In one of the larger unions between CPA firms in recent years, Amper Politziner & Mattia has merged with Goldenberg Rosenthal, creating a formidable presence in the Northeast with a combined entity that includes 84 partners, 600 employees and annual revenues of roughly $113 million.The merger becomes effective July 1. Terms were not disclosed. Once completed, the consolidated firm will do business under the brand of Amper Politziner Mattia.
The union, which elevates Amper to the top 25 CPA firms in the country, will also allow it to expand from its New Jersey and New York base into the Philadelphia area. Goldenberg is headquartered in nearby Jenkintown, Pa. The combined firm will have eight offices.
“We were enjoying wonderful organic growth, but at this time we thought a new geography would be helpful to expand into new business areas,” said Philip Politziner, president and chief executive of Amper Politziner & Mattia.
Among the specialties that his firm will be able to expand with the merger are investment banking, employee benefit plan audits, litigation support, financial services, insurance, bankruptcy and insolvency, health care, wealth management, SOX audits, international tax and accounting, and risk advisory services.
The firm will also be able to expand its contacts with private equity firms, venture capital funds and angel investors. “They’re becoming more and more important to servicing existing clients and attracting new ones,” Politziner explained. Goldenberg also brings clients in areas such as automotive dealerships, real estate, construction and not-for-profit organizations.
Amper, which prior to the marriage with Goldenberg Rosenthal ranked No. 32 on Accounting Today’s 2008 Top 100 Firms roster, generates about $88 million in revenue. “With something of this size, it takes a long time to transition and implement,” said Politziner.
He and his partners saw a good cultural and geographic fit with Goldenberg. “Primarily we wanted to expand into the Philadelphia market,” said Howard Cohen, partner-in-charge of Amper’s Edison, N.J., office. “Goldenberg was the premiere firm in Philadelphia. Once we got to know each other, we could see it was a good fit.”
Goldenberg Rosenthal MP Jay Weinstein expects the combination to help his firm expand into areas such as international tax and public company audits. He will continue to manage the firm’s Jenkintown office.
Negotiations between the two firms took about six to eight months, revealed Allan Koltin, president and chief executive of Chicago-based consultancy PDI Global, who served as an advisor on the deal. He labeled it the largest merger in accounting in the past four years.
The firm is also reportedly in talks about expanding further in the New York City area, but Cohen said that integrating Goldenberg was the first order of business, and that the process will probably take at least nine months.
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