BDO merges in CFO Advisors and MorganFranklin Consulting’s public sector practice
BDO USA LLP has added six partners and professionals from CFO Advisors LLC, a national professional services firm that offers outsourced CFO and chief data officer services to restaurant and retail groups across the country. The deal is expected to be completed July 15. BDO plans to maintain CFO Advisors’ office in Detroit.
“Our clients look to us as a key member of their team and appreciate our breadth of experience, depth of knowledge, and strong network,” said Gregg Thomas, partner and founder of CFO Advisors, in a statement Tuesday. “Combining with BDO will allow us to extend our reach and transform services for our clients across the country, bringing direct access to the services they need now, and will need in the future."
CFO Advisors has $1.4 million in annual revenue and six employees.
BDO has also brought in MorganFranklin Consulting’s public sector practice, which works with government agencies, such as the Department of Defense, the U.S. Army, the U.S. Marine Corps, the Department of Veterans Affairs, the Department of Labor, and various civilian and defense agencies and commands in the greater Washington D.C. area, along with several state and local government entities.
Financial terms of both deals were not disclosed.
“As our public sector team prepares to transition to BDO, we are grateful for their client work as well their contributions to our strong culture, which aligns well with BDO’s dedication to helping people thrive,” said MorganFranklin managing partner and CEO Chris Mann in a statement. “This divestiture helps MorganFranklin sharpen our focus on the continued expansion of our core commercial consulting business.”
MorganFranklin Consulting's public sector practice earns $14 million in annual revenue and will add a total of 72 people to BDO, including two partners.
By divesting the public sector practice, MorganFranklin will now focus on expanding its commercial consulting business as Vaco’s global consulting platform. The deal is expected to be completed July 16.
“MorganFranklin Consulting’s strong relationships, distinguished reputation and proud service history in the public sector have made them the top choice for federal and state and local government agencies,” said BDO USA CEO Wayne Berson in a statement Tuesday. “Their trusted public sector leadership team and demonstrated quality and consistency of work bolsters our practice and enhances our offerings for current and future clients in the D.C. market and beyond. We look forward to welcoming the talented professionals from MorganFranklin Consulting’s public sector practice to BDO.”
BDO ranked 7th on Accounting Today
’s 2020 list of the Top 100 Firms, with $1.64 billion in annual revenue. The firm has over 600 partners and 7,000 employees. Earlier this month, BDO added Piercy Bowler Taylor & Kern, CPAs
, a firm based in Las Vegas, expanding BDO’s presence in Nevada and Utah. At the beginning of the year, BDO added Biegel Waller
Investment Advisory Services and Biegel Waller Tax Advisory Services in Columbia, Maryland.