M&A roundup: Withum buys PI agency

Withum's building in Princeton, N.J.

Details: WithumSmith+Brown PC, a Top 25 Firm based in Princeton, New Jersey, has added the Doyle Carden Group LLC, a New York-based private investigative firm that’s licensed in New Jersey.

Doyle Carden specializes in anti-money-laundering investigations and helping with litigation services. It will be teaming up with Withum’s cyber and information security services.

Financial terms of the deal were not disclosed. Withum ranked No. 24 on Accounting Today’s 2020 list of the Top 100 Firm, with annual revenue last year of $275 million and 1,200 team members, including 135 partners. As part of the deal, four principals from the Doyle Carden Group, including co-founder Geoffrey Doyle, will be joining Withum. They will move from their current offices to Withum’s offices in Whippany and Red Bank, New Jersey, and New York City.

“We are thrilled to form a strategic union with Withum,” said Doyle in a statement Friday. “The combined resources of our two great firms will bring a depth and breadth of experience and expertise to assist law firms, corporations, domestic and international financial institutions, and top-tier consulting firms with litigation consulting services, forensic and fraud services, bankruptcy, and business valuation services, in addition to our long-established anti-money laundering and compliance and remediation services. It’s very exciting.”

The deal will expand Withum’s anti-money-laundering services. “Doyle Carden Group’s anti-money laundering and investigative services teams have addressed money laundering, terrorist financing, and complex litigation matters for clients around the world for more than a decade,” said Thomas Hoberman, Withum’s forensic and valuation services practice leader, in a statement. “Their experience will broaden our current AML practice, which is led by Peter Kim.”

Last January, Withum expanded to California by merging in KSJG, a firm in Irvine. In 2019, it expanded in the Boston area by merging in the firm of Rucci, Bardaro Falzone in Woburn, Massachusetts.