Withum merges in CTM CPAs

WithumSmith+Brown, a Top 25 Firm based in Princeton, New Jersey, is adding CTM CPAs & Business Advisors, a firm based in Lincolnshire, Illinois, a Chicago suburb, expanding Withum's presence in the region.

As part of the deal, CTM's four partners and approximately 50 team members will join Withum but remain in their Lincolnshire offices. Withum ranked No. 22 on Accounting Today's 2025 list of the Top 100 Firms, with annual revenue of $578 million, over 240 partners and principals out of over 2,500 team members and 23 offices. Financial terms were not disclosed.

"Uniting our firms allows us to expand our portfolio of franchise clients," said Withum managing partner and CEO Pat Walsh in a statement. "CTM's team will bring additional depth of  service and expertise in this area. Their approach to client service, proven by a similar tenure in the profession, blends seamlessly with ours. Together, we share a people-first mentality with a vision of providing best-in-class solutions through a dynamic approach to problem-solving for our clients' growth and success."

The deal will increase Withum's Midwest footprint and strengthen its industry specialties. In addition to expanding Withum's franchise practice, other industry practices bolstered by the CTM combination include restaurants and hospitality, professional services, real estate and construction, manufacturing and distributors, not-for-profits, client accounting and advisory services. Withum focuses on innovation, celebrating its employees' ideas each month.

"We are very excited and eager to become part of the Withum team," said CTM managing partner Steven Edelheit in a statement Wednesday. "Our client promise has always been to build long-term relationships through exceptional client service to help them reach their goals. It is for these reasons, among many others, that joining forces with Withum will offer our valued clients and dedicated staff more opportunities to thrive and achieve success. Our clients will now benefit from a larger network of national and international resources, deeper technical expertise and enhanced knowledge in specialized service areas."

Koltin Consulting Group CEO Allan Koltin advised both firms on the combination. "This is truly a spectacular combination for both firms," he commented. "This gives Withum a strong foothold in the greater Chicago business and financial community and substantially expands their franchise and restaurant practice overnight. For CTM it receives substantial resources, services, and technology to grow and help their clients and will also accelerate the growth opportunities for their younger talent and future stars."

Last April, Withum added BBD LLP, an accounting, tax and advisory firm based in Philadelphia that mainly serves nonprofit and government organizations. In 2023, Withum merged in O'Connor & Drew, a firm in Braintree, Massachusetts. In 2022, it added Martinez & Associates in Winter Springs, Florida, and Martini Partners in Encino, California.