CBIZ and its affiliated accounting firm Mayer Hoffman McCann have acquired Kirkland, Russ, Murphy & Tapp, expanding the firms presence in Florida.
CBIZ, a publicly traded company, acquired KRMTs non-attest practice, while MHM acquired the attest practice. CBIZ and MHM operate in an alternative practice structure.
Tampa Bay-based KRMT was founded in 1991 when the founding partners chose to leave the world of the Big Four to be able to provide a personal level of service to their clients. Since then, they have grown in size to become the largest local firm in the Tampa Bay area, and have been named by the Tampa Bay Business Journal as a Best Places to Work for five consecutive years.
KRMT provides tax, assurance, financial advisory, litigation support, and valuation services, along with expertise in the not-for-profit and governmental sectors. KRMT has approximately 75 total personnel and approximately $12.8 million in revenue during the past 12 months. CBIZ/MHM ranked eighth on Accounting Todays list of the Top 100 Firms, with $600.66 million in annual revenue. Eleven former shareholders of KRMT will be joining MHM as shareholders. KRMT is one of the largest firms in the Tampa Bay region, with annual revenues over $12 million.
"Not only do their areas of expertise line up nicely to help enhance and further build out some of our industry and specialty practices, but were also gaining some excellent quality talent, as well as additional public company and employee benefit plan experience, said MHM president Bill Hancock in a statement. Combined with our existing Boca Raton and Miami locations, and the January 2010 acquisition of Goldstein Lewin & Co.s attest practice in South Florida, MHM is well positioned to be a premier, leading firm in Florida.
"This transaction is consistent with our strategy of acquiring regionally dominant firms in major markets and the addition of Tampa Bay will greatly strengthen our already strong Florida presence," said CBIZ Chairman and CEO Steven L. Gerard.
PDI Global Inc. CEO Allan D. Koltin, who consulted to both firms throughout the process, noted that KRMT had been contacted by virtually every national and mega-regional firm in the Southeast and chose CBIZ because of the leadership and growth opportunities for members of the firm.
"For CBIZ this represents another 'best in breed' acquisition similar to prior ones like Mahoney Cohen and Tofias," he said. "KRMT, on the other hand, gains the resources of a Top 10 firm nationally, which will allow it to expand its service offering and continue to go after larger clients."
