Marks Paneth LLC expanded into the Philadelphia area by merging in MDG LLC, a firm based in Jenkintown, Pa., and in a separate deal this month beefed up its Private Client Group in New York by merging in another firm, Kranz & Company LLP.
The deal with MDG took effect on July 1 and added six partners and 14 other professionals to Marks Paneth. MDG was founded in 1979 and offers a variety of services, including financial reporting, attest, tax planning, tax compliance, tax consulting, forensic accounting, business valuation and litigation support. Clients are in industries such as technology, real estate, commercial fishing, manufacturing, distribution and nonprofits.
“We are continually looking for quality firms whose specialties complement our own—ultimately adding value to enhance our clients’ experience,” said Marks Paneth managing partner Harry Moehringer in a statement. “The partnership is excited about the synergies between Marks Paneth and MDG. It’s an outstanding firm we’ve known for a number of years.”
The combination will bring Marks Paneth into the dynamic Philadelphia marketplace, he noted. MDG also sees advantages from the deal.
“Joining Marks Paneth gives our clients access to actionable insight, particularly in the areas of real estate, nonprofit, domestic and international tax, and litigation support services,” said MDG managing partner John Mitchell.
The Kranz & Company deal also took effect July 1 and adds 13 more professionals to Marks Paneth’s Private Client Group. Kranz dates back to 1973 and provides high-net-worth, corporate tax and family office services to its clients, who include self-employed individuals, privately held businesses, private foundations, trusts and estates.
“This combination of forces guarantees continuity of service for our clients and professionals—and we will always be there to support their needs,” said Kranz & Company managing partner Diane Kranz in a statement.
Marks Paneth, based in New York, ranked 34th on Accounting Today’s 2016 list of the Top 100 Firms, with $112 million in annual revenue.
