Prager Metis merges in entertainment firms in New York, California and London
Prager Metis CPAs LLC has combined with Cameo Wealth & Creative Management Inc., and the Asteri Group, Ltd., a pair of affiliated business management and accounting firms with offices in New York and California that focus on the entertainment industry, along with Smallfield Cody, a firm based in London that also caters to the entertainment field, the latest in a string of similar combinations for the firm.
For the deal with Cameo and Asteri, Phil Whitman of Whitman Business Advisors acted as a facilitator. Prager Metis plans to expand its existing offices in New York near Penn Station to include Cameo’s adjacent space in the same building.
Craig Manzino, David Fromowitz and Marc Rosen will become partners in Prager Metis’s Business Management Department, while Sandra Greenberg and Dean Michaels will join as principals. Prior to the merger, Prager Metis had 56 partners and principals. The deal with Cameo will add five more partners and principals to the firm.
“The depth of expertise offered by Prager Metis in wealth services, international tax law, and advisory capabilities will benefit our clients immensely,” Manzino said in a statement. “At the same time they highly value the personal, boutique-style service our clients expect. The combination is powerful and we are all very excited to join the Prager Metis team.”
Financial terms of the deal were not disclosed. Prager Metis, based in New York, ranked 68th on Accounting Today’s 2017 list of the Top 100 Firms. The firm reported $82.5 million in annual revenue for 2017.
Cameo and Asteri have been providing business management, tax consultation and preparation services for individuals and companies in the entertainment, creative arts and related industries for more than 30 years. “We welcome this influx of significant expertise from Cameo and Asteri,” said Prager Metis David Neste in a statement. “This combination enables Prager, Cameo and Asteri to serve all of our business management clients even more effectively, with a greater breadth of support, service and opportunity.”
Last week, Prager Metis also announced a merger with Smallfield Cody, a London-based firm that focuses on providing services to U.K. media and entertainment clients. The merger officially took effect on Dec. 19, 2017.
Smallfield Cody’s Margaret Cody and Michael Kennedy will join Prager Metis as part of the deal. “We are very excited about the addition of Margaret and Michael,” said Austin Jacobs, a partner at the Prager Metis London office, in a statement. “We wanted to expand by strengthening our entertainment practice in London. Margaret and Michael bring a tremendous breadth and depth of experience and knowledge as well as a shared value of hands-on client service. It is the perfect fit.”
“Prager Metis is a well-known and respected firm of Chartered Accountants and although somewhat larger than us they have a very similar client base and ethos and have specialized and substantial technical resources,” Kennedy said in a statement. “By combining with the London and US offices of Prager Metis, we are now able to provide additional depth and scale that will enhance the services which we provide.”
Financial terms were not disclosed. Everyone involved with Smallfield Cody will be joining Prager Metis and will be retained in their current capacities. There are currently 407 employees at Prager Metis.
Earlier this month, Prager Metis also merged in another firm that focuses on the entertainment industry, Geibelson, Young & Company, based in Woodland Hills, Calif. Last February, Prager Metis expanded its entertainment industry practice by merging in Stuart A. Ditsky CPA, PC, an accounting firm headquartered in New York with offices in Los Angeles and Connecticut that caters to the entertainment business.