CONSOLIDATORS STAY BUSY
It has been reported that HRB Business Services, a subsidiary of H&R Block, and McGladrey & Pullen, the nation's seventh largest accounting firm with annual revenues in the $300 million range, are engaged in merger discussions. McGladrey's home office is in Bloomington, Minn., and its strength is in the midwest region. According to the Public Accounting Report of top firms, McGladrey has approximately 300 SEC clients. In addition, it offers a number of technical resources and other services to approximately 80 firms through the McGladrey network. This significant acquisition would leapfrog HRB Business Services into the number one spot among consolidators.
In the meantime, Cornerstone Professional Advisors (CPA, for short), the roll-up firm under the leadership of former American Express Tax & Business Services president Robert Basten, seems to be close to actually commencing operations. It is reported to have a group of top 100 firms ready to affiliate. The largest firm is Reznick, Fedder & Silverman in Bethesda, Md., with net revenues around $35 million. According to Public Accounting Report, Urbach Kahn & Werlin in Albany, N.Y., was also among the firms that would form the Cornerstone group. *
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