Accounting & Tax Acquisitions in Illinois

Aprio has acquired two Chicago-based accounting firms, KRD, Ltd. and Burkett & Beattie, Inc., expanding its footprint into the greater Chicago area and strengthening its Midwest presence. The transactions add KRD’s ~110 partners and professionals and Burkett & Beattie’s team of ~10 professionals to Aprio’s nationwide advisory, tax, and accounting platform.

New Mountain Capital has made a growth investment in Grant Thornton LLP to accelerate the firm's business strategy, support targeted investments in talent, technology and infrastructure, and enable strategic acquisitions. The transaction (subject to regulatory approvals) will adopt an alternative practice structure separating attest and non-attest services, and is expected to close in the second quarter of 2024.

Private equity firms Hellman & Friedman and Valeas Capital Partners are making a strategic investment in advisory CPA firm Baker Tilly US, LLP. The minority growth investment (expected to close in early June 2024) will recapitalize the firm, restructure it into two entities, and provide capital to accelerate growth through talent, technology and further strategic acquisitions.

Smith + Howard, a national tax, accounting and advisory firm headquartered in Atlanta, acquired JMM CPAs, a specialty employee benefit plan (EBP) audit practice headquartered in Chicago, effective January 31, 2024. The combined EBP practice will serve over 500 plans and comprises 30 dedicated EBP employees, expanding Smith + Howard's national footprint and specialized EBP capabilities.

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.

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.

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.

Sikich LLP has signed an agreement to acquire the operating assets of O'Malley & Kwit LLC, a Chicago-based tax and accounting boutique. The deal will bring the O'Malley & Kwit team into Sikich's downtown Chicago office, strengthening Sikich's tax capabilities and presence in the Chicago market; the transaction was scheduled to close on November 30, 2022.

Blue Ridge ESOP Associates, a portfolio company of Levine Leichtman Capital Partners, acquired substantially all of the Tax Benefits Plan Services (BPS) business of Crowe LLP. The BPS business—nearly 30 employees serving over 400 clients and more than 500 plans—will transition to Blue Ridge to strengthen its ESOP and 401(k) third‑party administration and recordkeeping capabilities.

Citrin Cooperman has acquired Chicago-based Shepard Schwartz & Harris, bringing ten partners and more than 50 staff into Citrin Cooperman as the firm's first Midwest office. The deal moves SSH's non-attest assets into Citrin Cooperman Advisors LLC and the attest assets into Citrin Cooperman & Company, LLP, expanding Citrin Cooperman's capabilities in real estate, construction, and manufacturing & distribution markets.

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.

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.

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.

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.