M&A roundup: Deals in Illinois, Ohio and Texas

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APEX CPAs & Consultants merges in Morrison & Associates

Details: Apex CPAs & Consultants, a firm based in St. Charles, is merging in Morrison & Associates to become the biggest CPA firm headquartered in the Tri-Cities area of Illinois.

The merger will only involve the accounting side of Morrison, but its wealth management division will stay independent.

The combined firm has 16 professionals, with more hires planned for later this year. The financial terms were 1.1 times revenue paid over a five-year term earn out, with a $10,000 non-compete paid at closing. Apex's annual revenue is $1.4 million, while Morison's is $800,000. The combined firm will have $2.2 million in annual revenue, 16 employees and three partners.

“Our two companies have similar mindsets,” said Apex managing partner James Chakires in a statement. “Clients come first.”

William Morrison Jr. founded his firm in 1979. He will become a partner at Apex. “Jim and I have known each other for many years, and we run in the same circles in St. Charles and Kane County,” he said. “We strive to be the best business stewards for our clients, and we will continue to do that because it is our business to see our clients prosper.”


Smith Barta & Company joins Maloney + Novotny

Details: The partners and staff of Smith Barta & Company, an accounting firm based in Canton, Ohio, have joined Maloney + Novotny LLC, one of Northeast Ohio’s biggest CPA firms.

The deal will add more than 11 partners and staff to Maloney + Novotny, including Doreen Smith, Tim Barta and David Schrade. Maloney + Novotny has 130 people, so the total at the combined firm will be more than 140 personnel.

Financial terms weren’t disclosed. Annual revenues at Maloney + Novotny are $20 million, while at Smith Bartna's revenues are $1.7 million.

“By joining M+N we gain deep industry expertise with dedicated niche leaders and a mission and vision that we share and believe in,” said Doreen Smith, a founding partner with Smith Barta who has become a principal at Maloney + Novotny. “The strength of our two firms will be very complementary and allow us to provide the best for our clients and additional opportunities for our employees.”

Smith Barta’s clients include closely held entrepreneurial businesses, not-for-profits, credit unions, manufacturers and construction companies.

“We are excited about Smith Barta personnel joining our firm and expanding our presence in Canton and the surrounding communities,” said Maloney + Novotny managing shareholder Matt Maloney. “By combining the resources of two excellent accounting firms, we can better meet the needs of our clients as they grow and expand.”


A&M Taxand adds TRCG Advisors

Details: Alvarez & Marsal Taxand has merged in Houston-based TRCG Advisors, a firm that focuses on R&D tax credits and incentives transactions, effective Dec. 31, 2017.

Tomas Nally and Andrew Murrell of TRCG are joining A&M Taxand as managing directors, while 11 other TRCG Advisors professionals are also becoming part of the A&M Taxand team. Financial details were not disclosed.

TRCG Advisors was founded in 2009 and provides small and midsized companies with services for planning and claiming tax credits and incentives, particularly federal and state research and development tax credits, cost segregation studies, 179D projects and specialized tax incentive projects. The TRCG team will join A&M Taxand’s Research Credits & Incentives Services team, resulting in a combined RCIS practice of four managing directors and a total of 20 professionals. Taxand has almost 400 partners and more than 2,000 advisors in nearly 50 countries.

“TRCG Advisors’ joining A&M Taxand is a complete win-win for our clients,” said A&M Taxand managing director and global practice leader Ernie Perezin a statement. “Their professionals enhance our existing R&D tax credit expertise, a knowledge base we’ve been looking to expand to better serve our clients.”

Briggs & Veselka acquires William C. Love CPAs

Details: William C. Love CPAs, a local tax and forensic accounting firm based in Austin, is joining Briggs & Veselka, a large independent accounting firm in Houston.

Love specializes in forensic accounting analysis and testimony for litigation matters, mainly related to family law, along with individual and corporate tax planning and compliance services. Financial terms of the deal were not disclosed.

“Bill’s 40-year career that spans from leading a big four office in Austin to his experience in operating his own firm will be a great asset to our firm,” said Briggs & Veselka managing shareholder John Flatowicz in a statement. “And his insights into forensic accounting will be a boon to our own growing forensic accounting practice.”

The added expertise will reinforce Briggs & Veselka’s Forensic Accounting practice. The expansion to Austin complements Briggs & Veselka’s expansion to San Antonio last January. Briggs & Veselka will now have offices in Houston, Austin, San Antonio and El Campo and said it will become the fourth largest independent accounting firm in the state.

Along with Love, all the other employees of his firm also will join Briggs & Veselka, and the firm will stay in its offices in northwest Austin.

“Above all else, joining forces is a great cultural fit,” Love said in a statement. “Mergers are only successful when the companies can first come together on shared values, and we’ve found that to be the case with the Briggs & Veselka team during the past several months.”

Ryan buys Retzloff

Details: The global tax services firm Ryan has acquired Scott B. Retzloff & Associates, a San Antonio-based consulting firm that specializes in commercial real estate property taxes.

The acquisition adds more than 300 property tax clients to Ryan and positions Dallas-based Ryan more strongly in the Austin-San Antonio area. The deal also adds a team of commercial property tax professionals, including Scott Retzloff, who will become a principal at Ryan. Financial terms of the deal were not disclosed.

“This acquisition supports our strategic growth plan to strengthen our commercial property tax market leadership position across every region of North America and beyond,” said Ryan chairman and CEO G. Brint Ryan in a statement. “The client-centric philosophy and exceptional talent of the Scott B. Retzloff & Associates team of tax professionals will add tremendous value to our Commercial Real Estate Property Tax practice and the thousands of clients that they serve.”

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