M&A roundup: Mergers from shore to shore

Top 10 Firm CliftonLarsonAllen has added SobelCo, a Regional Leader based in Livingston, New Jersey, effective Feb.1.

SobelCo, also known as Sobel &. Co., has been providing accounting, tax and advisory services since 1956. 

"We chose CLA because of our shared client promise and core values," said SobelCo managing member Alan Sobel in a statement Wednesday. "In joining CLA, we're gaining the capacity to expand our team and strengthen our commitment to understand the challenges our clients face and deliver targeted business strategies to address those challenges on both a personal and professional level."

Financial terms of the deal were not disclosed. SobelCo's annual revenue last year was $32 million. The firm has more than 20 partners and 200 people. It ranked No. 25 on Accounting Today's 2022 list of Regional Leaders for the Mid-Atlantic region. SobelCo's team members will continue to serve clients locally and nationally from offices in Livingston and Woodcliff Lake, New Jersey. 

CLA earned $2 billion in revenue last year and has more than 1,200 principals and signing directors, and over 8,500 total people, including a team of more than 580 people across New Jersey, New York and Pennsylvania. CLA ranked No. 8 on the 2022 list of Top 100 Firms. 

"SobelCo is recognized as a leader in the community offering a broad range of valuable services," said CLA chief geographic officer Scott Engelbrecht in a statement. "The team's deep industry knowledge and multidisciplinary approach helps them keep clients ahead of the curve. I'm excited to welcome the SobelCo team members to the CLA family as we continue to expand our reach into New Jersey, New York, and surrounding areas."

CLA did several M&A deals last year and announced plans to expand internationally. Last November, it added Hayashi Wayland in Salinas, California, Concannon Miller in Bethlehem, Pennsylvania, and Price CPAs in Nashville.

Koltin Consulting Group CEO Allan Koltin advised both firms on the combination. "This deal is another testimonial to CLA and its continued success, strong growth, and intentional values," he said in a statement. "SobelCo would easily fit in the category of New Jersey's 'Best of the Best' CPA firms in the state, with its great young talent, great leadership, and very impressive client base. Because of this, the SobelCo team was much sought after by many of the regional and national firms in the Northeast. They chose CLA based on cultural and strategic fit."

Carr, Riggs & Ingram, a Top 25 Firm based in Enterprise, Alabama, has expanded into Oklahoma by adding Stanfield + O'Dell PC, a firm in Tulsa.

Financial terms of the deal were not disclosed. CRI ranked No. 22 on Accounting Today's 2022 list of the Top 100 Firms, with $383.33 million in annual revenue, over 350 partners and 2,100 employees.

"Expanding our footprint into Oklahoma has long been a part of our strategic growth plan," said CRI executive chairman and portfolio managing partner Bill Carr in a statement Wednesday. "Entering the Tulsa market with Stanfield + O'Dell leverages the strength of our teams and resources to enrich our client experience and technical expertise further. Together, we are client-focused and forward thinking, and we are thrilled to establish CRI in Oklahoma and in the dynamic Tulsa market." 

Koltin Consulting Group CEO Allan Koltin advised both firms on this deal as well. "CRI just celebrated their 25th anniversary by entering the great state of Oklahoma with Stanfield + O'Dell, one of the preeminent CPA firms in the region," he stated. "Stanfield & O'Dell had numerous suitors but felt CRI was the best strategic and cultural fit for their people and their clients. CRI continues their 25-year journey as the country's fastest-growing first-generation CPA firm."

CRI expanded to South Carolina in December by adding Lanning Group LLC, a firm based in Mount Pleasant in the Charleston suburbs. Last July, it expanded in Florida by adding Alonso & Garcia, a firm in Miami. Last January, it expanded in Florida by adding Travani & Richter in Jupiter, and in Texas by adding Pharr Bounds LLP in Austin.

Weaver, a Top 50 Firm based in Houston, joined forces with Columbia Financial Advisors Inc., a firm in Portland, Oregon, effective Feb. 1, 2023

The deal expands Weaver's footprint on the West Coast and its valuation services practice. As part of the deal, CFAI partners Arlene Ashcraft and Donny Springer are joining Weaver as partners in its valuation services practice, while one managing director, Robert Regis, and seven other professionals are also joining Weaver. CFAI's founders and former owners, Kathryn Aschwald, Mary McCarter and Donna Walker, will remain involved as key advisors, mentors and directly on select engagements. 

CFAI was founded in 1992 and focuses on employee stock ownership plan-owned companies, especially on ESOP formation and exit transactions as well as annual valuation updates. Other services involve trust and estate, transactional and valuation related dispute support.  

Financial terms were not disclosed. Weaver ranked No. 39 on Accounting Today's 2023 list of the Top 100 Firms.
Weaver's revenues were $198 million as of May 31, 2022, its last fiscal year end. Weaver has 132 partners and 954 team members, while CFAI has two partners and 10 team members.

"CFAI's values, culture and technical capabilities align well with ours. Their strong valuation practice and robust understanding of ESOPs deepens our existing capabilities in this unique niche," said Weaver CEO and managing partner John Mackel in a statement Wednesday. "Our combined valuation practice is poised for continued growth in the Pacific Northwest and across the country."

Last year, Weaver expanded in New York by merging in Levine & Seltzer.