M&A roundup: Top 100 Firms on a tear

Details: BPM LLP, a Top 50 Firm based in San Francisco, has expanded in Sacramento by adding Avaunt Ltd. CPAs and Consultants, extending its footprint into California’s capital.

Avaunt will rebrand as BPM LLP when the deal closes August 1. All 13 Avaunt employees (including 11 staff and two partners) will join BPM, which has more than 900 employees worldwide. 

The deal comes on the heels of BPM’s recent announcement of its upcoming combination with Elliott CPA Group Inc. in Santa Rosa, California, which is expected to take effect July 1.

Financial terms of the deal were not disclosed. BPM, formerly known as Burr Pilger Mayer, ranked No. 38 on Accounting Today’s 2022 list of the Top 100 Firms, with $166.3 million in annual revenue. 

Avaunt was founded by Perry Ghilarducci in 1985 and focuses on serving businesses in the restaurant and hospitality space, along with medical industry practices and professionals. 

“As a firm, BPM is committed to meeting clients where they are, which is why we are so pleased Avaunt plans to join us, providing an office and top-notch resources in California’s capital city,” said BPM North Bay partner-in-charge Michelle Muth Ausburn in a statement Wednesday. “Throughout their long history in the market, their team has demonstrated a people-first approach much like BPM’s.”

“The Sacramento region has seen unprecedented growth in the last five years, and we could not be happier to combine forces with the 900+ members of the BPM team to meet the market demands,” Ghilarducci said in a statement. “BPM brings new depth to the services we currently offer our clients, as well as an expanded menu of solutions that will help further our clients’ business goals in the region and well beyond.”

This is the fifth combination for BPM since 2020. Prior to the deal with Elliott CPA Group in Santa Rosa, the firm’s Southern California expansion has included teams from Orange County, Long Beach and Santa Monica. Last summer, in probably its biggest deal, BPM merged in Gumbiner Savett, which was based in Santa Monica. In 2020, BPM added Rossi LLP, a firm in Long Beach, NetSuite reseller Caravel Partners and Warnick, Maestas & Maroney, a firm in Irvine.

Details: Carr, Riggs & Ingram LLC, a Top 25 Firm based in Enterprise, Alabama, has expanded its presence in Texas with the addition of Pharr Bounds LLP to its existing Austin offices. 

Financial terms of the deal were not disclosed. CRI ranked No. 22 on Accounting Today’s 2022 list of the Top 100 Firms, with $382.33 million in annual revenue. The firm has over 350 partners and 2,100 employees.

“Pharr Bounds is a highly regarded firm in Austin, and they show a deep commitment to their clients and their employees,” said CRI managing partner and chairman Bill Carr in a statement Thursday. “This combination further establishes CRI’s presence in the vibrant Austin market, and Pharr Bounds’ extensive tax, audit and consulting expertise will increase our capacity to serve clients in the area.” 

Koltin Consulting Group CEO Allan Koltin advised both firms on the merger. “I don’t know if there is a Top 25 Firm in the country who has had as much success as CRI has in the M&A area,” he said in a statement. “They give the entrepreneurial firm the ability to compete for larger clients and projects while delivering more depth, resources and expertise for their existing clients. CRI has also become a destination for aspiring young talent who want to be a part of one of the country’s fastest-growing firms. Pharr Bounds is one of Austin’s most respected and talented CPA firms, and they will be a major addition to CRI’s Austin and Texas expansion efforts.” 

CRI operates in more than 30 markets across 10 states. In addition to providing accounting and auditing, tax, advisory, and client accounting services, the firm operates seven portfolio companies — Auditwerx (SOC reporting and IT audits), CRI Advanced Analytics (data analytics), CRI Capital Advisors (investment banking), CRI TPA Services (retirement plan administration), Level Four Advisory Services (wealth management), Paywerx (payroll management), and The Preferred Legacy Trust Co. (trust and estate services). 

In January, CRI merged in Travani & Richter in Jupiter, Florida. Last November, it expanded in Georgia by adding Brooks, McGinnis & Co., a firm in Atlanta, and in September, it expanded in North Carolina by adding Sharrard, McGee & Co.

Details: Sikich, a Top 30 Firm based in Chicago, signed an asset purchase agreement to acquire the operating assets of Petrow Kane Leemhuis PC, effective June 30, expanding Sikich’s presence in the Indianapolis area.

Financial terms of the deal were not disclosed. Sikich ranked No. 28 on Accounting Today’s 2022 list of the Top 100 Firms, with $228.57 million in annual revenue. Two PKL partners and 10 employees and will join Sikich’s recently redesigned offices in Indianapolis, which represents a priority market for the firm. Sikich has 116 partners and over 1,100 employees. 

“Continuing to grow in the Indianapolis market is a top priority for Sikich,” said Tom Krehbiel, partner at Sikich and leader of the firm’s CPA practice, in a statement Thursday. “Adding the Petrow Kane Leemhuis team strengthens the audit, tax and advisory services we deliver to clients in Indiana and enhances the foundation for us to scale in this key market.”  

PKL offers audit and attest, tax, accounting and various business services, including succession planning. 

“We are impressed by Sikich’s technology-driven offerings and excited to leverage the firm’s wide range of services and growth-focused expertise,” said Kevin Petrow, president and managing partner of PKL, in a statement. “By joining forces with Sikich, we can offer new, innovative solutions to help our clients solve pressing challenges, and present our employees with expanded professional growth opportunities.”  

In February, Sikich acquired Cotton & Co., a firm in Alexandria, Virginia. Last October, Sikich added the PA Group USA, a enterprise software and cloud services firm in Chattanooga, Tennessee, and last April, it acquired Process Stream, a process management and insurance technology consulting firm in Princeton, New Jersey.