M&A Watch: HMWC, Riney Hancock, Stoudt and ATA expand
HMWC merges in Kelley Associates and Wiederman & Chamberlain
Details: HMWC CPAs & Business Advisors, a firm based in Tustin, Calif., has added two other California firms: Kelley Associates Inc., a boutique CPA firm specializing in real estate and wealthy individuals, and Wiederman & Chamberlain CPAs, which specializes in serving dental practices.
Financial terms were not disclosed. HMWC is an Orange County CPA firm that is among the 150 largest in California.
Kelley Associates is headed by Barbara Kelley, a CPA who has more than 30 years of tax and business consulting experience, including experience at Deloitte and Moss Adams. An associate at the firm will join her in the merger. Her firm's services include real estate taxation, accounting and taxation for businesses and individuals, business advisory services, entity selection and complex estate and wealth protection planning.
“The addition of Kelley Associates complements HMWC’s core strengths in comprehensive and complex tax planning, and service to businesses and individuals involved in real estate transactions and ownership,” said HMWC managing partner Steve Williams in a statement. “This merger adds very competent professionals as well as important clients to HMWC.”
Wiederman & Chamberlain has more than 200 dentists across California as clients. Art Wiederman and Pamela Chamberlain will join HMWC as partners, and their firm will become part of HMWC's Healthcare Services Department, which specializes in business strategies for healthcare professionals. Wiederman & Chamberlain formed in 1989 and offers accounting, tax compliance and planning, financial planning, and retirement planning to dentists.
Prior to the deals, Wiederman & Chamberlain had two partners and eight additional staff, while Kelley Associates had one partner and one additional staff.
“Adding the exceptional professionals at Wiederman & Chamberlain is a strategic addition to our Healthcare Services Department,” said Williams. “Healthcare is one of HMWC’s largest industries served and the addition of Art, Pam and their entire staff will play a very significant role in our continuing growth and services to the entire spectrum of medical and healthcare practices in California.”
Riney Hancock expands to Henderson
Details: Riney Hancock CPAs has merged in the Henderson, Ky., office of McElroy, Mitchell & Associates LLP, effective Jan. 1, 2018.
With offices in Owensboro, Ky., and Evansville, Ind., Riney Hancock CPAs will add Henderson as its third location.
The Henderson office of McElroy, Mitchell & Associates has one shareholder, six team members, and three CPAs who are included in the team member count. Prior to the merger, Riney Hancock consisted of seven shareholders, 26 team members, and 18 CPAs. Post-merger the combined firm will have eight shareholders, and 32 team members with 21 CPAs.
Robert Mitchell will be shareholder-in-charge of the Henderson office. Financial terms were not disclosed.
“After a year of communication and planning, I am pleased to say that the addition of Rob and his team is complete,” said Riney Hancock president J. Adam Hancock in a statement. “This merger will have many positive benefits for clients and staff, with greater access to resources and expanded service capabilities, while receiving the same personal service and attention to detail provided by both firms.”
Riney Hancock CPAs was founded in 1973 and provides financial advisory services for businesses and individuals, payroll and client accounting services, wealth and investment management services, personal financial planning, tax planning and consulting, litigation support and valuations, and medical and dental practice management consulting.
“After an extensive and detailed process, it became very clear what path we should take,” said Mitchell. “Riney Hancock CPAs shares the same core values and principles that we share.”
Stoudt acquires Defassio
Details: Stoudt Associates LLC, a firm based in Allentown, Pa., has acquired John J. Defassio’s firm in Chapman, Pa.
Defassio will become senior manager of Stoudt’s Chapman office. Two of his staff members are also joining Stoudt. Defassio has provided tax planning, payroll services and retail and professional services since 1990, according to the Allentown Morning Call.
Michael Stoudt founded his firm in 2004 and focuses on helping family businesses in the Lehigh Valley. He acquired two other firms in the area in 2005 and 2013. Financial terms were not disclosed.
TENNESSEE, MISSISSIPPI, KENTUCKY AND INDIANA
ATA merges in Cannon & Co., Fred H. Page & Co., and Myriad CPA Group
Details: Alexander Thompson Arnold PLLC has merged in Cannon & Co. PC, Fred H. Page & Co. Ltd., and Myriad CPA Group, effective Dec. 31, 2017.
ATA is a regional accounting firm that specializes in offering accounting, tax and consulting services in healthcare, financial institutions, manufacturing, construction, real estate, governmental, utilities, technology, nonprofits and small businesses and family-owned companies.
Effective Jan. 1, 2018, ATA will have offices in Tennessee, Mississippi, Kentucky and Indiana. Financial terms were not disclosed.
Cannon & Co. has been in the Memphis area since 1959. J. Schifani will be a partner, and David Cuicchi and David Curbo will become principals at ATA. Cathy Messerly of Cannon & Co., will also be promoted to partner at ATA, effective Jan. 1, 2018.
Fred H. Page & Co. has served Tupelo, Miss., and the surrounding areas since 1973. His accounting and tax career spans more than half a century. He will join ATA as a principal.
Myriad CPA Group has serviced clients in Henderson and Owensboro, Ky.. and Evansville, Ind., since 2011. Myriad CPA Group formed when three firms from Owensboro (Schwartz CPA Group), Henderson (Neel, Crafton, & Phillips) and Evansville (Richard Campbell and Co.) all combined. Richard Campbell, Brian Crafton, Kris Kemp, and Mac Neel will join ATA as partners, and Bud Crafton will become a principal at ATA.
In addition to these three mergers, Mark Puckett joined ATA as of Dec. 1, 2017 from BDO USA. He will serve as a firm-wide tax partner and will be based in the firm’s Memphis office. Puckett has worked over the past 36 years with BDO in Memphis, holding a number of leadership positions, including office managing partner (tax), regional managing partner (tax), and managing director (tax). ATA is also an alliance member of BDO, which allows it to use the resources and expertise for its clients of a top five global accounting firm.
“ATA is excited to broaden our reach in our current Memphis and Tupelo markets and expand our presence in Kentucky and Indiana,” said ATA managing partner John Whybrew in a statement. “Each of these new firms and partners, bring unique expertise, which complements ATA’s current services and niches and strengthen our capabilities to better serve our clients. Overall, we are excited to begin 2018 with these new additions and look forward to a successful future.”