Marcum merges in Skoda Minotti
Skoda Minotti has joined Marcum LLP in a mega-deal uniting the two Top 100 Firms.
The deal, which took effect Monday, adds 31 partners, more than 190 associates, and four offices to Marcum’s Midwest and Florida regions. It’s the latest in a series of mergers for Marcum this year, and by far the biggest.
The combined firm will have 300 partners and approximately 2,300 associates. Marcum, based in New York, ranked No. 15 on Accounting Today’s 2019 list of the Top 100 Firms, with $549.75 million in annual revenue. Prior to the merger, Marcum had approximately 267 partners and over 2,000 professionals on staff. Skoda Minotti, based in Cleveland, Ohio, ranked No. 74 among the Top 100 Firms, with $58.55 million in annual revenue.
Skoda Minotti has providing accounting, audit and tax services for 20 years, along with financial services, and business advisory services including risk advisory, IT, strategic marketing, HR services, talent acquisition, valuation and litigation support.
The merger will help Marcum expand its Midwest presence outside of the Chicago area with Skoda Minotti’s offices in Cleveland and Akron, Ohio, and add another office in Florida with Skoda’s Tampa office. Skoda Minotti’s national practices in risk advisory, strategic marketing, transaction advisory and management consulting will also extend Marcum’s talent, along with clients in the real estate, construction, manufacturing and distribution, professional services and health care sectors.
“Skoda Minotti expands Marcum’s service capabilities and critical mass in the strategically important Midwest and Florida regions of the country,” said Marcum chairman and CEO Jeffrey Weiner in a statement. “Their core values of teamwork and innovation strongly parallel Marcum’s, providing a highly synergistic start for our new relationship. In addition, like Marcum, Skoda Minotti has a long history of entrepreneurship, both in its commitment to being an integral contributor to its clients’ success and in evolving its own business model. Skoda Minotti brings a deep bench of talent and experience to Marcum and will be an intrinsic part of our continued growth and success.”
Skoda Minotti chairman Gregory Skoda will be joining Marcum as a senior partner and a member of the firm’s Executive Committee. “We believe that this merger will result in significant new benefits to you, our valued clients and friends,” he wrote in a message to clients on Monday. “Marcum’s national scope and recognized leadership in the accounting industry will be a significant new asset to you and your Skoda Minotti team as we continue to partner in helping you reach your business goals.”
Marcum’s new Akron office will be led by Christopher Sivak, and the Tampa office will be headed by Daniel Dowell. Danielle Gisondo will be in charge of the firm’s Cleveland East office, and Jonathan Shoop will helm the new Downtown Cleveland office when it opens in January 2020. In addition, Patrick Carney of Skoda Minotti will join Marcum as chief operating officer of Marcum’s Midwest Region.
“Marcum’s entrepreneurial focus, commitment to client success and leadership in the accounting and advisory industries are an extension of Skoda Minotti’s legacy to our clients and our team. The synergies between our firms provide a strong foundation for our continued mutual success and growth,” said Skoda.
The deal with Skoda Minotti is the latest and largest in a string of M&A activity this year for Marcum. Last month, Marcum merged in CPA Consulting Group, a firm based in Nashville. In August, Marcum expanded in South Florida by merging in OGH Certified Public Accountants & Advisors, a firm based in Miami. In July, it added Abrix Group, based in the Chicago suburb of Northbrook, Illinois. In March, Marcum merged in Guyder Hurley, a firm headquartered in Braintree, Massachusetts, that specializes in servicing clients in the affordable housing industry. In January, Marcum added Dawson, Smith, Purvis & Bassett, a firm based in Portland, Maine.