Chicago-based Baker Tilly Virchow Krause announced today that they are merging with Beers & Cutler, a firm based Vienna, VA.
This latest acquisition by BTVK — its twelfth this decade — is part of the firm’s “national expansion” and will add to its presence on the East Coast with the Vienna office acting as the hub in addition to its New York City location.
The Washington Business Journal reports that BTVK’s expansion goals include doubling its revenue to $400 million by 2012, which CEO Tim Christen calls ‘conservative.’
From the press release:
“When we look for merger partners, we focus on the quality of the people and the reputation of the firm. There are many synergies between Baker Tilly and Beers + Cutler, and we see Washington, DC as a critical market as we continue to develop the Baker Tilly brand in the U.S.,” said Tim Christen, CEO of Baker Tilly. “As independent members of Baker Tilly International, we have been colleagues for many years, and together, we believe in the power of the network and the value it brings to our clients around the world.”
Beers & Cutler had been expanding their practice rapidly over the past four years, increasing its number of employees from, 202 in 2005 to 319 in 2008. In 2009, B&C cut 55 employees — 17% of their total headcount — however, managing partner Ed Offterdinger insists they were not related to the merger:
“[These layoffs] were not at all a factor in the decision to merge,” said Ed Offterdinger, Beers & Cutlers’ managing partner. “We’re doing this from a position of strength.”
The downturn is easing, and the firm is seeing increased demand for its services, and “the merger will help accelerate that,” he said.
The Washington Business Journal does report that the merger will lead to an additional ten layoffs, but that the firm will be adding staff “in the near future.”
Our understanding is that Mr. Christen and Mr. Offterdinger are meeting with Beers & Cutler staff today and were not available for interviews or additional comment. If you work at either of these firms and have any additional details (especially if you were in the B&C “meeting”) on this story, get in touch with us.
Beers & Cutler to merge into Baker Tilly Virchow Krause [Washington Business Journal]