Accounting & Tax Acquisitions in 2020

WilliamsMarston LLC, a PE-backed accounting advisory and management consulting firm, acquired BA Major Associates LLC, a Boston-based corporate tax advisory firm specializing in biotechnology, pharmaceuticals, medical devices, healthcare, renewable energy and technology sectors. The deal follows Align Capital Partners’ growth capital investment in WilliamsMarston earlier this year and brings BA Major’s partners into WilliamsMarston to expand the firm’s corporate tax capabilities.

Source Advisors, supported by equity partner Gainline Capital Partners, has acquired Intrepid Advisors to expand its nationwide footprint and technical leadership in R&D tax credit and specialized tax incentive consulting. The deal strengthens Source Advisors' service offering for manufacturing, technology companies, and CPA firm partners by adding Intrepid's engineering-driven R&D tax credit expertise.

Houston-based accounting firm Calvetti Ferguson LLC announced it will acquire Fort Worth-based Mark M. Jones & Associates, RLLP. The deal adds two partners and four staff to Calvetti Ferguson, expanding its Fort Worth presence and broadening client services in tax, assurance, and accounting for private businesses and high-net-worth individuals.

Miamisburg-based accounting and advisory firm Brixey & Meyer acquired Columbus-based LAMP CFO & Accounting Services effective October 2020. The deal expands Brixey & Meyer’s presence and CFO services capability in the Columbus market and brings LAMP founder Jonathan Harrington into the firm.

Mauldin & Jenkins, an Atlanta-based accounting and consulting firm, acquired Sarasota-based Plush Smith P.A., expanding its Florida presence and bringing the firm's office count to nine across the Southeast. Plush Smith, led by founder Carla Plush Smith, provides tax, financial reporting and consulting services and sought a succession partner to maintain continuity of client service in the Sarasota market.

CBIZ, Inc. acquired substantially all of the assets of ARC Consulting LLC and ARC Placement Group LLC (collectively "ARC") of San Francisco, effective September 1, 2020. The deal expands CBIZ's presence in Northern California and adds specialized accounting, IPO readiness and finance/talent placement capabilities to its advisory services.

Affiliates of Newlight Partners LP have made an equity investment in Propeller Industries, a provider of financial management and accounting services for venture-stage companies. The growth investment will be used to accelerate organic growth, expand Propeller's technology platform, and support acquisitions; terms were not disclosed.

Cherry Bekaert LLP has acquired CoNexus CPA Group, an Atlanta-based certified public accounting firm, to strengthen its presence in the Greater Atlanta market. Several CoNexus partners and professional staff will join Cherry Bekaert and relocate to the firm's midtown Atlanta office, expanding Cherry Bekaert's local practice to 14 partners, nearly 100 CPAs and roughly 140 associates.

Sikich signed an asset purchase agreement to acquire the operating assets of Heinold Banwart, Ltd., a Peoria-area public accounting firm, expanding its central Illinois presence. Approximately 50 Heinold Banwart employees will join Sikich, broadening Sikich's accounting, tax, audit and wealth management capabilities in the region; the transaction was scheduled to close on August 31, 2020.

Align Capital Partners (ACP) made a growth capital investment in WilliamsMarston LLC, an accounting advisory and management consulting firm with offices in Boston and New York. The founders Landen Williams and Jon Marston will continue to lead the firm as ACP supports expansion of sales, marketing, technology and geographic reach.

Sovos, a global tax software provider, has acquired Accordance, a U.K.-based VAT managed services firm headquartered in Brighton with an office in Amsterdam. The acquisition expands Sovos' managed-services capabilities and European operations to help customers navigate changing VAT rules and e-commerce VAT reforms.

Cherry Bekaert has acquired PMB Helin Donovan, a certified public accounting firm based in Austin, Texas, strengthening the firm's presence in the Austin market. PMB brings three partners and more than 20 professionals to Cherry Bekaert’s Austin practice, expanding the office’s partner and staff base and enabling broader assurance, tax and advisory coverage for Central Texas clients.

AAFCPAs has acquired Scott A. Goffstein & Associates, a 14-person CPA firm based in Waltham, Massachusetts. The acquisition strengthens AAFCPAs' international tax capabilities, expands its headcount to roughly 240 professionals across four offices, and brings Scott Goffstein into the firm as a Partner.

Right Networks acquired Rootworks to broaden its support for accounting firms by adding Rootworks’ education, coaching and Modern Firm Performance Platform to Right Networks’ technology and managed services. The acquisition brings Rootworks’ 700+ member peer community and firm-improvement capabilities into Right Networks’ offering to provide both technology and business guidance to accounting firms.

Perwyn has acquired KeoBiz, a French digitally-led accountancy business founded in 2012 by Jonathan Lellouche that serves micro and smaller SMEs across France. Perwyn said it will partner with management to transition the owner-managed business and drive accelerated growth and scale of KeoBiz's differentiated, scalable accounting proposition.

Cherry Bekaert has acquired Tax Advantage Group (TAG), a Greenville, South Carolina-based specialist in New Markets Tax Credit (NMTC) services. TAG will operate as Tax Advantage Group by Cherry Bekaert, bringing six professionals and deep NMTC expertise to expand Cherry Bekaert’s Credits & Incentives practice and capability to serve community-development and nonprofit-oriented projects nationwide.

Gainline Capital Partners has acquired SourceHOV Tax in a carve-out transaction from Exela Technologies. SourceHOV Tax, headquartered in Fort Worth, Texas, is a provider of tax incentive solutions to accounting firms and middle-market companies and will remain led by its current management team as it pursues standalone growth with Gainline's support.

Quatrro Business Support Services, a portfolio company of Veronis Suhler Stevenson (VSS), has acquired Vanderloo Financial Services, a Chicago-based provider of financial and accounting solutions for the non-profit sector. Financial terms were not disclosed; Vanderloo founder Molly Vanderloo will join Quatrro’s senior management as part of the transaction. The acquisition is an add-on to strengthen QBSS’s capabilities and relationships in the non-profit market.

Winchester-based accounting and consulting firm Yount, Hyde and Barbour (YHB) has acquired Fredericksburg-based Woodcock & Associates PC. The deal adds Woodcock's 12 staff and Fredericksburg office to YHB, expanding its construction accounting capabilities and regional footprint; financial terms were not disclosed.