M&A roundup: Deals from across the country

February 27, 2019 4:49 PM

Yount, Hyde and Barbour merges with Murray, Jonson, White & Associates; TaxOps merges in AG Tax; father-and-son accountants unite, as Heyward CPA and A-OH Business Services combine practices; and Addison Group acquires DLC Group.

VIRGINIA

Yount, Hyde and Barbour merges with Murray, Jonson, White & Associates

Details: Yount, Hyde and Barbour has merged with Murray, Jonson, White & Associates, Ltd., PC in Falls Church, Virginia.

The merger will make the Falls Church office into YHB’s seventh location in the state. With the addition of MJW, YHB is also expanding its expertise in individual and business tax services. MJW’s staff members will be joining YHB and will continue to serve clients from their current location in Falls Church. Financial terms of the deal were not disclosed. However, MJW had $4 million in annual revenue, while YHB had $25 million in revenue. MJW has two partners and a total of 19 staff members, while YHB has 28 partners and 160 staff.

“We are thrilled to welcome the MJW team and clients to the YHB family,” said YHB managing partner Scott Moulden in a statement. “With the partners and staff well-respected in the region and sharing a common client-centric approach, we know this will be a win-win for everyone. In addition to expanding our geographic footprint closer to D.C., this helps position our staff to more easily serve the many clients we already work with in and around the area.”

MJW has been operating in the Washington, D.C., area since 1959. It offer a variety of accounting and tax services to private sector companies, nonprofits, individuals and fiduciaries.

“Finding a partner that shared the same dedication to quality, client relations, community commitment and staff care was what helped make this an easy decision,” stated MJW managing principal Randolph Shapiro. “We look forward to being able to offer our existing clients even more resources and industry experts as our two firms become one.”

COLORADO

TaxOps merges in AG Tax

Details: TaxOps, a tax firm based in Englewood, Colorado, has added AG Tax and Consulting Services, Inc., a firm in Golden Colorado, effective Jan. 1, 2019,

As part of the deal, AG Tax founder Allen Gregory and his team have joined the combined firm. Financial details were not disclosed. Gregory has been named partner in charge of the newly combined federal tax compliance and consulting practice.

"The firms' shared values and full-service approach brings more value to clients," Gregory said in a statement. "We can continue the tradition of providing the strength, experience and resources of a national tax firm with the hands-on client engagement of a boutique firm."

TaxOps offers business tax preparation and consulting services, including tax planning strategies and transaction due diligence.

“The impressive talents of the combined team will uphold the exceptional quality service and partner-level attention TaxOps’ clients expect,” stated TaxOps founder Brian Amann.

NEW YORK AND NORTH CAROLINA

Father-and-son accountants unite

Details: Heyward CPA PLCC, a firm in Durham, North Carolina, and A-OH Business Services of Queens, New York, have combined practices and now operate as Heyward CPA PLCC, effective Jan. 1, 2019.

The two firms were founded by father-and-son accountants. The father, Oscar Heyward, opened his practice in 1982, while his son James Heyward began his in 2010. Financial terms were not disclosed.

“Each firm had a primary partner and upon merging, I became the principal/owner,” said James Heyward. “We will have a staff of seven including myself and per the agreement, we chose not to disclose the financial terms.”

Oscar Heyward will operate as an executive associate at the combined firm. “We have developed a reputation for our work with pre-K and after-school educational providers and daycares,” said Oscar Heyward.” My son offers outsourced solutions that will really help these organizations, and we look forward to talking with them about the efficiency they can gain.”

Heyward CPA specializes in small business accounting, tax and consulting. A-OH Business Services helps individuals and businesses with accounting and tax issues in addition to serving tax-exempt organizations.

“From an early age I admired my father’s acumen and professionalism, and I developed my love of financial management while working at his firm,” said James Heyward. “To me, it made sense that we combine our practices. Together we can provide a more expansive and comprehensive operation.”

The combined firm will enable the Heywards to provide a wider variety of services. “My dad has an exceptional track record in the accounting industry,” said James Heyward. “I look forward to working with him again as we expand our joint skills to serve more businesses and individuals up and down the East Coast.”

CALIFORNIA AND ILLINOIS

Addison Group acquires DLC Group

Details: Addison Group, a professional services firm based in Chicago, has acquired DLC Group, a Los Angeles-based finance and accounting consulting and staffing firm, effective Jan. 30, 2019.

The acquisition complements Addison’s finance and accounting consulting and staffing business in the Bay Area and Chicago while enabling it to expand to DLC’s main market in Southern California. The move is part of Addison’s strategy to broaden its national service offerings through both organic growth and acquisition. Financial terms were not disclosed.

DLC’s geographic footprint and finance and accounting specialty will allow Addison to strengthen its capabilities in the finance and accounting staffing sector, along with consulting services through Addison’s existing partnership with Bridgepoint Consulting.

“Addison Group’s partnership with DLC aligns with our focus on geographic expansion within our finance and accounting consulting business as well as our staffing practice,” said Addison Group CEO Thomas Moran in a statement. “This partnership will promote the continued integration of these services within the finance and accounting space, allowing us to provide the highest level of service throughout the client life cycle. Beyond the opportunity for geographic expansion and revenue growth, we were attracted to DLC Group’s business values. DLC Group understands people are its greatest asset, and like Addison Group, is committed to attracting, developing, and retaining the best talent.”

The acquisition marks the end of DLC Group’s partnership with Gryphon Investors, a San Francisco-based middle-market private equity firm.

“Partnering with a firm with such proven success in the market creates a clear opportunity for our employee base,” stated DLC Group CEO Tom Sweeney. “Addison Group’s complementary business portfolio and corporate culture were attractive to the DLC Group brands, and I am incredibly confident that our combined leadership teams will continue to build upon our successes through a shared vision and core values.”