our associates will benefit from additional career opportunities. We chose BerryDunn for the values we share of great client service and a commitment to attracting, developing and retaining the highest quality people.”

Rodman and four other Rodman partners will become BerryDunn principals: Kathy Parker, Bob Leonard, Mark Minassian and Leah Shanahan.

“This business combination fits perfectly with our strategic expansion, increasing our ability to serve the greater Boston market,” says BerryDunn MP John Chandler. “Most of BerryDunn’s growth has come organically from great client service and referrals. For a merger to be right for us, we look for a partner firm that adds value beyond numbers. We are excited by the new team members and capabilities that will perfectly complement ours. In addition to a healthy tax practice, Rodman brings a nationally recognized renewable energy expertise and a unique, concierge model of accounting outsourcing that will expand how we can serve our client base.”

Canada’s MNP Acquires Technology Firm

Calgary, Alberta-based MNP has acquired Mantralogix, a technology firm that will merge with MNP on July 1.

Kerry Mann, president and CEO, and COO Jess Mann will be made new partners and bring a staff of 20 experts to MNP. Mantralogix is located in Mississauga, a suburb of Toronto.

Sean Murphy, MNP’s regional MP of consulting for eastern Canada, says, “Merging in Mantralogix, a full-service business management software solutions company and IT consulting firm, will allow us to build on our existing strengths and offer new solutions, particularly in the area of cloud and on-premise enterprise resource planning (ERP) solutions, in order to bring even greater value for our clients.”

According to the Canadian Accountant, the move is part of a trend of national accounting firms providing ERP software solutions and IT consulting. All Big 4 firms have partnerships with software businesses: PwC with SAP, Deloitte with Oracle and SAP, KMPG with Oracle, Microsoft and IBM, and EY with IBM, Microsoft and SAP.

MNP says Mantralogix’s partnership with the Acumatica and Sage enables them to build, support and maintain successful IT solutions.

“In this dynamic environment the needs of Canadian companies are always evolving, so we are constantly working with our clients to better understand how we can best support them,” says Jeremy Cole, executive vice president for MNP’s Ontario, Quebec and Atlantic region. “MNP has a strong presence serving diverse clients right across the country and we are committed to helping more businesses reach their full potential.”

Kerry Mann says the union will add more specialized services and a broader range of industry expertise and experiences to clients.

“We are always looking at new ways to help our clients achieve their goals. That starts with having the ability to look at a business from every angle to make sure we understand the challenges and opportunities they face and how we can truly help to bring value to the relationship,” says Mann. “This merger is a great example of how two firms can come together to enhance each other’s service offerings and give our clients the edge they need to stay competitive and grow for the future.”

The Mantralogix team plans to move into MNP’s Mississauga office in the future. MNP has more than 4,500 employees in more than 75 locations.

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Warmels & Comstock and Layton & Richardson Join Clark Schaefer Hackett

Warmels & Comstock and Layton & Richardson of East Lansing, Mich., have agreed to merge with Cincinnati-based Clark Schaefer Hackett (FY18 net revenue of $64.8 million), effective July 1.

“We are excited to have Warmels & Comstock and Layton & Richardson join CSH. Both firms have established practices that exemplify CSH’s mission of bettering the lives of our clients, people and communities. We are looking forward to expanding our reach in Michigan,” says CSH President Kerry Roe.

Warmels & Comstock and Layton & Richardson have served the Greater Lansing community for more than 50 years. As part of CSH, they will continue to provide accounting and tax solutions to businesses and individuals and dramatically expand their business advisory services to include Data Analytics, Strategic HR, Operational Process Improvement, Technology and more.

“Our firm culture of putting the client first, working hard, and acting with integrity is a perfect match for the culture at CSH. We look forward to a smooth transition that will enhance our service offerings and provide additional growth opportunities for our staff,” says Dan Warmels, co-founder of Warmels & Comstock.

CSH continues to grow through strategic acquisitions. Over the last few years, CSH has acquired CPA and advisory firms including Cincinnati-based JD Cloud and Toledo-based LublinSussman Group. In October 2018, CSH acquired Cincinnati-based Definity Partners, a leading workforce development, training and technology firm.

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Managed IT Security Services Firm Joins EisnerAmper

New York-based EisnerAmper LLP (FY19 net revenue of $380.6 million) announced that managed IT security services firm CSAM Marketing Inc. has joined the firm. CSAM’s leadership team and IT engineers have become part of EisnerAmper’s Process, Risk & Technology Solutions (PRTS).

Founded in 1984 and with locations across the New York and New Jersey metropolitan area, CSAM provides:

  • Managed IT Services – Network/server management, disaster recovery
  • Security Services – Monitoring network, endpoint security, virtual CISO
  • IT Solutions – Strategic IT planning, cloud system design and migration

“Prior to this, we specialized in identifying, measuring and monitoring a client’s cybersecurity risks. Now, with the technology and talent of CSAM, we can also provide real-time remediation services,” says Jerry Ravi, EisnerAmper partner and PRTS practice leader. “This exciting, strategic move is at the core of our philosophy of bringing technology-enabled services and solutions to clients of all niches, sizes and growth stages.”

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H&R Block to Acquire a Small Business Financial Solutions Platform

H&R Block Inc. announced that it entered into a definitive agreement to acquire Wave Financial Inc., a financial solutions platform focused on changing the way small business owners manage their finances. Based in Toronto, Wave is innovating and disrupting the small business market with free accounting, invoicing, and receipt-tracking software. Wave generates revenue by offering payment processing, payroll services, and bookkeeping services, with additional products currently in development. All of these products and services are offered through a comprehensive platform used by over 400,000 small businesses globally every month.

“I’m extremely excited to welcome Wave, an innovative company with an outstanding team, to H&R Block,” says Jeff Jones, president and CEO of H&R Block. “Bookkeeping and cash flow management are significant pain points for small business owners and essential to successful annual tax preparation. Wave addresses these concerns by delivering financial solutions and a simple user experience on a single platform. Wave provides us the opportunity to accelerate our small business strategy and is a great strategic fit, as both companies can leverage each other’s capabilities to bring tax and financial solutions to small business owners, serving more clients in more ways.”

The acquisition expands H&R Block’s product and client portfolio and enhances its position in the small business market. It also provides new growth opportunities as Wave’s disruptive pricing and low-cost customer acquisition model has resulted in rapid, organic growth.

Wave’s innovative platform supports the large and expanding small business market, which includes 31 million small businesses in North America and more than 100,000 new businesses created every month. Additionally, approximately 57 million U.S. workers are freelancers, a number that is expected to grow to roughly 87 million by 2027, representing over half of the U.S. workforce.