M&A Watch: Jackson Thornton, HHM expand

Jackson Thornton, a Regional Leader based in Montgomery, Alabama, has acquired MST CPAs & Advisors, also headquartered in Montgomery, effective March 1.

MST was founded a decade ago by Jeremiah Moreland and W. Michael Shaw and serves clients across Central Alabama. Jackson Thornton dates back to 1919 and offers wealth management, strategic planning, outsourced CFO and business consulting services, technology consulting, and specialized industry services.

Jackson Thornton's annual revenue was $37 million for fiscal year 2023. Prior to the acquisition, it has 33 partners and nearly 200 employees. At MST, there were two partners and five staff members.

"The addition of MST to the Jackson Thornton family gives our existing clients access to even more enhanced accounting and outsourced CFO services," said Jackson Thornton president and CEO John Fendley in a statement. "At the same time, it gives our new clients a depth of experience and resources they haven't had before. The people they know and trust are now backed by several teams of people offering a diverse array of expertise. We're excited about this expansion and believe that this is a natural fit for both firms."

Jackson Thornton has consistently appeared on Accounting Today's "Beyond the Top 100" list and the Regional Leaders list for the Top Firms on the Gulf Coast. It ranked fifth on Business Alabama's 2024 listing of Alabama's largest accounting firms. Last year, JT was named a Best Company to Work For by Business Alabama.

"Joining Jackson Thornton puts us in a great position to expand and help our clients achieve their goals," said MST partner Jeremy Moreland in a statement. "Our mission has always been to develop client relationships based on trust and personal attention. Jackson Thornton has the same philosophy, while providing hundreds of years of collective experience, and we look forward to enhancing our practices together."

In 2018, Jackson Thornton acquired the Kansas City, Kansas-based CPA practice of Kevin Kelso, and in 2016 it merged in Brantley, Boucher & Farr in the Auburn-Opelika area of Alabama.

HHM CPAs, a firm with locations in Chattanooga, Memphis and Cleveland, Tennessee, is expanding to Florida by adding Bizzell, Neff & Galloway, a firm based in Pensacola, effective March 1.

As a result, three partners and 12 staff members of BNG are joining HHM's 27 partners and 265 staff. The combined annual revenue of the two firms will be $64 million. Financial terms of the deal were not disclosed.

BNG founder Thomas Bizzell established the firm in 1976 and will continue his role as managing partner of HHM's Pensacola office.

"We have had a strong interest in the Pensacola area for a few years now," said HHM managing partner Donnie Hutcherson in a statement. "We are honored to have Tom Bizzell and his entire team join our HHM. Two of our key employees, partner Paula Mashburn and manager Nick Patrick, have already relocated there, and we are excited to continue to grow our firm and expand our presence across the Southeast. This growth opportunity will enable us to better serve our clients in all markets and strengthen our firm's capabilities."

In 2018, Chattanooga-based HHM acquired Grisham, Wildman & Work, a firm based in Memphis. In 2017, it acquired Brundige Payne & Co.