stronger Atlanta presence
Two US member firms of IGAF Worldwide – Reznick Group and
Tidwell DeWitt – have agreed to combine practices.
Approximately 50 professionals, including seven principals, will
join Reznick Group from Tidwell DeWitt. Combined, Reznick Group
will have 10 offices and approximately 1,450 professionals,
including 100 principals. Reznick Group reported $188 million in
revenue for the 2007 fiscal year.
A letter of intent has been signed by the two firms and the
transaction is expected to close sometime around 1 October
2007.
Reznick Group managing principal Kenneth Baggett said the firm had
identified the Southeast area of the US as a “key area for our
strategic growth”. The acquisition of Tidwell DeWitt means Reznick
Group will now have an office in Birmingham, Alabama. The deal will
also strengthen its Atlanta, Georgia office.
Baggett said: “With Birmingham emerging as a major metropolitan
area and its close geographic proximity to Atlanta, this
combination of practices comes at a particularly good time and
makes for a particularly strong fit – as it allows us to expand not
only to new, emerging markets, but it also drives our strategic
growth in the major markets in which we already have a
presence.”
Tidwell DeWitt’s chief executive Barry Tidwell will serve as office
managing principal for the new Birmingham office. He will focus on
the growth of the business in Birmingham and throughout the region.
Initially, the office will be staffed by Tidwell, two other
principals from the smaller firm and approximately 22
professionals. Reznick Group expects the Birmingham office to grow
to more than 50 professionals during the next 12 months.
Tidwell commented: “Tidwell DeWitt and Reznick Group are both
recognised as fast-growing firms, and we have had a strong
relationship through our affiliation with IGAF Worldwide and have
worked together recently on various client matters.”
Reznick Group said it is continuing to evaluate opportunities for
expanding into other regions including the Northeast, Northwest and
southern Florida.
