San Antonio (Feb. 20, 2004) -- The Hanke Group, based here, has expanded its local presence and added two new practices areas with the merger of Gibbons, Vogel & Co. into its fold.
The deal, effective earlier this month, added net revenue of $1.3 million, two principles and eight employees to The Hanke Group, which previously had five principles, 50 employees and net revenue of $7.4 million, according to chief executive Jack Stein.
"They bring two specialty areas we didn't have a significant presence in -- we had no presence in credit unions, and a small presence in nonprofits," said Stein. "Their practice also does lot of work in manufacturing, retail and distribution, and a lot of real estate and construction, so it fit well with ours."
The Hanke Group specializes in manufacturing, retail and distribution, financial analysis and valuation, real estate and construction, professional services and tax and wealth management.
Gibbons, Vogel partners Bill Fisher and Randy Vogel joined The Hanke Group as partners.
The Hanke Group was formed in 1991 when Stein joined his practice, Panfeld Edelman & Stein, with the practice of partner Dan Hanke, which was then known as Hanke & Hanke. Back then, Stein noted that the firm had 13 employees.
"This is the first merger we’ve had that brought any employees with it," Stein said, although he noted that the firm brought in a retirement-minded sole practitioner four years ago. Stein said he expects the merger to move the firm, which was the fifth largest in the city last year, up to the No. 4 spot.
-- Melissa Klein
