M&A roundup: Herbein, Ryan and Amarillo firms expand

Details: Herbein + Co Inc., a Regional Leader firm based in Reading, Pennsylvania, has acquired two other Pennsylvania firms: Cappelletti, Pinter & Company P.C., and the LaMastra Group P.C., effective Jan. 1, 2022.

Cappelletti, Pinter & Co., based in Pottstown, Pennsylvania, is led by Matthew Cappelletti, Jr. As part of the merger, he is joining Herbein as a senior consultant and bringing along four other team members.

The LaMastra Group is based in Royersford, Pennsylvania. It’s led by Carl A. LaMastra, who is joining Herbein as a partner, and bringing two other team members. All the offices will remain at their current locations.

Financial terms of the two deals were not disclosed. Herbein ranked No. 23 on Accounting Today’s 2021 Regional Leaders list of the Top Firms in the Mid-Atlantic, with $35.89 million in annual revenue. Last year, the firm had approximately 30 partners and 200 employees.

Last year, Herbein added two other local firms: Mosteller & Associates, an HR consulting firm in Morgantown, Pennsylvania, and Tubiello-Harr & Associates, a CPA firm in Coopersburg, Pennsylvania.

The deals announced Thursday help the firm build its presence in Greater Montgomery County. Herbein re-established offices in Greater Montgomery County in 2016 with the acquisition of Michael L. Cross & Companyin Pottstown.

“Greater Montgomery County is a dynamic, prosperous area with numerous vibrant communities,” said Herbein managing partner David Stonesifer in a statement. “Since our combination with Michael L. Cross & Company, we have consistently looked for opportunities to further our commitment to the area. Now, we are delighted to welcome Cappelletti, Pinter & Company and the LaMastra Group — firms that share our values and client-centric approach — into the fast-growing Herbein family. Like Herbein, Cappelletti, Pinter & Company and the LaMastra Group help a wide-ranging client base achieve their goals.”

Leaders of both the acquired firms see benefits in joining a larger firm. “We were looking for an opportunity to add more resources to our team, as well as more ways to help our clients face both the challenges and opportunities created by this historically unusual environment,” Cappelletti said in a statement. “Herbein has terrific experience in all of the areas we work in, and their team's expertise will complement and enhance our current service offerings, while bringing greater bench strength to serve our clients.”

“Joining Herbein is an opportunity to add more resources to our team, as well as more ways to help our clients face the challenges and opportunities of the post-COVID era,” said LaMastra in a statement.

Details: Ryan, a global tax services and software provider, has acquired Tax Advisory Services Group LLC, an excise tax provider based in Houston.

TASG offers tax compliance and related services with a specialization in motor fuel excise taxes. It recently expanded its compliance services to include reporting of vape and tobacco taxes. This acquisition will add to Ryan’s presence in the fuels tax area and expand service offerings in other excise-tax-related areas. In addition to having offices in Dallas, TASG also brings a team of business operations professionals in the Philippines.

“TASG has developed vast knowledge and a stellar reputation in the motor fuels tax industry,” said Ryan chairman and CEO G. Brint Ryan in a statement Monday. “They are a strong complement to our existing fuels tax recovery practice and will expand the firm’s offerings by providing a scalable fuels tax compliance platform for our clients.”

Financial terms of the deal were not disclosed. Ryan ranked No. 8 on Accounting Today’s list of the Top Tax Firms, with $552.54 million in annual revenue,

As part of the deal, TASG co-founders Oscar Garza and Khristine Espinoza will become principals in Ryan’s Tax Compliance practice.

“We believe our team will provide significant value to existing and new clients at Ryan as they navigate the complex world of motor fuels and excise taxes,” Garza said in a statement. “Additionally, the dynamic work culture at Ryan was a key factor in our decision.”

“We are excited to bring our business operations in the Philippines to support Ryan’s accelerated growth worldwide,” Espinoza said in a statement. “We saw this as an excellent opportunity for TASG to be a part of a team with an unrivaled reputation in the tax industry.”

Last month, Ryan did another M&A deal, acquiring the value-added tax recovery audit consulting unit of Qvalia, a finance process automation company based in Stockholm, Sweden. In August, Ryan acquired PS Johnson, a property tax consulting firm in Ontario, Canada.

Details: Lovelady, Christy + Associates PLLC and Terra Accounting and Consulting PLLC have merged to form LPT CPAs + Advisors, PLLC (Lovelady Pruiett Terra), both based in Amarillo, Texas.

The merger combines a firm led by Samuel B. Lovelady and Terry Pruiett with one headed by Johnny Terra.

“I’ve been dedicated to finding partners who’d be good for our clients and our staff,” Lovelady said in a news release quoted by the Amarillo Globe News. “Adding Terra’s energy and expertise to Pruiett’s vast knowledge of tax laws made good business sense.”

The combined firm will continue to provide a variety of accounting, tax preparation, financial planning and consulting services.

LPT will offer a full range of accounting and tax preparation services, as well as financial planning and consulting to ensure clients are on strong financial footing as they work to strengthen and expand their businesses.