Accounting & Tax Acquisitions in 2023

Houston-based CPA and advisory firm Calvetti Ferguson acquired Dallas-based tax-focused CPA firm Gummer Group, LLC effective December 1, 2023. The deal expands Calvetti Ferguson’s Dallas footprint and family office tax capabilities, increasing the Dallas office headcount and bringing additional expertise in real estate and oil & gas tax work.

Ryan, the global tax services and software firm headquartered in Dallas, has acquired Morrison & Head, a Texas-based property tax consulting firm with offices in Austin and Houston. The deal expands Ryan's property tax footprint in Texas and brings Morrison & Head partners and staff into Ryan's Property Tax practice to broaden its client service capabilities.

McMillan Consulting LLC has acquired the Warwick, New York accounting practice of Paul Rafanello CPA. The combination expands McMillan Consulting's local accounting and financial consulting capabilities and ensures a planned transition as Paul Rafanello retires from active practice in 2024.

NDH Advisors LLC, a Chicago-headquartered accounting firm backed by private equity firm Unity Partners LP, has completed the acquisition of Stratus Group LLC, a Leawood, Kansas-based tax and accounting firm. Terms were not disclosed; Stratus employees will join NDH's Employee Purpose Plan as part of NDH's strategy to expand its footprint and service offerings in the Kansas City region.

Nepsis, Inc., a Minneapolis-based financial advisor and investment management firm, has acquired full-service tax, accounting and consulting firm Sevenich, Butler, Gerlach & Brazil, Ltd. (SBGB). The deal integrates SBGB into the Nepsis Family Office Framework to expand tax and accounting capabilities and enhance wealth management offerings for high-net-worth and family-owned business clients.

Pamlico Capital has made a strategic growth investment in Your Part-Time Controller, LLC (YPTC), a Philadelphia-headquartered outsourced accounting firm serving nonprofit organizations. Founder Eric Fraint will retire in early 2024 but remain a significant shareholder and board member, while Jennifer Alleva will become CEO; Fairmount Partners served as exclusive financial advisor and terms were not disclosed.

Sikich LLP has signed an agreement to acquire the operating assets of Thornhill Financial, LLC, a Cleveland-based accounting firm that provides tax, audit and financial advisory services. The deal expands Sikich's presence in the Northeast Ohio market and will allow the Thornhill team to continue operating from the Cleveland-Akron area while integrating with Sikich's local resources.

Cincinnati-based Panoptica Financial has joined regional accounting and advisory firm Brixey & Meyer, effective October 30, 2023. The acquisition expands Brixey & Meyer’s Cincinnati market presence and augments its accounting, CFO and advisory capabilities for growth-oriented clients.

Vitruvian Partners has agreed to acquire Aspia AB, a leading technology-enabled provider of accounting, payroll, tax and advisory services, from IK Partners. The deal will support Aspia's continued growth across the Nordics and further investment in its digital platforms; financial terms were not disclosed and completion is subject to regulatory approvals.

LBMC announced that Strothman & Co, a Louisville-based accounting firm, will join LBMC effective Nov. 1, expanding LBMC’s Kentucky presence and adding 60 professionals. The transaction increases LBMC’s footprint to five locations and enhances its service capabilities—particularly in healthcare and advisory services—while growing the firm’s total headcount to more than 850 team members.

Modern Wealth Management has acquired Indianapolis-based Martin James Investment & Tax Management, integrating the tax, accounting and wealth management firm into its national RIA platform. The deal brings roughly 10 employees and about 400 client relationships to Modern Wealth and adds dedicated tax planning and compliance capabilities to the buyer's service offering.

Cherry Bekaert has acquired PKF Mueller, a full-service CPA and advisory firm, along with its related BPO business Mueller dotKonnect to strengthen the firm's presence in the Chicago market. The deal expands Cherry Bekaert's service capabilities by adding outsourced accounting, payroll and finance transformation services while bringing PKF Mueller's Illinois and Sarasota offices into Cherry Bekaert's national platform.

Palatine has acquired a significant minority shareholding in Midlands-headquartered accountancy firm BK Plus to support the firm's buy-and-build expansion. BK Plus, founded in 2021, has completed 12 acquisitions, operates more than 10 offices and employs approaching 300 staff; Palatine will back further national growth and value enhancement initiatives.

