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Monday, July 27, 2009

Parente Randolph, Beard Miller to merge

Two Philadelphia-area regional accounting and consulting firms today said they will merge, creating one with $175 million in annual revenue.

Parente Randolph L.L.C. and Beard Miller Co. L.L.P. said they intend to combine their operations during the fourth quarter. The headquarters of the firm, which will take on a new name, will be in Philadelphia.

The two are similar in size. Center City-based Parente Randolph has 87 principals and more than 600 total employees in 14 offices. Reading-based Beard Miller has 85 partners and more than 550 employees in 13 offices.

Parente Randolph chairman and CEO Bob Ciaruffoli would become CEO of the combined enterprise. Beard Miller chairman and CEO Lamar Stoltzfus would become chairman.

In a statement this morning, Ciaruffoli said the deal would enable the firm to bring a "broader array of industry expertise" to clients.

Stoltzfus cited "more industry-specific expertise, specialized tax consulting, and other business advisory resources" as reasons to combine.

Parente Randolph has grown by executing a series of mergers in recent years. It added its first New York-area offices in February when it bought Lazar Levine & Felix L.L.P., adding 85 people.

In January, Parente Randolph absorbed Altenburger, Uris, Caglioti & Heyman, of Cherry Hill, and William R. Hoffman Ltd., of Williamsport.
Posted by Mike Armstrong @ 12:28 PM  Permalink | File Under: Business Services | Post a comment
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About Mike Armstrong
Mike Armstrong, a business editor and writer for nearly two decades, is the Inquirer's business columnist and PhillyInc blog editor. Contact Mike via e-mail or at 215-854-2980
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