M&A roundup: Three Top 100 deals

November 11, 2025 1:23 PM

Three Top 100 Firms announced deals, with Citrin Cooperman merging in KBFM; Brown Edwards acquiring DesRoches; and Pinion adding Gifford & Cox.

Citrin Cooperman merges in KBFM

Analise Olszewski

Citrin Cooperman, a Top 25 Firm based in New York, has expanded in Nashville by adding KBFM, a business management and tax firm.

The deal gives Citrin its first physical office in Nashville, where it will now have more than 20 employees. Financial terms of the deal were not disclosed. Citrin Cooperman ranked No. 17 on Accounting Today's 2025 list of the Top 100 Firms, with revenues of $870 million, 455 partners and more than 3,300 professionals.

"Nashville embodies a spirit of innovation, resilience, and relationship-driven success aligned with Citrin Cooperman's values and vision," said Citrin Cooperman CEO Alan Badey in a statement Tuesday. "KBFM built a trusted reputation through deep local roots and unwavering client dedication, and we're proud to welcome these partners and staff to Citrin Cooperman. With our combination and the opening of our Nashville office, we're also positioned to invest into the great Nashville community."

The KBFM team will be joining Citrin Cooperman's business management family office practice when the deal closes, which is expected in January 2026.

"KBFM was built on relationships, trust, and deep Nashville connections," said KBFM managing partner Chris King in a statement. "By joining Citrin Cooperman, we're able to keep those roots firmly in place while giving our clients access to broader expertise and a national platform. Nashville is a city built on growth and grit, and this partnership gives us the ability to grow with our clients while staying true to who we are."

Citrin Cooperman has completed over 30 acquisitions since 2019, many of them after receiving private equity funding from New Mountain Capital in 2021. New Mountain later sold its majority stake to another PE firm, Blackstone, in January of this year. Last week, Citrin acquired Gatto, Pope & Walwick in San Diego. In September, Citrin Cooperman acquired Ostrow Reisin Berk & Abrams Ltd., also known as ORBA, a Regional Leader based in Chicago. In August, it acquired Barkin, Perren, Schwager & Dolan in Woodland Hills, California. In February, it acquired HW&Co., in its first M&A deal since Blackstone took over from New Mountain.

Last year, the firm acquired ClearView Group in the Baltimore area; Signature Analytics in San Diego; Teplitzky & Co., in Woodbridge, Connecticut; S&G, in Worcester, Massachusetts; Maier Markey & Justic, in White Plains, New York; Keefe McCullough & Co., in Fort Lauderdale, Florida; Mibar, a business software consulting firm in New York; and Coleman Huntoon & Brown, in Chapel Hill, North Carolina.

Brown Edwards acquires DesRoches

Brown Edwards' office in Harrisonburg, Virginia

Brown Edwards & Co., a Top 100 Firm based in Roanoke, Virginia, has acquired DesRoches & Co., based in Virginia Beach.

The firm was founded in 1988 by Mark DesRoches and specializes in providing accounting and tax services to condominium and homeowners associations throughout the region. In 1993, the founder's brother, David DesRoches, joined the firm, helping to drive its growth and client diversification.

"We're proud to combine our industry knowledge, diverse experience, and talented staff with Brown Edwards," said Mark DesRoches in a statement Tuesday. "This union allows us to build on our legacy while offering even greater services and value to our clients."

"Partnering with Brown Edwards marks an exciting new chapter for our team and our clients," stated David DesRoches. "This acquisition allows us to scale our impact, deepen our expertise, and continue delivering the personalized service we've built our reputation on — now with even greater resources behind us."

Financial terms of the deal were not disclosed. Brown Edwards ranked No. 76 on Accounting Today's 2025 list of the Top 100 Firms, with $84.59 million in annual revenue, approximately 50 partners and over 400 employees.

The acquisition adds more than 25 professionals to Brown Edwards, increasing its accounting and advisory team in the Hampton Roads region to over 50 people, while complementing the firm's existing Newport News location. It will also significantly expand Brown Edwards' homeowners association services and condominium practice.

"This expansion brings together two firms with shared values and a common vision for delivering exceptional service to our clients," said Brown Edwards CEO Laura Sprouse in a statement. "We're excited to welcome the talented professionals from DesRoches & Co. to strengthen our presence in Virginia Beach and neighboring cities."

In 2021, Brown Edwards acquired Mitchell Wiggins & Co. in Richmond, Virginia. In 2019, it bought the Roanoke and Lynchburg, Virginia, practices of Cherry Bekaert, and in 2018 it acquired Yancey & Bowman in Harrisonburg, Virginia, along with Dixon Hughes Goodman's practice in Roanoke, Virginia.

Pinion adds Gifford & Cox

Courtesy of Pinion

Pinion, a Top 75 Firm based in Loveland, Colorado that specializes in food and agricultural accounting, is expanding its presence in the Midwest by merging in Gifford & Cox LLC, a firm with offices in North Platte and McCook, Nebraska and Windsor, Colorado.

The deal will bolster Pinion's presence in Nebraska, the Dakotas, Colorado, and Kansas, and enhance its ability to serve agricultural producers and businesses across the region.

Financial terms of the deal were not disclosed. Gifford & Cox had annual revenue of $6 million with two partners and 30 staff members. Pinion earned $130 million in revenue and ranked No. 61 on Accounting Today's 2025 list of the Top 100 Firms, with 91 partners and over 600 staff members.

"Gifford & Cox has built trusted relationships and a strong reputation for serving ag producers and rural businesses across the Plains," said Pinion CEO Jeff Wald in a statement Monday. "By bringing our teams together, we're able to offer a deeper bench of expertise and a greater regional reach — connecting clients to more specialized advisors and insights to help them plan strategically and grow sustainably."

Gifford & Cox was founded in 2003 and provides accounting, tax and consulting services to a wide variety of clients, specializing in ag-related businesses and family-owned businesses across the Midwest.

"Our clients are at the heart of everything we do, and joining Pinion ensures they continue to receive the same personalized service and trusted guidance they've relied on for years," said Kyle Gifford, co-founder and principal at Gifford & Cox, in a statement. "At the same time, they now gain access to Pinion's national expertise and resources, which opens up even more opportunities for growth and success."

Pinion was formerly known as KCoe Isom, but changed its name in 2022. Many members of the Gifford & Cox team previously worked for Kennedy & Coe, a predecessor firm of KCoe Isom.

"This partnership is about more than combining firms — it's about positioning our clients and our team for long-term success," said Ty Cox, co-founder and principal at Gifford & Cox, in a statement. "We're excited to combine resources to help businesses across the U.S. thrive in the years ahead."

In 2022, Pinion merged in Anderson ZurMuehlen, a Regional Leader based in Helena, Montana. Last year, Pinion launched an international consulting network called Pinion Global Network to provide food and agricultural firms around the world with shared information, expertise and resources.