BDO merges in Hertzbach
BDO USA is adding Hertzbach & Company, a firm based in Owings Mills, Maryland, expanding BDO’s presence in the Baltimore, Northern Virginia and Washington, D.C., area.
The deal will add 134 partners and professionals from Hertzbach to BDO’s more than 8,000 employees once the deal is completed, which is expected to occur on Nov. 16.
Meanwhile, 15 tax and audit consultants and CPAs from Hertzbach have joined Maryland-based SC&H Group, launching an affordable housing real estate service at that firm.
Hertzbach has annual revenue of between $20 million and $25 million, while BDO’s annual revenue is $1.8 billion. BDO ranked 7th on Accounting Today’s 2020 list of the Top 100 Firms.
Hertzbach has been a member of the BDO Alliance USA since 2003. “While Hertzbach & Company, P.A. has been part of the BDO Alliance USA for more than 17 years, this official combination with the firm significantly bolsters our presence in the greater Baltimore and Washington, D.C. markets and enhances our ability to serve clients throughout the entire Mid-Atlantic Region,” said BDO USA CEO Wayne Berson in a statement Wednesday. “Our collective history of collaborative client work and business development has been extremely valuable. On behalf of everyone at BDO, I warmly welcome Hertzbach’s talented partners and professionals to BDO USA.”
The firm was founded in 1948 by George Hertzbach and offers assurance, tax and advisory services to clients across the Mid-Atlantic region. The firm focuses on clients in the construction, real estate, health care, government contracting, manufacturing, nonprofit and financial services sectors. Hertzbach ranks as the fifth-largest accounting firm in Baltimore, according to the Baltimore Business Journal, and in 12th place on Accounting Today’s Regional Leaders list for the Capital Region.
“For 72 years, Hertzbach has been recognized for our integrity, focused on reliability and dedication in public accounting for our clients in both the Greater Baltimore and Washington D.C. areas,” said Hertzbach managing partner Joel Chazen in a statement. “Our clients will continue to receive the same level of personalized attention, but with this expansion, will have access to a wider array of solutions, broader industry experience and the full depth of BDO's global network. As we continue our long-standing relationship with BDO, we look forward to a bright future for our employees and clients alike.”
BDO plans to keep Hertzbach’s Owings Mills office. Hertzbach’s Arlington, Virginia, office has been integrated into BDO’s McLean, Virginia, office and the Rockville, Maryland, office will be integrated into BDO’s Potomac, Maryland, office.
The combination with Hertzbach bolsters BDO’s growth in the Mid-Atlantic region, following the addition of MorganFranklin’s Public Sector Practice in McLean and Biegel Waller Investment and Tax Advisory Services in Columbia, Maryland, earlier this year.
Earlier this month, BDO also added Quantum Global Advisors in Chicago. In July, it expanded in Colorado and Wyoming by adding ACM LLP, formerly known as Anton Collins Mitchell LLP. In June, BDO added Piercy Bowler Taylor & Kern, CPAs, a firm based in Las Vegas, expanding BDO’s presence in Nevada and Utah.