Armanino LLP announced that Janover, a New York-based CPA and advisory firm with about a 200-member team, is joining Armanino to deepen the firm's presence in the Tri-State/New York market. The deal integrates Janover's tax, accounting and consulting capabilities into Armanino's national service platform to expand geographic reach and client capabilities.

Armanino (through Armanino Advisory LLC and Armanino LLP) has acquired the assets of Cooper Savas LLC, a Salt Lake City–based public accounting firm. The deal marks Armanino’s first entry into the Utah market and adds a 35-person team to expand its tax, accounting, assurance and advisory capabilities.

New York-based Cogency Global Inc., backed by Bertram Capital, has acquired Westminster, Colorado-based Tax Guard, LLC from Falfurrias Capital Partners. The deal expands Cogency Global's tax risk assessment and compliance capabilities for lenders and other financial-services clients; terms were not disclosed and Raymond James served as Tax Guard's financial advisor.

Cherry Bekaert has acquired Cordia Partners and Cordia Resources, a combined outsourced accounting, advisory and staffing business with over 250 employees and approximately $48 million in revenue. The acquisition expands Cherry Bekaert's client accounting services and adds executive search, recruiting and temporary staffing capabilities while strengthening its presence in the Washington, D.C. metro area.

Dains Accountants has acquired HSKS Greenhalgh (HSKSG), an East Midlands accountancy firm with offices in Nottingham, Derby and Uttoxeter, as an add-on to expand Dains’ regional footprint and service offering. The transaction was supported by Horizon Capital, the private equity backer of the Dains Group, and is positioned to strengthen Dains’ client proposition and growth in the Midlands.

Wipfli LLP has acquired the risk management and loan review services divisions of Sheshunoff Consulting + Solutions, adding more than 70 professionals and deepening Wipfli's financial-services advisory capabilities. The acquisition expands Wipfli's risk and loan review practice to over 210 associates and gives Sheshunoff clients access to Wipfli's broader advisory, audit, digital and data services.

Rantalainen Group, majority-owned by funds managed by Norvestor, has acquired Klara Consulting Holding AB, a leading Swedish accounting, payroll and HR services provider. The add-on deal — Rantalainen's largest to date — closed on 1 September 2023, increases Rantalainen's presence in Sweden, and leaves Ceder Capital and certain key employees as minority shareholders.

Dains Accountants has acquired PSTAX and S3TAX, specialist VAT and employment-tax advisory firms serving the public sector and not-for-profit clients in the United Kingdom. The deal, supported by Dains' investor Horizon Capital, expands Dains' tax capability and sector-specific services for public-sector, housing, charity and healthcare clients.

Cherry Bekaert has completed the acquisition of MCM CPAs & Advisors LLP, a regional accounting and advisory firm headquartered in Louisville, Kentucky. The deal expands Cherry Bekaert's footprint into Kentucky, Ohio and Indiana and adds approximately 370 employees and $72 million in annual revenue to the firm.

B. Riley Financial acquired Crawford & Winiarski, a Detroit-based boutique forensic accounting and litigation consulting firm, and integrated the team into B. Riley Advisory Services to establish a dedicated Litigation Support and Forensic Accounting practice in Detroit. The deal expands B. Riley’s financial consulting capabilities, particularly in forensic accounting, litigation support and automotive-industry expertise; financial terms were not disclosed.

Ryan, a global tax services and software provider headquartered in Dallas, has acquired MJI Consulting Group, a property tax advisory firm serving Western New York and Connecticut. The acquisition adds experienced principal Paul Steimle to Ryan’s Property Tax practice and expands Ryan’s property tax capabilities and market coverage in New York and surrounding states.

CrossLink Professional Tax Solutions (CPTS) has acquired uTax Software, LLC, a service bureau and tax software provider for professional tax preparers. uTax will continue to operate under its brand with its leadership joining the CrossLink team as CrossLink adds uTax's services and tools to its product and service offerings to expand capabilities in the professional tax preparation marketplace.

