M&A roundup: Deals in Pennsylvania, New Jersey, Florida and Illinois

Details: CFGI, a national provider of technical accounting and finance advisory services, has acquired Philadelphia-based Pine Hill Group, an accounting and transaction advisory firm.

The acquisition comes only one year after the Carlyle Group acquired a stake in CFGI, whose goal is to build a position as a national leader in accounting and finance advisory services. With the addition of Pine Hill Group, CFGI now has over 400 employees, an expanded geographical presence and new offerings, including Pine Hill’s transaction advisory services.

The acquisition enables CFGI to extend its reach with an expanded national footprint that includes Boston, New York, New Jersey, Connecticut, Philadelphia, San Francisco and Washington, D.C.

“CFGI is building on its position as a national leader for accounting and finance advisory services and aims to be the go-to partner for every CFO and finance executive nationwide,” said CFGI co-CEO Shane Caiazzo in a statement. “The addition of Pine Hill Group gains us both a leadership position within the Philadelphia market and the addition of a leading transactions services advisory team.”

Financial terms of the deal and revenue figures were not disclosed. CFGI has 325 full-time professionals and Pine Hill has 75, and together they will have approximately 400 employees. The combined business will have annual revenues of more than $150 million. All eight partners in Pine Hill Group will be joining CFGI as part of the deal.

“Together, Pine Hill and CFGI maintain our commitment to cultivating top talent and delivering outstanding client service, while expanding our ability to serve public, private and private equity clients in sophisticated technical accounting matters,” stated CFGI Co-CEO Nick Nardone. "The fact that all eight partners at Pine Hill are joining CFGI speaks volumes about our shared vision of growth as a company.”

JMP Securities served as financial advisor to Pine Hill for the transaction, while Global PMI Partners will be the post-merger integration advisor to CFGI.

“Since its founding in 2007, Pine Hill’s Big Four firm expertise, first-hand industry experience and boutique touch have enabled us to deliver the highest quality consulting services to clients,” said Pine Hill Group CEO Chuck Jacobson in a statement. “With CFGI, we have found a like-minded partner and an established financial sponsor as a Carlyle-backed company. I’m extremely excited about the future and what this combination will offer both our employees and our clients.”