Top 100 firm BKD LLP and Chicago-based accounting firm Wolf & Company have agreed to merge. Wolf will officially become part of BKD on Nov.1, 2014.
“BKD and Wolf are an excellent fit for each other,” BKD’s CEO Ted Dickman said in a statement. “In addition to our cultural similarities, both firms focus on offering high-quality service to clients and rewarding career opportunities for our associates. This combination gives us a strong physical presence in the nation’s third-largest market, where we have been looking to get on the ground for several years.”
Wolf provides wealth management and personal financial planning, to more than 2,000 clients from locations in Oakbrook Terrace and downtown Chicago. The new addition comes with 140 personnel, which includes 18 partners.
Wolf managing partner Russell Romanelli will join BKD as managing partner of BKD Chicago, which will primarily serve clients from its Oakbrook Terrace office. “This is going to have huge benefits for Wolf, BKD and our clients,” Romanelli said in a statement. “Together, our vast knowledge and resources will help us provide better service to an increasingly complex mix of clients.”
Allan Koltin, CEO of Chicago based Koltin Consulting Group, who has previously consulted with both firms, stated that, “Wolf and Company represents a new breed of CPA firm nationally. At a time where succession planning is driving most upstream M&A activity, Wolf’s decision to join BKD was more strategic in nature as they could have easily remained an independent firm and done very well. They saw the combination as a way to take client service to another level by being able to provide a greater depth of service and industry expertise in the market.”
By adding Wolf, BKD will have 34 offices in 15 states and $475 million in revenue. The firm’s approximately 2,250 personnel, including more than 260 partners, serve clients in all 50 states and internationally. BKD provides a wide range of assurance, tax and accounting outsourcing services. The firm also provides specialized consulting to numerous industries, including health care, financial institutions, insurance, manufacturing, distribution, construction, real estate and energy, along with not-for-profit organizations, governmental entities, colleges and universities.
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