Parente Randolph has combined practices with Lazar Levine & Felix in a $16 million merger, expanding Parente’s footprint in the Northeast.
The move combines Philadelphia-based Parente with New York-based Levine. As part of the deal, Lazar Lipton Valuation Services LLC, an affiliate of the accounting firm, will become a division of Parente Randolph. The deal will increase Parente’s size to 650 team members, including 82 principals.
The addition of Lazar will extend Parente’s geographic reach to New York City and Northern New Jersey, adding Lazar’s offices in the Empire State Building and Morristown, N.J.
“[The merger] really started with our strategic planning process several years ago,” said Parente Randolph chairman and CEO Robert J. Ciaruffoli. “We made the decision to become the go-to firm in the mid-Atlantic region, which we defined from New York City to Washington, D.C.”
Parente originally focused on expanding to New Jersey, Philadelphia and Delaware, and now the plan has reached New York, he noted.
“What worked for us and them was each of us bringing something to the table,” said Ciaruffoli (pictured). “They had a very good SEC practice, especially in the commercial and industrial space. We also have an SEC practice, but almost exclusively in the financial institution area, and a limited amount of commercial regulated filers, and that is one of their strengths. They also have a very nice family office practice, which complemented us nicely, and they have a very strong matrimonial practice, including strong valuation services to go along with it.”
He noted that Parente also has strong health care, college and university practices, but Lazar doesn’t do much of that work. “Last but not least they’re bringing 85 great team members, including 11 partners, to the party, and our firm is all about great people,” Ciaruffoli added. Leading the New York Metro region will be Ted Felix, previously managing partner of Lazar Levine & Felix, who will now be regional principal-in-charge for Parente.
Parente Randolph was founded in 1970 in Wilkes Barre, Pa., and made Philadelphia its headquarters in 2004. The firm also has offices throughout Pennsylvania and New Jersey, in addition to Wilmington, Del., and Dallas. It is affiliated with the Baker Tilly International network.
The firm ranked 34th on Accounting Today’s 2008 list of the Top 100 Accounting Firms, with $66.1 million in revenue for the year ending in October. Ciaruffoli anticipates that Parente Randolph’s revenues will reach approximately $105 million by the end of this year, including $16 million from Lazar. The deal went into effect Sunday and the firms signed all the documents on Monday.
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