BerganKDV buys Beltz, Kes, Darling & Associates
BerganKDV has acquired Beltz, Kes, Darling & Associates, a firm based in Farmington, Minn., specializing in servicing charter schools.
The acquisition will enable BerganKDV to enter the niche. “We’re looking forward to learning from the BKDA team on how they’ve built such a strong niche in charter schools,” said BerganKDV president Loren Viere in a statement.
Financial terms of the acquisition were not disclosed. However, BerganKDV had annual revenue of $51 million, while BKDA’s annual revenue was $4 million. BerganKDV, based in St. Cloud, Minn., ranked 81st on Accounting Today’s 2017 list of the Top 100 Firms.
As part of the deal, BerganKDV brought over 36 employees from BKDA, including one partner. The combined firm now has 43 partners and 343 employees.
“We look forward to accessing the resources available at BerganKDV to further grow our niche market with a group of people who share our values,” said BKDA partner Judith Darling in a statement.
The addition of BKDA’s Farmington office will give BerganKDV seven locations, including Cedar Rapids, Waterloo, Coralville and Des Moines, Iowa, along with Bloomington and St. Cloud, Minn.
Last December, the firm acquired Carlson Hartsock & Guither in Iowa City (see BerganKDV buys Carlson Hartsock). BerganKDV itself came out of the merger of Bergan Paulsen, Networking Solutions and KDV in 2015 (see M&A Roundup: Aug. 7, 2015).