Just weeks after 2020 closed with a massive merger, two more IPA 100 firms are christening the new year with yet another blockbuster deal. This time around, Chicago-based BDO USA LLP (FY20 net revenue of $1.8 billion) is merging in Miami-based MBAF (FY19 net revenue of $141.2 million) in a deal expected to close on Jan. 16.
Founded in 1969, MBAF has grown into one of the largest Florida-based accounting and professional services firms and one of the largest Hispanic-owned businesses in the region and has been named an IPA Best of the Best firm for 19 consecutive years. The firm provides assurance, tax and accounting, advisory, technology consulting and private wealth management services to a wide-ranging client base representing health care, financial services, non-profit and foundations, automotive, sports and entertainment, real estate and condominiums and associations.
“As a Florida market leader, MBAF’s talent, resources and geographic influence will bolster BDO’s presence in the region, and our like-minded approach to philanthropy will allow us to continue to make an impact in the communities we serve,” says MBAF chairman and CEO Tony Argiz. “Our decision to join BDO comes from a position of strength to enhance service to our clients, provide opportunities for our people and continue our strong path of growth in Florida and beyond.”
As a part of the combination, MBAF affiliates WhiteOwl and Fiscal Management Associates LLC (FMA) also will join BDO, with WhiteOwl becoming part of BDO Digital. A management consulting firm for non-profit leaders, FMA will become BDO-FMA LLC, adding a boutique non-profit practice to BDO’s ongoing presence in the sector.
“With BDO and MBAF combining, our respective strengths create an unmatched opportunity for two like-minded firms to become a sum much greater than their parts,” says BDO USA CEO Wayne Berson. “Like BDO, MBAF has remained committed to excellence, stability and longevity, all while leading with purpose. Together, as the leading accounting and advisory firm in Florida, we will maintain our unparalleled dedication to client service and continue to champion the middle market across the country.”
“MBAF is a highly respected firm with a stellar reputation across the profession. They have graced the pages of the INSIDE Public Accounting Best of the Best for two decades,” says Kelly Platt, publisher of INSIDE Public Accounting. “We wish the team the best of luck in their venture.”
“MBAF is viewed by many as one of the most successful independent firms in the country and their joining BDO marks a significant change in the landscape of the profession,” adds Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the transaction. “This combination is the deal of the century, continuing BDO’s stunning growth trajectory and bringing together two powerhouse firms that share common philosophies around fostering people-first cultures, giving back to local communities and focusing on technology and innovation as the future of the profession.”