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June 30, 2007

IGAF firms combine to create stronger Atlanta presence

IGAF firms combine to create 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.

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