UHY to merge in PHB

UHY Advisors offices
Details: UHY, a Top 50 Firm based in Farmington Hills, Michigan, is expanding to the Nashville area by adding PHB CPAs, based in Franklin, Tennessee, effective Dec. 1, 2022.

PHB provides business, individual and nonprofit accounting services and specializes in tax preparation and planning, as well as bookkeeping and audits. 

Financial terms of the deal were not disclosed. UHY Advisors ranked No. 29 on Accounting Today's 2022 list of the Top 100 Firms, with annual revenue for 2021 of $220 million. The firm has 1,450 team members total, 150 of whom are partners, while PHB has 38 team members total, four of whom are partners.

"Our firm has enjoyed significant growth over the years thanks to our talented team and wonderful clients," said PHB president and managing partner Sarah Hardee in a statement Thursday. "There is great chemistry between the two firms and a strong alignment and vision for the future."

All of PHB's team will join UHY and continue to work in their Tennessee location. 

UHY has combined with a number of firms this year, including JVTR in October last month, Stoy Malone in May and  LWBJ and TGM in January. The firm said more mergers are being finalized and will be announced in the coming months. The firm now has 30 offices across the country, up from 21 in June 2020.

Sikich to acquire Accelerated Growth

Sikich lobby in Naperville, Ill.
Details: Top 50 Firm Sikich signed an agreement to acquire Accelerated Growth, an accounting, finance and technology consulting firm based in Chicago, effective Nov. 30.

As part of the deal, approximately 120 employees from Accelerated Growth will join Sikich, including 50 in the U.S. and 70 in India. This expansion gives Sikich a way to grow its outsourced accounting and international operations.

Accelerated Growth has worked with more than 300 organizations on their accounting, finance and technology, including startups, middle-market companies, and the venture divisions of Fortune 500 corporations.

"This expansion gives us a platform to continue to grow our outsourced accounting and international operations." said Sikich CEO Chris Geier in a statement. "Adding the Accelerated Growth team strengthens our firm's capabilities and enhances the foundation for us to scale our service offerings to our clients."

Sikich ranked No. 28 on Accounting Today's 2022 list of the Top 100 Firms, with $228.57 million in annual revenue. The firm has 115 partners and a total of approximately 1,400 employees. With the Accelerated Growth acquisition, Sikich is adding one partner and about 120 total employees (around 50 in the U.S. and 70 in India).

"Joining Sikich will provide our team with unmatched opportunities for growth and learning." said Accelerated Growth CEO Bobby Achettu in a statement. "The partnership also gives our clients access to a highly talented group of technology-enabled experts who can support them as their needs evolve. The culture, leadership team and overall organizational growth mindset at Sikich is completely aligned with ours."

Earlier this year, Sikich acquired Cotton & Co., an accounting firm in Alexandria, Virginia, that specializes in government clients. Last year, it added the PA Group USA, an enterprise software and cloud services firm in Chattanooga, Tennessee, and Process Stream, a process management and insurance technology consulting firm in Princeton, New Jersey. 

McCarthy & Co. buys Frank Leonard

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Details: McCarthy & Co. PC, a firm based in Blue Bell, Pennsylvania, has acquired Frank Leonard & Associates LLC, based in Forked River, New Jersey, as well as hiring partner John Blake, formerly of Klatzkin.

"We're thrilled to welcome Frank Leonard, his team and John Blake to McCarthy," said McCarthy & Co. managing partner Marty McCarthy in a statement. "Their combined expertise will allow us to continue to provide superior accounting services to the sectors we currently serve and expand further into the transportation industry. These investments in our firm now are the foundation for continued expansion and growth in the future, both in personnel and industries."

McCarthy merged in Leonard's firm on Nov. 1. Frank Leonard & Associates has provided accounting and advisory services to transportation industry clients, with an emphasis on trucking and bus companies, for more than 40 years.

Financial terms of the deal were not disclosed. McCarthy is a $10 million firm. Marty McCarthy bought the firm from his father in 1996 when there were four employees. The firm now has a total of 67 employees, and only four months ago had 52 employees.

McCarthy's office in Blue Bell, Pennsylvania, has 48 employees, including nine partners, while the New Jersey office will have 19 employees, including five partners. 

Leonard's team has three employees and he is joining as a partner at McCarthy. He has experience in tax, financial reporting, valuation and litigation services, and business consulting. 

"I've worked with clients in the trucking and transportation segment for my entire career and understand the financial, risk, operational, capital and tax issues unique to transportation," Leonard said in a statement. "I'm excited to be joining the McCarthy team, where I know my clients will receive exceptional client services and where I can continue to grow my book of business."

Also joining McCarthy from Frank Leonard and Associates is another CPA, Ken Kang, who will serve as a client accounting services associate, and Jennifer Leonard, an administrative assistant.

John Blake, another CPA, joined the senior leadership team at McCarthy earlier this month as tax partner in McCarthy's New Jersey offices. He brings 18 years of tax and accounting experience. 

With the recent acquisition and onboarding of new staff, construction is currently underway for McCarthy to move into a new office space in mid-December in Tinton Falls. The office will be located in McCarthy's current office building, but will be more than double the current office, with 6,600 square feet of space for their 19 staff members. With only seven New Jersey staff members in 2017, the company has nearly tripled in five years.

Maner Costerisan merges in Hall & Romkema

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Details: Maner Costerisan, a Regional Leader based in Lansing, Michigan, is adding Hall & Romkema PLC, also located there, effective Jan. 1, 2023.

Hall & Romkema was established in East Lansing in 1991 and provides accounting, tax, financial and wealth management services to individuals and businesses in various industries. The merged practices will both be based in the Maner Costerisan headquarters.

"We view this merger as a significant benefit for clients of both firms and our collective team members," said Maner Costerisan president Trey Williams in a statement Thursday. "We recognized right away there was a very apparent cultural and strategic fit. Combining our resources and knowledge base is a tremendous win for our clients."

Hall & Romkema managing member Joe Romkema concurred. "Our top priorities have always been to provide the best service possible to our clients and to value our team members, many of whom are like family," he said in a statement. "We feel confident this merger enhances our ability to fulfill our objectives and provides us the opportunity to more effectively serve as a trusted advisor to our clients." 

Maner Costerisan ranked No. 26 on Accounting Today's Regional Leaders list of the Top Firms in the Great Lakes Region, with $29.12 million in annual revenue in 2021. The firm has 24 partners and 139 staff. Hall & Romkema earned approximately $3 million in net revenue in fiscal year 2021. Before the latest deal, Maner Costerisan's most recently acquired firm was Stephens, Kirinovic and Tucker P.C. in 2018.
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