Chicago-based BDO USA (FY15 net revenue of $1.05 billion) has announced it has reached an agreement to merge in Feeley & Driscoll of Boston (FY15 net revenue of $22.5 million) May 1.
The merger will expand BDO’s Boston practice with 105 staff, including 15 partners, from Feeley & Driscoll, which is consistently ranked among the top firms in the New England region.
Founded in 1974, Feeley & Driscoll serves privately held businesses in various industries, with a strong concentration in the construction, health care, professional services, manufacturing and distribution industries.
Allan Koltin, CEO of Koltin Consulting Group, who advised the firm, says that when it comes to industry specialization, “Feeley and Driscoll has been light years ahead of many other firms, and today over 80% of their revenues come from five key industry groups.”
Koltin says that Feeley & Driscoll began exploratory talks last spring with seven regional and national firms. “In the end the group felt the synergies with the Boston BDO office would provide greater benefits for their clients as well as career growth opportunities for their people.”
Michael Poirier, co-MP of Feeley & Driscoll says, “In order to achieve the next level of growth and service our expanding clients, we decided it was imperative for us to join a firm that provides a national and global platform.”
The combination of BDO and Feeley & Driscoll is expected to bring total BDO staff in greater Boston to 267.
“This is an important addition, as it provides greater critical mass in the important Boston market,” says BDO CEO Wayne Berson. “Feeley & Driscoll’s entrepreneurial culture is a natural fit for BDO and should make the integration with our existing Boston practice as seamless as possible.”
BDO has expanded into 20 new cities and added to “critical mass” in 12 existing markets over the past three years, Berson says.
Poirier will serve as co-assurance MP along with BDO’s current assurance MP, Catherine Moy, in the combined Boston practice. Current BDO partner, Ed Smith, will continue as tax MP for the combined practice.
For now, the firms will maintain the two existing Boston office locations, but will consolidate into one in the future.