RSM merges in Gregory, Sharer & Stuart
RSM US LLP has expanded in Florida by adding Gregory, Sharer & Stuart, a firm based in St. Petersburg, effective Oct. 1, 2019.
The deal expands RSM’s presence in the Tampa Bay area, where the firm already has an office in downtown Tampa. The merger adds more than 60 professionals to RSM’s overall team in the area, along with an office in downtown St. Petersburg.
Financial terms of the deal were not disclosed. RSM US ranked 5th on Accounting Today’s 2019 list of the Top 100 Firms. The firm’s revenue in fiscal year 2019 was $2.4 billion, to which Gregory Sharer & Stuart will add $12 million. RSM has 9,670 employees and 825 partners, while GSS has 55 employees and nine partners. GSS Office Managing Shareholder Jim Newman, along with the rest of the firm’s executive leadership committee and other shareholders, will join RSM as partners. Their team will transition to RSM once the deal closes.
“We have worked with the outstanding team at RSM over the past five years as a member of the RSM US Alliance, and we are excited to take this important step forward by joining RSM,” Newman said in a statement. “Our firms share a client-centric approach to doing business, and the same values, culture and people-focused philosophy. We especially look forward to continuing to provide the same outstanding service to our GSS clients, while offering a broader array of solutions — new consulting solutions, in particular — to meet their ever-changing business needs. This transaction will also provide our professionals with expanded growth and development opportunities.”
GSS provides audit, tax and consulting services, with particular focus on the real estate and construction, insurance, nonprofit, manufacturing and health care sectors. The combined firm will offer RSM’s complete line of services and become the fifth largest accounting firm in the Tampa Bay market.
“We are pleased to grow our presence in the vibrant Tampa Bay market with the addition of an outstanding firm and team,” stated RSM US LLP managing partner and CEO Joe Adams. “Like RSM, GSS is committed to providing world-class solutions to middle-market leaders with a strong local touch. Having offices in Tampa and St. Petersburg helps ensure that we can best meet the needs of clients throughout the market, and provides opportunity for collaboration to best serve all of their audit, tax and consulting needs.”