Accounting & Tax Acquisitions in 2021

Horizon Capital has made a platform investment in Dains Accountants, providing significant capital to support growth and a buy-and-build strategy. Dains — a Birmingham-based accountancy and business advisory firm with almost 200 staff serving c.4,000 clients — will use the investment to expand capabilities and pursue add-on acquisitions.

Sensiba San Filippo LLP (SSF), a California-based B Corp accounting firm, announced the merger of Bend, Oregon-based SGA CPAs & Consultants LLP effective December 15, 2021. The combined firm will retain the Sensiba San Filippo name and the Bend office as SSF expands its presence in Central Oregon to serve agricultural clients as well as venture-capital and technology companies.

Baker Tilly US, LLP announced it will acquire California-based The Compliance Group (TCG), with the combination effective December 6, 2021. The deal brings TCG's ~110-person compliance and risk management team into Baker Tilly to expand the firm's mortgage regulatory compliance, risk management and digital capabilities for financial services clients.

Ryan, a global tax services and software provider, has acquired Qvalia's VAT compliance and recovery business, expanding its VAT capabilities and footprint across the Nordic region. The deal adds 32 VAT professionals and four country leaders to Ryan's European team while Qvalia retains its finance process automation platform and fintech business.

Cherry Bekaert has acquired TaxGroup Partners (TGP), a national private equity and transaction tax advisory firm, expanding Cherry Bekaert’s private equity tax and transaction advisory capabilities and establishing a West Coast presence. The TGP team will join Cherry Bekaert and Al Sanifar will serve as the Firm’s Private Equity Tax Services Leader, integrating TGP’s transaction tax structuring and due diligence expertise into Cherry Bekaert’s broader assurance, tax, and advisory platform.

Baker Tilly US, LLP announced it will acquire West Virginia-based accounting and consulting firm Arnett Carbis Toothman, LLP (ACT), effective November 1, 2021. ACT’s ~275 team members will join Baker Tilly as the firm expands its Mid-Atlantic footprint; ACT CEO James Hunt will become managing partner for the Pennsylvania and West Virginia markets.

Togetherwork, a GI Partners-backed provider of software and payments for member-based organizations, has acquired Kesef Accounting Service, a national bookkeeping specialist for synagogues, day schools, and Jewish non-profits. Kesef will continue to operate under its name as part of Togetherwork's Shulware business line to enhance bookkeeping capabilities and support Togetherwork's mission-driven customer base.

August Equity has made a significant investment in Anderson Anderson & Brown (AAB) to accelerate the firm's growth, expand its regional UK footprint, and fund further technology investment and M&A activity. The capital will support hiring, tech investment and AAB's plans to scale its accountancy and business services platform across the UK.

Kingsway Financial Services Inc. (NYSE: KFS) has acquired privately-held Ravix Financial Inc., an outsourced financial services and HR consulting firm based in San Jose, California. The purchase price was $11.0 million at close with up to $4.5 million in contingent payments; the acquisition was financed with cash and debt provided by Avidbank.

Cygnet Infotech, an Ahmedabad-headquartered technology and tax-tech company, has acquired UK-based euVAT Online (EUVAT International Ltd), a cloud-based VAT technology and reclamation solution provider. The acquisition brings euVAT's VAT reclaim, reporting and Amazon integration capabilities into Cygnet's tax-technology portfolio and strengthens Cygnet's presence and customer base across the UK and Europe.

On September 17, 2021, WP Global Partners made a growth investment in Paro, an AI-enabled marketplace that connects businesses with accounting and finance talent to outsource accounting work. The capital is intended to help Paro scale its marketplace and expand its finance and accounting technology and service capabilities.

Funds advised by CVC Capital Partners have agreed to acquire a significant interest in CFGI, valuing the leading non-audit accounting advisory firm at approximately $1.85 billion. Existing investor Carlyle and CFGI management and partners are reinvesting alongside CVC; CFGI will remain a privately held firm under its current leadership and the deal is expected to close in Q4 2021.

WilliamsMarston LLC has acquired Chord Advisors, LLC to accelerate the firm's national expansion and broaden its accounting, tax and technical accounting advisory capabilities. Chord Advisors, founded in 2012 and headquartered in Newport Beach, California, brings more than 30 professionals and ~500 clients, expanding WilliamsMarston's headcount to over 100 and adding presence in southern California and Silicon Valley.

Sovos, a global tax software provider, has acquired California-based 1099 Pro, a provider of tax information reporting software and services. The acquisition expands Sovos' tax and regulatory reporting offerings—particularly for SMBs—by adding 1099 Pro's e-filing, TIN matching and managed services capabilities and its tens of thousands of customers.

