Marcum LLP has merged the offices of Parent, McLaughlin & Nangle CPAs, Inc. into its New England practice, effective immediately.
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The merger combines a leading Massachusetts CPA firm with a top-ranked national accounting and advisory firm with offices in the U.S. and abroad. Marcum ranked 15th on Accounting Today’s 2012 list of the Top 100 Firms. Financial terms of the deal were not disclosed, but last year, Marcum had $275.5 million in annual revenue, while PMN had $6.5 million, according to Marcum spokesperson Julie Gross Gelfand.
PMN brings six partners and 30 professional staff to Marcum’s Massachusetts practice. With offices in both Boston and Raynham, Mass., it will add a fourth office to Marcum’s New England region.
Marcum, based in New York City, has more than 1,000 professionals at the firm, including over 125 partners, in more than 20 offices throughout New York, New Jersey, Massachusetts, Connecticut, Pennsylvania, California, Florida, Grand Cayman and China.
“PMN’s deep roots in the Boston financial services community are an asset that will further strengthen our service offering in the New England region,” said Marcum managing partner Jeffrey M. Weiner in a statement. The firm is particularly well known for its work in community banking and nonprofit services, which strategically complements Marcum’s core capabilities in these and other industry sectors. In addition, PMN’s office in Raynham expands our geographic footprint in the region.”
Some of the PMN partners and staff will also be working from Marcum’s Boston office. “PMN brings both talent and additional critical mass to our Boston team. We anticipate great synergies within the merged organization,” said Douglas J. Farrington, partner-in-charge of Marcum’s Boston office.
PMN dates back to 1976 and specializes in financial institutions and other service organizations, nonprofits, and closely held businesses. The firm is ranked as a top 3 audit and accounting provider in Banker & Tradesman’s Best of 2012.
PMN partner and president David A. St. Yves will be one of the partners joining Marcum. “Marcum’s extensive national resources will enable us to expand well beyond what we would have been able to accomplish on our own,” he said. “The expertise and experience of both firms are a great natural fit.”
Stephen Weinstein, a New England-based practice management consultant to the CPA profession, introduced the two merger partners. “This merger will bring together one of the best known audit firms in Boston with a major national CPA firm that has one of the fastest growing New England practices,” he said. “Marcum will provide PMN clients with a wide range of additional services, while PMN will expand Marcum’s audit services in the greater Boston community. There is also a wonderful cultural fit between the two firms which will provide great opportunities for both clients and staff.”