Ryan, a global tax services and software provider, has acquired Indigo Consulting Group Ltd, a Hertfordshire-based R&D tax relief consultancy serving the construction industry. Indigo's seven-person team will join Ryan to strengthen the firm's R&D tax relief and innovation funding capabilities across the UK and Europe.

CBIZ, Inc. has acquired American Pension Advisors, Ltd., a retirement plan consulting and administration firm based in Indianapolis, effective July 1, 2023. The deal adds APA's 14 employees and roughly $2.9 million in revenue to CBIZ's Retirement Investment Services practice and strengthens CBIZ's presence in the Indianapolis metro market.

Inflexion has completed an investment from its Enterprise Fund V into TC Group, a UK provider of accountancy, tax, audit and payroll services to SMEs. The partnership will back TC Group's buy-and-build strategy to consolidate the fragmented UK accountancy market; TC operates 29 local offices, employs over 500 people and serves almost 15,000 customers.

PAI Partners has agreed to invest in Azets Group, taking an equal, co-controlling stake alongside existing investor Hg. The recapitalization will support Azets’ next phase of growth — accelerating organic expansion and strategic M&A across Europe — while enabling liquidity for existing investors; Azets operates ~7,600 professionals, serves ~93,000 clients and generates ≈£700m in revenue.

E78 Partners has acquired Outliers LLC, a Michigan-based finance and accounting firm that provides interim CFO, FP&A, post-merger integration and turnaround services for private equity portfolio companies. Outliers will join E78's Leadership & Transaction Services business unit to expand E78's capabilities for servicing middle-market PE-backed companies; the deal was backed by E78's sponsor, Further Global. Terms were not disclosed.

Source Advisors, a Fort Worth-based specialized tax consulting firm backed by BV Investment Partners, has acquired PMBA, a New York–based business asset recovery and state and local sales tax consulting firm. The deal expands Source Advisors' service offering to include state and local tax and asset recovery capabilities, enabling a fuller suite of specialty tax solutions for CPA firms and corporate clients.

Cherry Bekaert has acquired Legier & Company, a boutique forensic and litigation consulting firm based in New Orleans, to expand its forensic accounting and dispute advisory capabilities. The acquisition adds a New Orleans office and brings Legier's expertise in forensic accounting, business interruption analysis, expert witness testimony, and dispute advisory into Cherry Bekaert's service portfolio.

Creative Planning, a leading independent wealth management firm, has acquired BerganKDV, the 58th largest CPA and advisory firm in the U.S. The deal brings roughly 600 BerganKDV employees into Creative Planning, expanding the firm's accounting, tax, audit and business advisory capabilities and furthering its growth in business services and wealth-adjacent offerings.

Weaver, a Houston-based top-35 accounting and advisory firm, has acquired Pasadena, California-based HKG in a deal effective June 1. Sixty-five HKG professionals, including seven partners, joined Weaver, expanding its West Coast footprint to six offices and roughly 150 team members; terms were not disclosed.

Menlo Park-based private investment firm Red Iron Group made a strategic growth investment in Graphite Financial, a New York-based provider of fractional finance and accounting services. Concurrently, Graphite acquired CPM Advisory Group and will combine CPM's business and team into Graphite to expand reporting, planning and analytics capabilities for its national client base.

Aspia has acquired Prokuria Polar, a fast-growing Norwegian accountancy group specialized in accounting, payroll and business advisory. The acquisition strengthens Aspia's Nordic offering and scales its presence in the Norwegian market to better serve companies expanding from national to Nordic or international operations.

Unity Partners LP has completed a platform investment in NDH LLC, a Chicago-headquartered tax, accounting and advisory firm. Unity will provide strategic growth capital and operational support to accelerate NDH's investments in technology, talent and targeted acquisitions while NDH's founding partners remain in leadership roles.

Everlane Equity Partners, a Boston-based private equity firm, has made a strategic growth investment in South Watch, LLC, an outsourced fund administration provider headquartered in Canton, Massachusetts that oversees 50+ funds and approximately $3 billion in assets. The founders and management team will remain in place; the capital will be used to strengthen market position, scale the platform and pursue inorganic growth through ancillary services and add-ons.