Ryan, the global tax services and software firm, acquired the assets of PS Johnson, a property tax consulting firm in Ontario. The deal brings senior PS Johnson professionals into Ryan as founder Phill Johnson retires and transitions clients, strengthening Ryan's Ontario property tax capabilities.

TowerBrook Capital Partners has made a strategic growth investment in EisnerAmper, the global business advisory and CPA firm. The financing will support EisnerAmper's plans to accelerate service and technology development, invest in talent, and pursue targeted M&A; Deutsche Bank Securities acted as sole financial advisor and provided committed debt financing. Financial terms were not disclosed.

NFP, a leading insurance broker and consultant, acquired Los Angeles-based tax and business management firm Tanner Mainstain Glynn and Johnson (TMGJ), closing July 2, 2021. The acquisition expands NFP's business management and tax planning capabilities to better serve clients in entertainment, real estate and professional sports.

BPM LLP, one of the 50 largest public accounting and advisory firms, announced a business combination with Santa Monica-based full-service accounting and consulting firm Gumbiner Savett Inc., effective July 1, 2021. The deal expands BPM's presence in Southern California by adding a Santa Monica office rebranded under the BPM name and provides Gumbiner Savett clients access to BPM's broader resources and 800+ professionals.

Top 100 accounting firm Mauldin & Jenkins, LLC has merged with Alabama-based accounting and consulting firm CDPA, PC, effective July 1, 2021. The deal adds offices in Athens, Florence and Huntsville, Alabama, expanding Mauldin & Jenkins' footprint across North Alabama and increasing its office count to 12 across the Southeast.

FMS Solutions, a New Heritage Capital-backed platform, has acquired two retail accounting services divisions from C&S Wholesale Grocers. The add-on expands FMS's SaaS-based and tech-enabled accounting and payroll offerings to independent grocery and multi-site retail customers.

CBIZ, Inc.'s subsidiary CBIZ Accounting, Tax & Advisory of Washington, LLC acquired the non-attest assets of Berntson Porter & Company, PLLC (effective May 1, 2021). Concurrently, Mayer Hoffman McCann P.C. acquired the attest assets; Berntson Porter (Bellevue, WA) has ~120 employees and approximately $26 million in annual revenue. The deal establishes CBIZ's presence in the Puget Sound / Pacific Northwest market and expands its service offerings.

Experian acquired Tax Credit Co. (TCC), a national provider of tax incentive and employment verification technology-enabled services, from VSS Capital Partners. The acquisition supports Experian's newly formed Employer Services business and brings TCC's WOTC, VOE, R&D and other incentives capabilities into Experian's employer-focused offerings.

Skylark Private Equity Partners acquired a majority equity position in Tax Advisors Group, LLC (TAG) through a growth recapitalization to support the firm's expansion of market reach, customer support services, and service capabilities. The transaction was executed in partnership with TAG management; financing was provided by Texas Capital Bank, Concentric Partners, and Jones Capital.

Blankenship CPA Group, PLLC has acquired 323 Advisors, a consulting affiliate of Staffing as a Mission, adding founders/consultants Kelvin Ault and Leigh Ann Vernich to its consulting practice. The deal expands Blankenship’s advisory capabilities and deepens its consulting bench as the firm grows its service offerings across its Tennessee offices.

Consero Global LLC, a Finance-as-a-Service (FaaS) provider based in Austin, Texas, has acquired BridgeView CFO Solutions, a San Francisco-based finance, accounting, HR and payroll services firm. The deal expands Consero's offerings to include HR and payroll services and brings additional expertise serving financial services and investment management clients; the combined company will have more than 800 employees and serve over 150 clients.

TOPS Software, a leading provider of Community Association Management (CAM) SaaS, has acquired Sharma & Associates, Inc., a Fort Lauderdale-based community financial services firm that provides bookkeeping and accounting to condominium and homeowner associations. The deal brings Sharma's financial services team and client portfolio into TOPS, enabling TOPS to offer expanded, integrated financial services to its CAM customers.

Chicago-based E78 Partners has acquired Stride Accounting Solutions, a finance-as-a-service and outsourced accounting firm. The deal expands E78’s capabilities in managed accounting, CFO services and finance-as-a-service to better serve private equity-backed and middle-market clients across healthcare, real estate, hospitality and other industries.

Think, LLP acquired Black Line Group, a Minneapolis-area specialty R&D tax credit services firm. The acquisition expands Think’s capabilities in federal and state tax incentives while Black Line Group will continue operating under its existing leadership and staff.

Ryan, a global tax services and software firm, acquired Burgess Cawley Sullivan (BCS), a Vancouver-based property tax consulting and real estate appraisal firm. The deal adds 33 property tax and appraisal professionals and expands Ryan's property tax capabilities and presence in Western Canada.