BerganKDV merges in HSMC Orizon

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BerganKDV, a Top 100 Firm based in St. Cloud, Minnesota, is expanding its footprint beyond Minnesota and Iowa by adding HSMC Orizon, a firm with offices in Omaha, Nebraska, and Lee’s Summit, Missouri.

The merger, which takes effect Nov. 1, 2018, will add six partners and 45 employees to BerganKDV, for a total of nearly 400 employees. BerganKDV previously had 49 partners and 306 staff members.

The deal is an early accomplishment for new CEO Dave Hinnenkamp, who took over in July. “Integrating HSMC Orizon into the fold enhances the services we offer clients and gives us the opportunity to better serve clients throughout the Midwest,” he said in a statement. “We’re laser-focused on empowering our staff while creating exceptional experiences for our clients, and the merger solidifies that commitment to those we serve. HSMC Orizon is an award-winning firm that’s recognized for its excellence by our industry and in local business communities.”

Hinnenkamp rose to the CEO spot after 34 years with the firm. He started BerganKDV’s wealth management division in 2002 and plans to do further mergers and acquisitions. The firm offers tax, audit, accounting, technology, payroll, HR management, business planning and consulting services.

Financial terms of the transaction were not disclosed. BerganKDV ranked No. 83 on Accounting Today’s 2018 list of the Top 100 Firms, with $52.09 million in annual revenue. HSMC Orizon had $7.5 million in annual revenue.

In May, before Hinnenkamp took over, BerganKDV merged in Alliance Management, a business turnaround firm in Minneapolis, and rebranded it Alliance Management, A BerganKDV Company.

In contrast, HSMC Orizon will adopt the BerganKDV brand. “Early in merger discussions, we could see BerganKDV carried the same level of care and commitment HSMC Orizon carries toward employees, community and clients,” said HSMC Orizon managing partner Gene Garrelts in a statement. “Our employees, clients and the community will enjoy more resources available to them as our organization continues to grow.”

Last year, BerganKDV acquired Beltz, Kes, Darling & Associates, a firm in Farmington, Minnesota that specializes in servicing charter schools. In 2016, it acquired Carlson Hartsock in Iowa City, Iowa.

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