Ryan, a global tax services and software firm headquartered in Dallas, has acquired RETC Group, a Dallas-based property tax consulting firm founded in 1986. The acquisition expands Ryan's property tax presence and client roster in North Texas and brings RETC's property tax professionals and expertise into Ryan's integrated tax services and software platform.

Orangewood Partners made a strategic, minority investment in DLA, LLC, a Fairfield, New Jersey-based internal audit and accounting advisory firm, to support accelerated growth. The capital will be used to expand service offerings, hire talent, enter new markets and pursue targeted acquisitions while DLA's leadership team retains majority ownership and David Landau remains CEO.

Ryan, a global tax services and software provider, has acquired RTC Consulting, a Canadian SR&ED (scientific research and experimental development) tax consultancy founded in 1989. The acquisition expands Ryan’s SR&ED technical expertise and service offering in Canada; RTC founder Peter Kustec will join Ryan as a Principal in the firm’s SR&ED practice.

Apex Accounting and Tax, Inc. has acquired Phases Accounting & Tax Service, Inc., a Colorado Springs–based accounting and tax firm founded in 1987 by Debby Miller. The deal, advised on the sell-side by SDR Ventures, brings Phases’ ~1,750 clients into Apex’s Littleton-based accounting platform to expand Apex’s service offering and regional footprint in the Rocky Mountain region.

Trinity Hunt Partners made a strategic growth investment in the advisory business of MarksNelson to serve as the initial investment for Trinity Hunt’s new advisory services platform. The capital and operational support will be used to expand service capabilities, invest in talent and technology, accelerate organic growth, and pursue buy-and-build acquisitions while MarksNelson continues to operate an alternative practice structure for attest and advisory services.

Basepoint Tax & Accounting, a subsidiary of Basepoint Wealth, LLC, has acquired Ledger Plus of Cedar Rapids to expand its tax and accounting operations in Eastern Iowa. The move accompanies the appointment of Ron Detweiler as President of Basepoint Tax & Accounting and continues Basepoint's roll-up strategy of local accounting firms to offer integrated investment management and tax planning services.

Stenson Tamaddon has acquired Ilija Huljev and Huljev & Associates to expand its research and development (R&D) tax credit capabilities. Ilija Huljev joins Stenson Tamaddon as managing director of R&D tax services to help scale the firm's R&D tax offering and increase awareness of credits for small businesses nationwide.

E78 Partners, a provider of finance, accounting and technology solutions for middle-market businesses, has acquired Chicago-based tax and accounting firm Stern Cassello & Associates. Stern Cassello will join E78's Fund Solutions business unit to expand the firm's tax consulting, compliance and fund administration capabilities; terms were not disclosed.

CBIZ, Inc. acquired the non-attest assets of Somerset CPAs and Advisors, adding approximately $55 million of revenue and 250 employees to CBIZ’s business. Concurrently, Mayer Hoffman McCann P.C. (an independent CPA firm that works closely with CBIZ) acquired Somerset’s attest assets; the transaction expands CBIZ’s presence into the Indianapolis market and broadens its service capabilities.

Alpine Investors launched Ascend, a platform partnering with entrepreneurial CPA firms, and announced a strategic investment in the nonattest business of Opsahl Dawson. The investment will support Opsahl Dawson’s tax and business advisory practice (Opsahl Dawson & Company Advisors LLC) with capital for talent, M&A and technology to accelerate growth while preserving local firm leadership and culture; terms were not disclosed.

Norvestor VIII SCSp has signed an agreement to acquire a majority of the shares in Rantalainen Group Oy, Finland’s largest provider of outsourced accounting and payroll services. Rantalainen, headquartered in Hyvinkää, serves about 20,000 SMEs, employs ~1,200 people across 60 locations and generated over EUR 100 million in 2022; Norvestor will become the largest shareholder following the acquisition from Intera Fund III Ky and Oona Capital and aims to pursue a Nordic buy-and-build strategy.

Rosen, Sapperstein & Friedlander, LLC (RS&F) has acquired Mister, Burton & Associates, LLC (MBA), a Maryland-based full-service accounting firm. The deal brings MBA’s partners and staff into RS&F as part of RS&F’s strategy to expand talent and client services in the greater Baltimore region.