Parente Randolph and Beard Miller Company Announce Intent to Merge
27 Jul 2009
Two of the top 40 accounting and consulting firms in the United States - Parente Randolph LLC and Beard Miller Company LLP - announce their intent to merge. The merger of these prominent Mid Atlantic firms will create the top regional certified public accounting firm in the Northeast, with over 170 partners and more than 1,200 team members throughout Pennsylvania, New York, New Jersey, Maryland, Delaware and Texas. The name and logo of the new firm will be announced at the close of the merger, expected in the fourth quarter of 2009.
"Our new firm will have even deeper resources and broader areas of expertise to serve our clients, including more industry-specific expertise, specialised tax consulting and other business advisory resources," said bmc Chairman and CEO Lamar Stoltzfus. "While we will be a larger organisation going forward, we are committed to staying true to what has made us successful - our experience, our close personal relationships, and our common commitment to exceptional client service."
Mr. Stoltzfus will serve as Chairman of the new firm, while Bob Ciaruffoli, Chairman and CEO of Parente Randolph, will serve as CEO.
"While already thriving in our respective markets, by combining our practices, we will be able to offer a broader array of industry expertise to our clients," said Bob Ciaruffoli. "This merger will catapult us to the top regional firm in the Northeast - we will be stronger, more diverse, and have even greater talent."
Parente Randolph and Beard Miller Company have grown on similar paths. Each firm has a solid foundation in local markets servicing small businesses, middle market and SEC registrant companies. The firms' existing service lines and industry specialties are complementary, thus enabling better and broader service to current and future clients. Although both firms share a similar footprint, there is little overlap in their markets, industry strengths and specialty consulting services.
Already the leader in central and eastern Pennsylvania, the new firm will be positioned as a significant practice in the New York City, New Jersey and Philadelphia markets. The firms' presence in key markets such as Maryland, Western Pennsylvania, upstate New York, and New Jersey will also be strengthened. These markets are imperative to the new firm's growth and development in the coming years. The new firm will be headquartered in Philadelphia, and management of the firm will be decentralised into eight regions. The new firm is committed to maintaining its local presences and serving and supporting local communities.
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