M&A roundup: CSH and RKL expand

Clark Schaefer Hackett & Co., a Top 75 Firm based in Cincinnati, is adding Rolfes & Swisher, also headquartered there,  effective July 1.

Jim Swisher, who founded Rolfes & Swisher in 2004 after purchasing the practice from Gerald J. Rolfes & Associates, will join CSH's downtown Cincinnati office, along with Alan Rengering and the rest of their team. Financial terms of the deal were not disclosed. CSH ranked No. 62 on Accounting Today's 2024 list of the Top 100 Firms, with $104.42 million in annual revenue, over 50 partners and more than 600 employees.

"We are delighted to welcome Rolfes & Swisher  to CSH," said CSH president Kerry Roe in a statement Monday: "This partnership aligns with our strategic vision of providing comprehensive and specialized services to our clients. The expertise and professionalism that Jim and his team bring will be invaluable to our continued growth and  success." 

The two firms have worked together in the past. 

"Over the years, I have had numerous opportunities to refer clients to CSH for services we did not provide," Swisher said in a statement. "The  professionalism and expertise displayed by CSH employees were exceptional. Joining CSH is the right decision for Rolfes & Swisher, as it allows us to offer a wider array of services and access to a superb team with deep expertise."

CSH acquired Strategic HR,, a human resources outsourcing firm in Cincinnati, in 2021; Business Management Resources, a Holt, Michigan-based firm that provides managed accounting services to restaurant chains, in 2020; and Keelsra Business Services, an outsourced accounting firm specializing in serving nonprofit and small business clients.in Springfield, Ohio, in 2019.

RKL LLP, a Pennsylvania-based Top 75 Firm, is merging Lancaster-based Kauffman CPA Co. into its RKL Virtual Management Solutions unit, effective July 1. 

The deal will add more expertise to RKL Virtual Management Solutions' array of outsourced accounting, financial management, human resources and payroll services.

"For over a decade, Kauffman CPA Company has built strong relationships with small and medium-sized businesses by helping them navigate the day-to-day challenges of managing accounting and financial functions," said RKL CEO Ed Monborne in a statement last week.  "This merger marks a significant milestone in our commitment to helping organizations achieve next-level growth through digitally optimizing and outsourcing their core business operations."

Kauffman CPA has been working since 2013 with small and midsized businesses, including in the creative services industry. 

"Our team from Kauffman CPA shares RKL Virtual's commitment to excellence, client satisfaction and innovative solutions, which makes this move a natural fit for our firm," said owner and founder Doug Kauffman in a statement. "We look forward to joining the RKL Virtual team in guiding businesses on their path to what's next."

He and 15 other team members from his firm will join RKL's over 650 professionals, including RKL's 55 partners, and will be based out of the Lancaster office. RKL Virtual is a wholly owned subsidiary of RKL LLP and has a team of nearly 50 professionals providing outsourced accounting, financial management, human resources and payroll services. Financial terms of the deal were not disclosed. RKL ranked No. 58 on Accounting Today's 2024 list of the Top 100 Firms, with $126.23 million in annual revenue in 2023. Its revenue in 2024 is projected is to be $140 million. Kauffman's revenue is $2 million.

In May, RKL eSolutions bought Techware; In January, RKL eSolutions acquired Wisconsin-based Chortek LLP's Sage practice, including Sage 100, Sage 50 and Sage BusinessWorks. In 2021, RKL LLP expanded its presence in Pennsylvania's Lehigh Valley region by adding Stoudt Associates, based in Allentown.