Weaver merges in PRM; Rea & Associates combines with Arcis Technology Group; Gross Mendelsohn adds Burden; and Ragone Lacatena Fairchild & Beppel joins Bowman & Co.
Weaver merges in PRM
PRM mainly focuses on tax and accounting advisory services. The deal will expand Weaver's footprint into Louisiana, along with the reach of its tax and accounting advisory practices, adding one partner and 11 other professionals to Weaver's team.
Financial terms of the deal were not disclosed. Weaver ranked No. 39 on Accounting Today's 2022 list of the Top 100 Firms, with $164.9 million in annual revenue. With the acquisition, the firm will have 132 partners and approximately 1,000 team members.
"Weaver and PRM have had a strong working relationship for many years, and we could not be more pleased to have their firm join Weaver," said Weaver CEO and managing partner John Mackel in a statement Tuesday. "PRM has a strong oil and gas practice in Texas and Louisiana, as well as a robust high net worth tax practice, primarily focused on health care. PRM's culture and values closely align with ours, making this an ideal fit. In addition, we're excited to expand Weaver's brand and footprint into Louisiana."
One of PRM's founding partners, Ron Prejean, plans to retire after more than 50 years of working in public accounting but will continue to work with Weaver to help drive growth in Weaver's new Lafayette office. Kolette LeBlanc, will become executive partner of the Lafayette office and will continue to serve the firm's clients in Houston where she lives.
In March, Weaver expanded its presence in New York City by adding
Rea combines with Arcis Technology Group
In addition to accounting services, Rea also offers information services, cybersecurity, HR consulting, retirement plan consulting, along with valuation and transaction advisory services.
Rea's information services practice includes managed security information technology and governance, risk and compliance services.
Arcis has been providing IT support to businesses for 20 years, and Rea anticipates adding Arcis's services will elevate Rea's information services practices to the next level as well as support the firm's plans to expand beyond Ohio. Arcis's current locations are in Massillon, Ohio, and Raleigh, North Carolina.
"With the addition of Arcis, Rea & Associates reaffirms its dedication to providing services that help grow and protect our clients' businesses," said Paul Hugenberg, principal and director of information services at Rea, in a statement. "This merger allows us to offer new, innovative services to our clients and I'm excited to welcome the talented ARCIS professionals to our team."
Financial terms of the deal were not disclosed. Rea ranked No. 78 on Accounting Today's 2022 list of the Top 100 Firms, with $62.9 million in annual revenue, 73 partners and approximately 370 staff members.
The deal will add one principal, Arcis owner and president Jeff Rapp, and 13 staff to Rea.
"Coming together is a natural fit for both of our firms, since we value the same core beliefs," Rapp said in a statement. "Not only will Rea clients benefit from our suite of services, but Arcis clients will now have access to some of the greatest accounting and consulting professionals in the country."
Rea did a number of M&A deals in Ohio in 2020, including with
Gross Mendelsohn adds Burden
As part of the merger, Ray Burden and Pat Burden will join Gross Mendelsohn's Baltimore office. Financial terms of the deal were not disclosed. Gross Mendelsohn is a Regional Leader that ranked No. 10 on Accounting Today's 2022 list of the Top Firms in the Capital Region. Gross Mendelsohn's revenue was $26 million prior to the merger. Raymond M. Burden, CPA, P.A.'s revenue was $600,000 at the time of the merger. Gross Mendelsohn has 23 partners and 130 total personnel, and is gaining two employees as a result of the merger.
Gross Mendelsohn is a third-generation CPA, technology and wealth advisory firm serving privately held businesses, nonprofits and high net worth families in the Mid-Atlantic region. It has offices in Baltimore, Maryland, and Fairfax, Virginia.
"Combining our practices was an easy decision," said Gross Mendelsohn managing partner Len Rus in a statement. "Both firms have had a significant specialization in the construction industry for decades."
He predicted Burden's clients will gain access to specialized services, including technology consulting and investment management, while Gross Mendelsohn's construction industry practice will gain more depth as a result of the merger.
"We spend a lot of time with the administration and operation of our practice and keeping current on new tax laws and other government rules and regulations," said Ray Burden in a statement. "This reduces the amount of time we can spend with clients. With Gross Mendelsohn's strong infrastructure, consisting of technical training, HR, firm administration and marketing professionals, we will be able to focus more on helping clients."
Ragone Lacatena Fairchild & Beppel joins Bowman
Financial terms were not disclosed. RLFB has annual revenue of roughly $3 million. Bowman added five new director positions from the RLFB staff, supplementing its previous three directors and 20 partners, and acquired 20 staff in total from RLFB, bringing Bowman's new staff total to 120. Bowman is a Regional Leader and ranked No. 42 on Accounting Today's 2022 list of the Top Firms in the Mid-Atlantic, with $17.85 million in annual revenue. The new directors in Bowman's commercial services department include George Beppel, Michael Burns, Marie Fairchild, Michael Lacatena and Deborah Spector.