Skoda Minotti has merged in the Cleveland tax firm Gerald M. Appel, CPA, Inc., expanding the firm’s tax practice.
With the deal, Appel and his team will join Skoda Minotti’s tax planning and preparation department. Financial terms of the deal were not disclosed. Skoda Minotti earned approximately $20.3 million in annual revenue last year.
Appel's firm earned a little under $1 million in annual revenue, according to Ken Haffey, partner-in-charge of the consulting services at Skoda Minotti. Besides Appel, two other members of his five-member firm will be joining him at Skoda. One of the other members plans to retire and another is looking to move to a different firm. The merger took effect on July 1.
Appel’s firm caters to companies in the health care, manufacturing and real estate and construction industries.
“Jerry’s significant industry experience will undoubtedly complement our existing ability to provide CPA, business and financial advisory services to our clients,” said Skoda Minotti chairman Greg Skoda, CPA, in a statement.
Appel sees opportunities in joining a larger firm. “Joining Skoda Minotti will give our clients access to a new depth of accounting and business advisory expertise,” said Appel. “Beyond the traditional accounting services, we’re excited to offer our clients access to niche service offerings such information technology, marketing and staffing that can help them take their businesses to the next level.”
So far this year, Skoda Minotti has acquired several firms across various business lines, including Quantam Network Services, PBnJ Solutions and Core Information Management.
“We are actively seeking acquisition opportunities across each of our niche areas in order to expand our knowledge, experience and our ability to deliver on the promise to our clients,” said Skoda.
Haffey anticipates the firm will announce a deal in the next few weeks. "Right now, we're finalizing something else that's a nice size," he told Accounting Today. "We're in significant conversations with a few other firms in our market and not in our market."
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