Accounting firm Marcum LLP plans to merge with Margolis & Co., a 70-person CPA firm based in the Philadelphia area, expanding Marcum’s reach across the East Coast.

The merger is set to take effect Sept. 1. New York-based Marcum will now operate from Margolis’s former offices in Bala Cynwyd and Newtown, Pa. Financial details of the merger were not disclosed. This marks Marcum’s second major merger this year, after the firm, formerly known as Marcum & Kliegman, merged with Rachlin LLP in May (see Marcum Merges with Rachlin).

Marcum had $182.56 million in revenue in 2008, and Rachlin had $40 million. They ranked No. 20 and No. 76, respectively, on Accounting Today’s 2009 list of the Top 100 Firms.

“This is a very strategic merger in my opinion for Marcum, as it provides a corridor from the Northeast down into Florida, where they have offices in Miami, Ft. Lauderdale, and West Palm Beach, as a result of their merger with Rachlin,” said consultant Jay Nisberg of Jay Nisberg & Associates. “Margolis will bring services and human capital to the Marcum group that will complement the skill sets required to service their entire CPA practice or clients.”

Nisberg is a strategic advisor to the Marcum Group, but he emphasized that the firm’s managing partner, Jeff Weiner, facilitated the merger himself. The talks took approximately six to eight months, according to Nisberg. Weiner could not be immediately reached for comment.

Allan Koltin, CEO of Chicago consultancy PDI Global, said he had arranged the merger. “It is great for Marcum in that it gives them a stronghold into Philadelphia, which was a significant target market for them,” said Koltin. “For Margolis, it gives them access to greater depth and resources, which should benefit their clients and provide for greater growth opportunities for their staff.”

In a statement, Margolis managing partner David H. Glusman said the merger “was a strategic decision that positions us to greatly enhance the range of services we can provide to our clients while taking our firm to the next stage in its development.”  

With the addition of the Margolis staff, Marcum will have over 800 professionals, including 101 partners, in 12 locations in New York, New Jersey, Connecticut, Pennsylvania, Florida and Grand Cayman.


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