M&A roundup: Eide Bailly, Brown Edwards and LGA expand

December 2, 2025 3:34 PM

Eide Bailly added Wall, Einhorn & Chernitzer; Brown Edwards acquired Sheldon & Co. CPAs; and LGA merged with Cohen Cohen & Co.

Eide Bailly adds Wall, Einhorn & Chernitzer

Eide Bailly offices

Eide Bailly, a Top 25 Firm based in Fargo, North Dakota, expanded to Virginia by merging in Wall, Einhorn & Chernitzer, based in Norfolk, effective Dec. 8, 2025.

This will be Eide Bailly's first office in Virginia and on the East Coast after more than a century in business. WEC has been in business for more than 30 years and specializes in providing assurance, tax, accounting, and advisory services to clients in various industries, including real estate, manufacturing, construction, government contracting, and technology.

"We're thrilled to welcome the talented team at WEC to Eide Bailly," said Eide Bailly managing partner and CEO Jeremy Hauk in a statement Tuesday. "Their client-focused approach and industry expertise align perfectly with our culture and strategic vision. This expansion strengthens our ability to serve dynamic markets and opens new opportunities for growth."

Financial terms of the deal were not disclosed. Eide Bailly ranked No. 19 on Accounting Today's 2025 list of the Top 100 Firms, with $704.98 million in annual revenue, 48 offices, nearly 400 partners and approximately 3,500 employees.

"Joining Eide Bailly allows us to build on our strong foundation while giving our clients access to expanded resources and expertise," said WEC managing shareholder Angela Kerns in a statement. "We're excited to continue delivering the personalized service our clients value while leveraging Eide Bailly's depth in areas like national tax, technology consulting, and business advisory."

Earlier this year, Eide Bailly added Traner Smith in Edmonds, Washington, Hamilton Tharp in Solana Beach, California, Roycon in Austin, Texas, Volpe Brown & Co., in North Canton, Ohio. Eide Bailly expanded to Ohio last year by merging in Apple Growth Partners. Last year, Eide Bailly also sold its wealth management practice to Sequoia Financial Group. The deal with Sequoia appears to be fueling the recent M&A activity. As part of the deal, Eide Bailly Advisors became part of Sequoia Financial, while Eide Bailly received an equity investment in Sequoia.

In 2023, Eide Bailly added Secore & Niedzialek PC in Phoenix, Raimondo Pettit Group in Southern California, Bessolo Haworth in California and Washington State, Spectrum Health Partners in Franklin, Tennessee, and King & Oliason in Seattle. In 2022, it merged in Seim Johnson in Omaha, Nebraska, and in 2021, PWB CPAs & Advisors in Minnesota. In 2020, it added Mukai, Greenlee & Co. in Phoenix, HMWC CPAs in Tustin, California, and Platinum Consulting in Fullerton.

Brown Edwards acquires Shelton

Laura Sprouse

Brown Edwards, a Top 100 Firm based in Roanoke, Virginia, has acquired Shelton & Co., CPAs, P.C., a firm in Lynchburg, Virginia that specializes in construction industry clients.

Brown Edwards, which ranked No. 76 on Accounting Today's 2025 list of the Top 100 Firms, is approaching $100 million in revenue during this fiscal year. Three partners from Shelton are joining the Brown Edwards partnership, bringing the total number of Brown Edwards partners to 56. Including the partners, a total staff of eight from Shelton will be joining Brown Edwards.

The firm specializes in construction-related clients work and will add three more Certified Construction Industry Financial Professionals to Brown Edwards' current total of 11, continuing to strengthen the firm's expertise in this important industry. Shelton has one office in Lynchburg that will be maintained along with the Brown Edwards office in that same market, bringing the total number of BE offices to 14 in three states: Virginia, West Virginia and Tennessee.

"We are thrilled to welcome the Shelton & Company, CPAs, P.C. team to Brown Edwards," said Brown Edwards CEO Laura Sprouse in a statement Tuesday. "Their deep expertise in construction accounting and strong client relationships align perfectly with our mission to provide exceptional service and innovative solutions. Together we will deliver even greater value to all our clients through expanded services and deeper resources,"

Fred C. Shelton, Jr., founded his firm in 1991 with the goal of providing excellent public accounting services to the construction industry. Throughout his tenure and partnership with Mason Brugh and Chad Maddox, the firm built a reputation as a trusted partner to contractors across Virginia and the Mid-Atlantic. Both his firm and Brown Edwards actively participate in industry associations, including VTCA, Associated Builders and Contractors, Associated General Contractors of Tennessee, Virginia, and North Carolina, and the Construction Financial Management Association, plus others.

The current leadership team of Chad Maddox, Mark Carlson and Chad Gunter will join Brown Edwards as partners.

"Joining forces with Brown Edwards marks an exciting new chapter for us," said managing director Chad Maddox in a statement. "Their resources and expertise will allow us to continue delivering the personalized service our clients value and what they have come to expect, while expanding the opportunities and expertise we can offer."

In 2021, Brown Edwards acquired Mitchell Wiggins in Virginia, and in 2018 it acquired Yancey & Bowman.

LGA merges in Cohen Cohen & Co.

LGA offices

LGA LLP, a Regional Leader based in Woburn, Massachusetts, has added Cohen Cohen & Co. in Boston, effective Dec. 1, 2025.

Cohen Cohen & Co. has been operating since 1981. Its team will be joining into LGA's offices in Woburn and Chestnut Hill, Massachusetts, and Salem, New Hampshire. Two partners from Cohen, David Fine and Rajiv Dayal, are joining LGA. Financial terms of the deal were not disclosed.

"David and Rajiv share our philosophy that the best client relationships are built on trust, accessibility, and care," said LGA managing partner John Geraci in a statement Monday. "This merger strengthens LGA's presence in the Greater Boston area and ensures that clients of both firms benefit from the combined expertise of a larger, yet still locally focused, team."

LGA ranked No. 9 on Accounting Today's Regional Leaders list of the Top Firms in New England in 2025, with $30.53 million in annual revenue, three offices, 28 partners and 165 employees.

"After more than 40 years of serving our clients, we wanted to ensure they would continue to receive the same level of attention, backed by the resources of a strong regional firm," Fine said in a statement. "LGA's people-first culture and commitment to independence made it a perfect fit."

"This transition allows us to continue doing what we love, working closely with clients to help them succeed, while giving them access to a wider range of services and professionals across New England," Dayal said in a statement,

Last year, LGA merged in Comolli & Co. in Salem, New Hampshire, and in 2023 it added ALL CPAs in Boston.