BDO acquires Casterline Associates
BDO USA has expanded its public housing authority practice by acquiring Casterline Associates, a Valley Forge, Pa.-based accounting and consulting firm that focuses on servicing the affordable housing industry.
Founder and president Jason Casterline has been offering accounting, financial consulting, strategic planning, information technology and other services to public housing authorities across the U.S. since 1995. The combined firm will be serving more than 400 public housing authorities, including the 10 biggest PHAs in the country. The deal will add nine staff members to BDO and takes effect immediately.
“I want to welcome Jason Casterline and his team to BDO,” said Brian Alten, national leader of BDO USA’s Public Housing Authority Practice, in a statement. “We are extremely pleased to build on our existing presence with public housing authorities and the Department of Housing and Urban Development by adding these highly valued resources to our national practice. Casterline has been working with PHAs throughout the United States for more than 30 years—which is a testament to the quality insight and advice they bring to each client relationship.”
Financial terms of the deal were not disclosed. Chicago-based BDO USA ranked 7th on Accounting Today’s 2017 list of the Top 100 Firms. BDO had annual revenues last year of $1.41 billion. Casterline and his team will work out of BDO’s Philadelphia office.
“Casterline Associates has built a long history of serving the public housing community as a trusted advisor for achieving financial and operational improvement. By joining BDO, we will leverage the firm’s national brand and resources to build on that strong tradition to reach the next level of growth,” said Casterline in a statement.
“Clients will continue to receive the close personal attention that they have come to expect from the Casterline team, but now they will have access to a wider array of solutions and the deep resources of BDO. Equally important, BDO has a well-earned reputation as a favorable workplace and our people will have opportunities to serve a broader client base.”
BDO has been expanding steadily in recent years both organically and through mergers and acquisitions. Last month, BDO expanded its health care advisory services practice by merging in the consulting division of PBC Advisors, a firm based in Oak Brook, Ill., near BDO’s Chicago home base.