Back in June, we learned that Baker Tilly was in merger talks with ParenteBeard. Unlike certain accounting firms in merger talks that shall remain nameless, it seems at least on the Parente side there was nothing to hide. Who wouldn't want to be proud to be the 12th largest accounting firm in the country post-merger? NO SHAME.
Well, it's official. In the Baker Tilly press release (which humblebrags that the "combined firm further strengthens presence in Northest Corridor, bolsters industry and service specialization strategy"), we learn that the effective date for the merger is October 1, 2014. Well that was fast!
We also learn that the name of the combined firm is — wait for it — Baker Tilly Virchow Krause, LLP. MAN, how many thousands of marketing hours did it take to come up with the exact same name as before? Clearly, this is less merger and more acquisition, though it seems both firms make out OK on the deal per the press release:
“As independent members of Baker Tilly International, our two firms have worked collaboratively and successfully for many years and on many fronts,” said Baker Tilly Chairman and Chief Executive Officer Timothy L. Christen. “This merger is an opportunity for two successful, complementary firms to join forces and create even greater opportunities for our people while broadening our geographic footprint and deepening our industry and service specialization capabilities to better serve our clients as Valued Business Advisors.”
The combined firm will employ approximately 2,500 professionals across 29 cities in the U.S., with total annual revenue of $475 million – making Baker Tilly one of the 12 largest professional services firms in the country.
Just before the merger talk was made public, ParenteBeard canned 22 professionals, and several left the firm including a client service managing director and the firm's chief marketing officer.
Naturally, we're counting on you all to let us know if there is any additional fallout from this merger, but it seems unlikely. There's plenty of work to go around on both sides, and this merger seems more about growth and less about gutting an accounting firm to take the parts that you want while leaving everyone else to scavenge for whatever scraps are left (again, we shall not name names). That said, shit happens, so if you know of layoffs or even general discontent surrounding this happy union, do let us know.
