BDO adds PBC Advisors consulting division
BDO USA has 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.
As part of the deal, three executives from PBC are becoming partners at BDO—Chad Beste, Jim Watson and Janet Bliss—and nine other professionals are also joining the firm. They have relocated to BDO’s office in Rosemont, Ill., near Chicago. BDO now has approximately 300 professionals in its health care practice. Financial terms of the deal were not disclosed. BDO ranked 7th on Accounting Today’s 2017 list of the Top 100 Firms. BDO had annual revenues last year of $1.41 billion.
PBC Advisors has been advising physicians and hospitals for more than 30 years in areas such as mergers, strategy development, interim management, financial operations, medical group formation, and provider-sponsored health plan development.
“We are extremely pleased to build on our presence in the Chicago market and add complementary resources to our national healthcare advisory services practice and The BDO Center for Healthcare Excellence & Innovation,” said Jay Duke, national managing partner for advisory Services at BDO USA, in a statement. “This is truly a win-win scenario, as we receive an injection of new talent and service offerings, while PBC’s clients benefit from an expanded array of services.”
PBC Advisors saw the BDO merger as a good way to expand beyond the Chicago market. “To reach the next level of growth and expand our footprint, we need the national brand name and resources that BDO can provide,” said Beste, “As part of BDO, we will have the national platform and channels to continue building on our success.”
PBC Advisors’ accounting, tax and wealth management divisions will still operate independently under the PBC Advisors brand, but will join BDO Alliance USA, an association of accounting, consulting and professional services firms. They will continue to operate from its existing offices in Oak Brook.
“We are pleased to be joining the BDO Alliance USA and to be working with BDO to serve our mutual clients,” said PBC Advisors managing partner Jay Sanders in a statement.
Koltin Consulting Group CEO Allan D. Koltin advised both firms on the deal, “The consultants of PBC Advisors chose BDO because of their compatible cultures and BDO’s depth of resources in health care,” he said in a statement. “The combination brings together one of the top healthcare consulting groups in the Greater Chicago region and BDO’s comprehensive, national healthcare practice to provide wide-ranging services across the industry.”
BDO has done a number of acquisitions in recent years, including adding another consulting firm last April, Hilton Consulting, which specializes in helping federal goverment agencies improve their financial and operational performance.