Reznick Group and JH Cohn are planning to
merge, creating the 11th largest firm in the US with revenues of
$450m and 2,000 staff in 25 offices.
Partners of both firms have agreed to the
combination which now awaits final approval and is anticipated to
be effective in September.
The merger is the most significant combination
since Clifton Gunderson and LarsonAllen joined forces earlier this
year.
“The combination of these two great
organisations immediately elevates us to a preeminent position on
the East Coast with offices from Boston to Atlanta, provides a
significant expansion in California, and establishes a national
footprint with additional offices in Texas and Chicago,“ JH Cohn
chief executive Thomas Marino said.
“This combination of peers changes the
landscape of the accounting industry by establishing a firm with an
unprecedented concentration of industry experience in real estate,
affordable housing, and highly specialized experience in areas such
as renewable energy, hospitality, manufacturing and distribution,
capital markets, government, construction, life sciences and
technology, and valuations.”
JH Cohn is a member of accounting network
Nexia International while Reznick Group is a member of the
association IGAF Polaris. It is unclear which global organisation
the merged entity will stick with.
If the merged firm continues membership with
Nexia International, it would be the second significant US addition
this year after CliftonLarsonAllen opted to stay with Nexia rather
than HLB International. Reznick Group is a $200m firm and its
addition plus the revenue gained through the CliftonLarsonAllen
merger would elevate Nexia International into the top 10 global
accounting networks based on the IAB’s 2012 world
survey.
If the combined firm opts to stay with IGAF
Polaris, the association would strengthen its position as the third
largest association.
