Joining an early frenzy of M&A activity among some the nation’s biggest firms to kick off 2023, Cleveland-based IPA 100 firm CBIZ (FY21 net revenue of $1.08 billion) has acquired the non-attest assets of Indianapolis-based IPA 100 firm Somerset CPAs PC (FY21 net revenue of $52.7 million).
“We are excited to enter the Indianapolis financial services market with an established partner that has a reputation for providing outstanding client service and possesses the size and scale to accelerate growth and bring added value to our collective clients,” says CBIZ president and CEO Jerry Grisko. “Together, we will now be able to provide our combined clients with an expanded breadth of services backed by a national network of professionals.”
Somerset has been providing accounting, tax and financial advisory services to clients in a wide array of industries for more than 60 years. In addition to its Indianapolis headquarters, the firm has offices in Michigan City and Fort Wayne, Ind., as well as Nashville.
“Being a part of a premier national accounting provider will ensure our clients continue to receive best-in-class service and solutions to help them grow their businesses successfully,” says Somerset president Ben Kimmerling. “Our shared vision of building relationships and delivering results make this a perfect combination, and will also provide our employees with additional training, development and career growth opportunities.”
“The combination of CBIZ and Somerset presents a unique opportunity for growth in the solid and expanding Indianapolis market,” adds Allan Koltin, CEO of the Koltin Consulting Group, who advised both firms on the deal. “CBIZ and Somerset share a remarkable commitment to building meaningful client relationships and providing a broad array of services to meet their clients’ needs and the benefits of this transaction will be immediately evident to their combined clients and their team members.”
Concurrent with this transaction, Kansas City-based Mayer Hoffman McCann PC announced the acquisition of the attest assets of Somerset.