Atlanta-based Top 100 Firm Aprio LLP has combined with North Carolina CPA firm LBA Haynes Strand LLC.
A full-service accounting firm, LBA Haynes Strand has nearly 70 employees in five offices across the state, in Charlotte, Greensboro, Mt. Airy, Winston-Salem and Asheboro. All the firm’s employees will join Aprio, including 13 partners, and CEO John Bly will serve as Aprio’s regional managing partner of the Carolinas.
Financial terms of the deal were not disclosed. Aprio ranked No. 53 on Accounting Today’s 2019 list of the Top 100 Firms, with revenues of $96 million, 61 partners and over 450 employees, while LBA Haynes Strand reported $12 million in net revenue.
“The addition of the LBA Haynes Strand team expands Aprio’s technical depth and expertise which will enable us to better help our clients navigate complex business challenges and achieve their growth and profitability goals,” said Aprio CEO and managing partner Richard Kopelman (pictured), in a statement. “For more than 30 years, LBA Haynes Stand has served as a trusted advisor to businesses across North Carolina and we’re excited to welcome the LBA Haynes Strand team to Aprio.”
In particular, Aprio noted that the deal would allow the combined firms to scale LBA Haynes Strand’s enterprise risk management, capital advisory and dental practice services.
“In today’s business environment, our clients have a need for more sophisticated and specialized tax and consulting services,” Bly said in a statement. “By joining Aprio, we gain access to more service offerings and resources that will benefit both clients and team members.”
Capstone Search Solutions advised both firms on the transaction. “There are tremendous synergies between Aprio and LBA Haynes Strand,” said Capstone president Jeff Kapelus, in a statement. “Aprio and LBA Haynes Strand each share strong leadership, people-centric cultures, a focus on innovation, and a passion for client service and responsiveness that will undoubtedly make this combination a success for team members and clients alike.”
Aprio has merged in seven firms over the past several years, most recently outsourced accounting firm Administrivia in October, and Magoon, Freeman, Spain Jones and HPC in 2018. 