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August 2, 2009

US mid-tier firms combine to form regional powerhouse

Baker Tilly International US member firm Parente
Randolph has continued its mid-Atlantic expansion following an
agreement to merge with mid-market competitor Beard Miller Company
(BMC).

The name of the combined firm will be
announced towards the end of this year.

The combined entity will have a fee income of
about $175 million, and 172 partners and more than 1,200 staff in
Pennsylvania, New York, New Jersey, Maryland, Delaware and
Texas.

This would place it as a top-20 US firm in
terms of fee income and manpower.

The proposed merger shores up Baker Tilly
International’s US representation after a few high-profile members
left following the network’s decision to allow Virchow Krause &
Company to become the exclusive Baker Tilly International branded
firm in the country.

The BMC deal follows the Parente Randolph
merger with Lazar Levine & Felix and its affiliate Lazar Lipton
Valuation Services in May, which added about 100 professionals and
$16 million in annual revenue to the firm.

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In January, Parente Randolph also acquired
Altenburger, Uris, Caglioti & Heyman and Willian Hoffmann.

BMC chairman and chief executive Lamar
Stoltzfus will serve as chairman of the combined firm and Robert
Ciaruffoli, chairman and chief executive of Parente Randolph, will
serve as chief executive.

The firm will be headquartered in Philadelphia
and management of the firm will be decentralised into eight
regions.

VITAL STATISTICS

Parente Randolph and Beard Miller
Company merger

Chairman

Lamar Stoltzfus

Chief executive

Robert Ciaruffoli

Coverage

Mid Atlantic: New York, New Jersey,
Pennsylvania, Maryland, Delaware; and Texas

Offices

27

Partners

172

Staff

>1,200

Headquarters:

Philadelphia, Pennsylvania

Revenue

$175 million

Source: Baker Tilly International

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