Wipfli LLP, a Top 100 Firm based in Milwaukee, has expanded its presence in California by adding Price Waterman, a firm based in Ukiah that specializes in servicing community health centers, effective June 1.

As part of the deal, 16 professionals from Price Waterman will join more than 2,000 employees at Wipfli, working from their current offices. Price Waterman has one partner and 15 associates, while Wipfli has more than 250 partners. Financial terms of the deal were not disclosed. Wipfli ranked 20th on Accounting Today’s 2018 list of the Top 100 Firms, with $282.3 million in annual revenue.

Price Waterman, which was founded in 1985, provides financial management and contracted CFO services to Federally Qualified Health Centers across northern and central California. Federally Qualified Health Centers are community health centers that receive funds from federal government programs such as Medicare and Medicaid to offer primary care in underserved areas. Price Waterman’s services cover various financial reporting needs, such as preparing internal financial statements and Medicare cost reports, as well as annual agency budgeting and federal grant application budget forms.

Wipfli's Madison, Wisconsin office
Wipfli's Madison, Wisconsin office

“Price Waterman has carved out a strong niche serving Federally Qualified Health Centers,” said Wipfli managing partner Rick Dreher in a statement. “They will bring new skill sets to our health care practice in California and will help expand our reach in California. Given our combined knowledge and strength in the health care industry and our shared commitment to our clients’ success, we will be positioned well to continue to be one of the leading firms serving health care organizations on the West Coast.”

Wipfli’s national health care practice has approximately 150 associates who service more than 2,000 health care organizations including hospitals, health clinics, physician practices and long-term care facilities.

After the merger with Price Waterman, Wipfli will have 50 offices across the country, including three in California: Fresno, Oakland and now Ukiah.

“Price Waterman has always been committed to providing our clients with the best service possible to help them succeed,” said Price Waterman owner and president Judy Waterman in a statement. “By joining Wipfli, a firm with a national health care practice, we will now have access to a broader range of services and resources to offer our clients anywhere they need it, while continuing to provide them with the personal attention that has been a hallmark of our firm throughout its history.”

Wipfli frequently participates in M&A deals. In February, it expanded into Colorado by adding Bauerle and Company, a CPA firm based in Denver. In January, the firm added Kessler Orlean Silver & Co. in Chicago. Wipfli did five other deals last year. In December, Wipfli added a firm in its hometown of Milwaukee called Sattell, Johnson, Appel & Co. Before that, Wipfli merged in Joseph Eve in Great Falls, Montana, in October, Barefoot Technologies in Minneapolis and Horwich Coleman Levin in Chicago last February, and BIK & Co. in Chicago last January.

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