M&A roundup: Deals in New Jersey, Illinois — and around the world

PKF O'Connor Davies, a Top 25 Firm based in New York, merged in SuárezBaldomero PA, a tax, accounting and advisory firm in Little Falls, New Jersey, effective Jan. 1, 2024. 

SuárezBaldomero was formed in 2011 and focuses on federal, state and local tax compliance; audit representation; and business consulting for both domestic and international clients.

"With over a decade of experience working with inbound companies on various tax-related matters, SuárezBaldomero is a valuable addition to our international services practice," said PKF O'Connor Davies executive chairman Kevin Keane in a statement Wednesday. "I welcome the firm's team of specialists as, together, we expand our client base and enhance our global leadership."

Financial terms of the deal were not disclosed. PKF O'Connor Davies ranked No. 25 on Accounting Today's 2023 list of the Top 100 Firms, with $337 million in annual revenue, over 200 partners and more than 1,500 employees.

SuárezBaldomero clients are located in various countries, including Argentina, Chile, Mexico, Peru, Spain, the United Kingdom and Venezuela. The firm specializes in helping foreign companies structure their U.S. footprint and deal with the federal, state and local tax system. SuárezBaldomero helps with planning and formation of new businesses, financial and foreign reporting compliance, along with related accounting and advisory services, including litigation support, forensic accounting, cash flow management, business valuation, mergers and acquisitions, multistate sales and use tax compliance, nexus studies, and due diligence reviews.

"Today begins a new chapter in our firm's history, as we are welcomed by one of the most respected names in the global accounting field," said shareholder Belarmino Suárez in a statement. "Now, our family of clients around the world and our team will have access to the support, expertise and resources of not only PKF O'Connor Davies but also the greater PKF International network. I eagerly look forward to our work together."

Last month, PKF O'Connor added Robert Philipson & Co., a firm in Silver Spring, Maryland. Last year, it merged in Archambault & Associates, a firm in Wakefield, Massachusetts, that specializes in trust and estate matters and private client group services. In 2022, PKFOD added Judelson, Giordano and Siegel, a firm in Middletown and Poughkeepsie, New York, and Simon, Tapper, Edelman & Wilner in Hackensack, New Jersey. In 2021, it acquired another New Jersey firm, LB Goodman & Co., in Fair Lawn, and added DGC LLP (formerly DiCicco, Gulman & Co.), in Boston.

Mowery & Schoenfeld, a firm based in Lincolnshire, Illinois, has added Hochfelder & Weber PC, a Chicago-based firm with a 91-year history. 

Hochfelder & Weber specializes in serving manufacturing and distribution, professional service firms, advertising and radio broadcasting enterprises, and not-for-profit organizations. Mowery & Schoenfeld plans to move its Chicago office from 311 S. Wacker to Hochfelder & Weber's current location at 525 W. Monroe Street. Art Kuesel of Kuesel Consulting consulted with both firms on the transaction. Financial terms of the deal were not disclosed. 

Mowery & Schoenfeld has 20 partners and over 170 total employees.

"We are thrilled to welcome the talented team at Hochfelder & Weber into the Mowery & Schoenfeld family," said Mowery & Schoenfeld managing partner Jeffery Mowery in a statement Monday. "This acquisition marks a significant milestone in our growth strategy and underscores our commitment to delivering unparalleled service to our clients."

Hochfelder & Weber managing partner Robert Olson will become a partner at Mowery & Schoenfeld. "We are proud to join a firm that shares our values of excellence and client-focused service," said Olson. "When Jeff [Mowery] and I first started talking, we noticed not only do we hold similar cultural values, but our clients are incredibly similar. This collaboration will undoubtedly strengthen our ability to give our firm's clients more resources and contribute to the continued success of both firms."

In 2020, Mowery & Schoenfeld merged in Xamin, a provider of managed IT services, and in 2016 it added Gary Hart & Associates in Northbrook, Illinois.

Davies, a professional services and technology firm based in London, has signed a deal to acquire Matson, Driscoll & Damico, an international forensic accounting firm with offices in New York, London and other parts of the globe.

MDD is one of the largest specialist forensic accounting firms in the world and serves the insurance and legal sectors. It specializes in assessing economic damages in relation to insurance claims, business disputes, natural or man-made catastrophes, business interruption, fraud and product recalls, expert litigation support, business valuations and shareholder disputes. Its team of over 330 professionals serves more than 1,000 international clients from more than 40 office locations across the globe, including North America, Latin America, Europe, Asia, and Australasia.

MDD will form a new business line within Davies' global solutions division, establishing a new global forensic accounting capability for the firm.  The global solutions unit also incorporates the firm's consulting, technology and insurance solutions businesses, and is led by CEO Mark Grocott. Paul McGowan, CEO of MDD, will report directly to Grocott and join his global solutions executive team.

"MDD is excited to join Davies where MDD will remain focused as a business providing objective expert advice serving the litigation, economic, insurance and forensic accounting markets," said MDD CEO Paul McGowan in a statement Tuesday. "In Davies, we have found a like-minded business offering expanded professional growth opportunities for our employees, enhanced capabilities to better serve our clients through continued expansion across global markets, and investment in technology-driven solutions, while maintaining a platform to attract similarly aligned entrepreneurs."

Davies has 8,000 employees operating in 20 countries. MDD has almost 398 employees and 54 partners.

"It is very exciting to welcome Paul and the whole MDD team to Davies," said Davies Group CEO Dan Saulter in a statement. "MDD has an enviable international reputation for expertise in the field of forensic accounting alongside delivering excellent results for its insurance and wider client base. This deal is a further demonstration of our ambition to add new capabilities, invest in pioneering technologies, and in top talent across the world to provide our clients with end-to-end services across the entire insurance lifecycle, with Davies as their strategic partner."