Accounting News

BDO USA, LLP Combines with MBAF, Expanding National Footprint and Becoming the Largest Accounting and Advisory Firm in Florida

CHICAGO–(BUSINESS WIRE)–Jan 8, 2021–

BDO USA, LLP, one of the nation’s leading accounting and advisory firms, today announced the addition of 600 professionals from MBAF, a top-ranked national accounting and advisory firm that serves domestic and international clients across a broad range of industries and practices. The combination is subject to customary closing conditions and is expected to be completed on January 16, 2021.

“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. 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,” said Wayne Berson, CEO of BDO USA. “Like BDO, MBAF has remained committed to excellence, stability and longevity, all while leading with purpose. Today, we officially welcome MBAF’s outstanding leadership and staff as we anticipate what’s next in the year ahead and position ourselves for long-term resilience and unprecedented growth.”

With continued growth credited to a world-class workforce, exceptional client service and purposeful innovation, BDO reported a total revenue of $1.8 billion in FY20. BDO expects to surpass revenues of $2 billion in FY21 via continued focus on strategic combinations, new market opportunities, expanding its existing market presence and a concerted investment in firmwide innovation and new service offerings. MBAF is BDO’s eighth combination of FY21 and the tenth combination of calendar year 2020.

MBAF is the largest Florida-based accounting and professional services firm, and one of the largest Hispanic-owned businesses in the region. MBAF offers assurance, tax and accounting, advisory, technology consulting and private wealth management services to entrepreneurs and established companies ranging in size from start-up organizations to entities with multi-state and international operations. Founded in 1969, MBAF was named a 2020, 2019, 2018 and 2017 South Florida Business Journal Best Places to Work finalist and a 2020, 2018 and 2017 Accounting Today Best Accounting Firm to Work For. Additionally, Accounting Today named MBAF a Top 40 accounting and advisory firm, and INSIDE Public Accounting named them the Best of the Best firms in the country for the past 19 years consecutively.

“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,” said Tony Argiz, CEO and Chairman of MBAF. “Recently, as we celebrated MBAF’s 50 th anniversary, I reflected on the incredible success our firm has realized serving our clients by continually evolving with the dramatic shifts in our industry. 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.”

“Continuity for our clients and our people remains our top priority as we join forces with BDO. Our clients will still see the same names and faces they’ve come to trust over the years, only now with greater resources and capabilities available to all of our practice areas,” said Miguel G. Farra, Chairman of Tax and Accounting at MBAF. “Joining BDO creates new opportunities for our people, our clients and our communities. Combined we will offer clients a robust suite of services, an even greater national and international footprint, and access to industry expertise and resources.”

MBAF’s reach spans the breadth of the Florida market, with additional offices in New York, Maryland, Colorado, Nevada and India. MBAF’s foundational expertise lies in a diverse set of industries, including healthcare, financial services, nonprofit and foundations, automotive, sports and entertainment, real estate, and condominiums and associations. Empowering employees to be stewards of their communities, MBAF is the ninth-largest corporate philanthropist in South Florida, supporting more than 100 charitable organizations.

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. Bringing a strong brand and long-standing reputation for excellence, FMA will become BDO-FMA, LLC, upon the effective date, adding a complementary boutique nonprofit practice to BDO’s industry leading services and insights for the nonprofit sector. A premier management consulting firm for nonprofit leaders making critical business decisions, FMA serves more than 400 nonprofit organizations and the funders that support them throughout the country, delivering capacity building initiatives that promote stable, long-term growth and financial resilience.

“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,” said Allan D. 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.”

About BDO USA

BDO is the brand name for BDO USA, LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of skilled and committed professionals. The firm serves clients through more than 60 offices and over 700 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 88,000 people working out of over 1,600 offices across 167 countries.

BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. For more information please visit: www.bdo.com.

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SOURCE: BDO USA, LLP

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PUB: 01/08/2021 09:00 AM/DISC: 01/08/2021 09:00 AM

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