Bowman & Company LLP, an accounting and management consulting firm based out of Voorhees, N.J., has acquired the Moorestown, N.J.-based firm, McGonigle & Co., for an undisclosed amount. The deal will take effect on Oct. 1.
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John E. McGonigle, who is the sole practitioner of McGonigle & Co., established the firm in 1976. As part of the deal, McGonigle will join Bowman as a consultant.
During an interview with Accounting Today, Robert Biddle, a principal at Bowman, said the acquisition gives the firm entry into an unusual industry. “He services a lot of funeral services groups. And that’s not a niche we’re in.” Biddle said the funeral service industry is quite attractive given that they tend to have legacies behind them and rarely goes out of business.
McGonigle also specializes in the retail automotive industry and will bring along small business and tax clients that he serves throughout N.J. and Southeast Pennsylvania.
Bowman plans to continue with its expansion efforts and intends to make more acquisitions in the process. “We are looking and currently talking to firms,” said Biddle. The firm primarily focuses on audit, accounting, tax planning and preparation services as well as employee benefit plan administration and management consulting services to a range of commercial and nonprofit clients. The plan is to expand the firm’s commercial services and nonprofit and for-profit groups.
It’s still too early to determine when Bowman’s next deal will take place but Biddle hopes that a deal will develop in the first part of 2013.