M&A roundup: Up and down the East Coast

EisnerAmper, a Top 25 Firm based in New York, will be adding the partners and colleagues at Edelstein & Co. LLP, a Regional Leader based in Boston, in a combination expected to close in June.

Edelstein was founded in 1968 and has 11 partners and a staff of more than 150 professionals. EisnerAmper has approximately 450 partners and 4,200 employees. Edelstein offers accounting, tax and advisory services for the food and beverage, health care, financial services, nonprofit, real estate, professional services and other sectors.

"Clients want their financial issues solved, concerns lessened, and lives made easier," said Edelstein managing partner Scott Kaplowitch in a statement Thursday. "This spurs us to go the extra mile, because our clients' success is completely interconnected with our own. EisnerAmper is also a 'go-the-extra-mile' type of firm. We welcome the opportunity to leverage EisnerAmper's vast resources in expertise and technology to help take our client service capabilities to the next level." 

The transaction represents the latest in a series of M&A deals since EisnerAmper received private equity funding in 2021 from TowerBrook Capital Partners, setting the stage for other accounting firms to follow its lead. The firm split into an alternative practice structure with Eisner Advisory Group LLC providing nonattest services and EisnerAmper LLP offering attest services to clients. 

Financial terms of the deal were not disclosed. EisnerAmper has $848.7 million in annual revenue and its Eisner Advisory Group ranked No. 17 on Accounting Today's 2024 list of the Top 100 Firms, while Edelstein ranked No. 8 on Accounting Today's Regional Leaders list for New England, with $33.52 million in revenue.

"For 50-plus years, the professionals at Edelstein have been trusted business advisors," said Jay Weinstein, EisnerAmper vice chair of industries and markets, in a statement. "That type of longevity is a powerful testament to Edelstein's leadership, practitioners, and approach. We warmly welcome our new colleagues from Edelstein, and we're extremely excited about the opportunities in the ultra-critical Boston market."   

Succession Institute CEO Bill Reeb advised both firms on the deal. "Both EisnerAmper and Edelstein have stellar reputations," he said in a statement. "This combination is a great fit for EisnerAmper's growth plan and Edelstein's strategy to leverage additional services and expertise. This move makes a lot of sense for both firms and promises to greatly benefit their clients."

In March, EisnerAmper announced it was adding the Tidwell Group, a tax, assurance, advisory and real estate consulting firm based in Birmingham, Alabama, effective May 1. Last year, it merged in Spielman Koenigsberg & Parker in New York, Morrison & Morrison in Chicago, and Top 100 Firm Postlethwaite & Netterville in Baton Rouge, Louisiana. In 2022, EisnerAmper added Lindsay & Brownell in La Jolla, California, Hoffman Group in Baltimore, Lurie in Minnesota and Florida, and Top 100 Firm Raich Ende Malter  and Popper & Co. in New York.

Marcum LLP, a Top 25 Firm based in New York, has added Simon, Krowitz, Meadows & Bortnick, a firm based in Rockville, Maryland, effective May 1.

SKMB dates back to 1959. The combination expands Marcum's financial reporting, audits, tax consulting and preparation, bookkeeping, and business valuation and litigation services. 

Financial terms of the deal were not disclosed. Marcum ranked No. 13 on Accounting Today's 2024 list of the Top 100 Firms with $1.325 billion in annual revenue. The firm has roughly 550 partners and over 4,100 associates. SKMB will be adding two senior advisors and around 10 other employees to the firm. 

"We have always focused on professional excellence and client service, principles that resonate deeply with Marcum's own," said SKMB co-managing partner Edward Bortnick in a statement. "While I look forward to the enhanced capabilities we will bring to our clients, I am also excited about the opportunity it creates for our employees."

"By joining a firm that places immense value on professional growth and development, our team will benefit from Marcum's extensive training programs, career advancement paths, and a culture that fosters innovation and leadership," said SKMB co-managing partner Henry Meadows.

Marcum has had a presence in Maryland for about 75 years. "This deal is a natural extension of our strategy to grow with firms that share our values and dedication to client service," said Marcum chairman and CEO Jeffrey Weiner in a statement Thursday. "This partnership enhances our capabilities, further solidifies our position as a powerhouse in the Mid-Atlantic region, and creates extraordinary value for our clients and employees."

"SKMB's local knowledge and experience are unparalleled, and we are thrilled to integrate their strong capabilities into our Rockville Maryland practice," said Jeffrey Zudeck, Marcum's Mid-Atlantic regional managing partner, in a statement. "We see a future of shared growth and continuing success as we introduce Marcum's comprehensive solutions to our expanded client base in Maryland."

In February, Marcum merged in Powers & Sullivan, in Wakefield, Massachusetts. In January, it acquired Federman, Lally & Remis, in Farmington, Connecticut. Last June, it added McCarthy & Co., a Regional Leader headquartered in Blue Bell, Pennsylvania. Last January, it added Melanson, a Regional Leader firm in Merrimack, New Hampshire. The previous year, it merged in E. Cohen and Co., CPAs, a Regional Leader in Rockville, Maryland, and completed a megamerger with another Top 100 Firm, Friedman. Other recent deals included a merger with RotenbergMeril CPAs in Saddle Brook, New Jersey.

LMC, a Regional Leader based in New York, has acquired Vogel & Co., an independent business management and tax advisory firm with offices in Darien, Connecticut, and West Palm Beach, Florida, specializing in family office services for high-net-worth clients.

The strategic partnership promises to expand the range of services and solutions available to high-net-worth clients.

"We warmly welcome Vogel & Co. to the LMC family and look forward to building a family office firm that embodies our mutual commitment to excellence and delivers exceptional value to clients," said LMC Advisors CEO Lee Cohen, a member of Accounting Today's 2023 MP Elite, in a statement Thursday  

The combined firm's services include financial management, financial operations, trust and estates, philanthropic planning and concierge services.

"Partnering with LMC allows us to achieve our joint dream of building the premier family office firm offering clients tailored financial guidance and transparency, empowering families to preserve and grow their wealth and their legacies," said Vogel & Co. CEO George Vogel in a statement. "Together, we will raise the bar for excellence." 

Financial terms of the deal were not disclosed. LMC Advisors ranked No. 29 on Accounting Today's 2024 Regional Leaders list for the Mid-Atlantic, with $24.3 million in annual revenue, six partners and approximately 100 employees.

Last June, LMC joined Ascend, a strategic partner for regional accounting firms that's backed by private equity firm Alpine Investors. LMC adopted an alternative practice structure, with LM Cohen & Co. LLP, an independently owned and licensed CPA firm, providing attest services, and LMC Advisors LLC providing tax and business advisory services.

LMC has won honors as a Best Firm to Work For from Accounting Today, Crain's Best Places to Work in NYC, and Best Companies to Work in New York.