Accounting firm Marcum LLP plans to expand in the New England area by acquiring three offices from UHY Advisors.
The deal, which is set to close on April 16 according to a source close to Marcum, will add offices in Boston, and Hartford and New Haven, Conn. Marcum plans to retain all of the employees. Financial details were not available.
Marcum ranked 17th on Accounting Todays 2010 list of the Top 100 Firms, with $233.75 million in revenue. The firm currently has offices in Greenwich, Conn., as well as New York, New Jersey, Florida, Pennsylvania, and Grand Cayman.
The firm is no stranger to merger activity. Last May, the New York-based firm, formerly known as Marcum & Kliegman, merged with Florida-based Rachlin LLP, and changed its name to Marcum LLP in the Northeast, and MarcumRachlin, a division of Marcum LLP, in the South (see Marcum Merges with Rachlin).
Management consultant Jay Nisberg believes the deal is an indicator of an increase in M&A activity.
There is a significant amount of M&A activity going on nationally, he said. However, when you see a well-thought-out strategic plan to create a regional or national footprint come together, one must truly applaud the efforts of the initiating firm. In my opinion, Marcum is doing exactly that. They have a very clear vision formulated by the firms leadership, and they are making it happen. They have very carefully identified those practices they believe will be a good fit, and they make an excellent case for amalgamation.
Nisberg believes Marcum will next turn its attention to expanding to the West Coast. They certainly deserve the attention of the entire CPA community as they create their national footprint, he said.
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