Saltmarsh, Cleaveland & Gund, a Regional Leader firm based in Pensacola and Tampa, Florida, merged in Ruggiero, Martinez & Norton, P.A., of Winter Park, Florida, effective Jan. 1.
Prior to the merger, Saltmarsh had approximately 160 employees, including 18 partners. RM&N had 14 employees, including managing partner and co-founder Louis Martinez, CPA. The combined firm consists of 175 professionals. The number of partners remains 18, as the merger resulted in no change to the firm's ownership structure.
As part of the deal, Martinez and another partner, Kane Norton, accompanied by the other RM&N professionals, will join Saltmarsh in Orlando and continue to serve clients from their Winter Park office. The combined firm will offer accounting, audit, assurance, tax, wealth advisory and other specialized consulting services to clients across the U.S. and abroad.
Financial terms of the deal were not disclosed. Saltmarsh ranked No. 16 on Accounting Today's 2023 Regional Leaders list of the Top Firms on the Gulf Coast, with $23.81 million in annual revenue.
RM&N dates back to 1989 and provides tax, accounting and estate planning services to businesses and individuals in Central Florida.
"Lou, Kane and the team at RM&N are exactly the kind of professionals we aim to grow with at Saltmarsh," said Saltmarsh president Lee Bell in a statement Friday. "They are trustworthy, dependable and genuinely care about their clients. We are eager to expand our footprint in Central Florida as part of this merger and are even more enthusiastic to welcome them to their new home at our firm."
"This is an exciting time for our firm, no doubt," said Martinez in a statement. "We considered alternatives throughout this process, but our focus remained on doing what was best for our team and our clients. Saltmarsh exemplifies the qualities we were seeking and shares our values and passion for service."
RM&N co-founder Alfred Ruggiero is pleased about the merger. "I am comforted to know that the traditions of service, integrity and family values we established over the past 35 years will continue," he said in a statement. "Our team members and clients are in good hands."
In 2018, Saltmarsh merged in
