Armanino merges in Bernstein
Armanino LLP has expanded its business management services for the California entertainment industry by adding Bernstein Business Management Group, effective March 1, 2017.
The combination with Bernstein’s firm will enhance Armanino’s entertainment industry expertise and extend Armanino’s Business Management practice into the San Fernando Valley.
“Bernstein Business Management Group brings a wealth of experience working with high net worth individuals and professionals in the entertainment industry,” said Ken Coelho, partner-in-charge of Business Management at Armanino LLP, in a statement. “The group’s talents, combined with Armanino’s deep technical know-how, will allow us to further deliver hands-on, personal service to our clients.”
As part of the deal, Bob Bernstein and the rest of his five-person team will join Armanino’s Business Management department in Woodland Hills, and he will become a partner. Armanino, based in San Ramon, ranked 24th on Accounting Today’s 2016 list of the Top 100 Firms, with $164.25 million in annual revenue. Financial terms of the deal were not disclosed.
“Joining Armanino has been a well thought out and strategic decision,” said Bernstein in a statement. “We are excited to join such an innovative and comprehensive firm that shares our philosophy and approach to establishing authentic relationships with clients.”
The combined firm will provide cash management, financial planning, banking, insurance coordination, bookkeeping, payroll, tax planning and preparation services to the entertainment industry and high net worth individuals. The deal will also expand Armanino’s network of outside agents, attorneys and personal managers that the firm works with to manage its clients’ financial affairs.
Armanino has done several merger deals in recent months, combining with a Dallas-based firm, Travis Wolff, and Financial Strategies Consulting Group in Lafayette, California (see Armanino combines with Travis Wolff and Armanino brings on valuation firm). Both deals took effect on January 1.
Armanino isn't the only accounting firm to announce an entertainment-related merger deal this week. Prager Metis said Wednesday it was merging in Stuart A. Ditsky, CPA, PC, a firm based in New York with offices in Los Angeles and Connecticut that specializes in entertainment industry clients (see Prager Metis merges in Ditsky).