Herbein + Company Inc. has merged in Gable Peritz Mishkin, a firm that has operated in the Philadelphia area for almost 50 years.
Herbein, based in Reading, Pa., plans to keep open GPM’s offices in Spring House, Pa., and Marlton, N.J. They will become Herbein’s easternmost locations and offer a base for further geographic expansion in the Philadelphia and New Jersey markets. A little over a year ago, Herbein added its seventh office in Pennsylvania by acquiring Michael L. Cross & Company, Ltd., a CPA firm in Pottstown, Pa.
Financial details were not disclosed. GPM will add $5 million to Herbein’s $28 million annual revenue. Ira Rosenbloom of Optimum Strategies acted as strategic adviser on the deal.
GPM brings experience in servicing clients in the real estate, construction, nonprofit, health care, and service provider sectors, complementing some of Herbein’s current specialties. GPM offers tax, estate, audit, litigation support, business valuation, and advisory services, adding to Herbein’s ability to serve clients in a wider geographic area.
As part of the deal, five partners and 24 staff members from GPM will be joining Herbein’s 20 partners and 178 staff.
“Adding all five GPM partners and the entire GPM team is a great move for Herbein as we expand geographically,” said Herbein COO Michael J. Rowley in a statement. “Growth creates opportunities, and we are focused on smart growth for our clients and our team members. We believe Herbein and GPM share similar philosophies and practices regarding client service and firm culture, which we anticipate will make this merger successful for our teams and our clients.”
The new partners from GPM include Thomas W. Masoero, Kenneth S. Frebowitz, Alan C. Wecht, Regina C. O’Keefe and Frank E. O’Brien.
“Joining Herbein + Company, Inc. will further opportunities for our clients and our staff. Joining a larger firm will provide significant advantages in technology, recruitment, and operations,” Masoero said in a statement. “Herbein’s dedication to client service was a significant influencer for this merger, and we believe this will be a seamless transition for our clients.”
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