New York-based Top 100 Firm Prager Metis CPAs LLC has expanded in South Florida by combining with Miami-based Vizcaino Zomerfeld LLP.
Financial terms of the deal, which was effective August 1, were not disclosed. The deal is expected to add approximately 30 new team members to Prager Metis, which ranked No. 68 on Accounting Today’s 2017 list of the Top 100 Firms, with $60.77 million in 2016 revenue and a total staff of over 280 people.
VZ’s Raymond Zomerfeld, Jorge Mesa, Beatriz Martin, Cynthia Ow and Ileana Alvarez will join Prager Metis as Partners, along with Armando Vizcaino as partner emeritus. Zomerfeld will become Prager Metis’ regional managing partner of South Florida.
“I think it’s a huge opportunity for all of us,” said Prager Metis co-managing partner Glenn Friedman. “It’s international in nature because they reside in South Florida and they’re bilingual and they reach into South America -- and that fits well with our strategic plan, which is to be about 20 percent international.”
While Friedman noted that the firm would like to see around $5 million in revenue from the new office, Prager Metis also has other irons in the fire.
“We’re working on a lot of other opportunities, and most of them are pretty far down the line,” he said, citing potential deals in London, Los Angeles, New York City and New Jersey. “Conceivably, we could be $20 million bigger than last year if they all come to fruition.”
Vizcaino Zomerfeld was founded in 1989, and works with a broad range of small and midsized businesses, government entities, organizations, high-net-worth individuals and multinational corporations. Its core industries served include not-for-profits, professional services, investors, entrepreneurs, logistics, healthcare, construction and real estate.
“Prager Metis has a level of expertise and a growing reputation that is unique for an accounting firm of its size,” said Zomerfeld in a statement. “Their firm culture and desire to expand their Miami presence fit so well with our background and areas of expertise that we feel Prager Metis is a perfect fit for our firm. We are truly very excited to join the Prager Metis team.”
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