Two top 100 CPA firms in the U.S. will be combining at the start of 2023, as Atlanta-based Aprio announced on Nov. 1 that it has struck a deal with Rockville, MD-based Aronson LLC.
Aronson’s 350 team members, including 42 partners, will join Aprio on Jan. 1, 2023, in what is Aprio’s largest transaction to date, and it will grow the Atlanta firm’s team to more than 1,400 professionals internationally. In addition, the transaction allows Aprio to have a physical office in the greater Washington, DC area.
“Aprio has had a fantastic working relationship as a referral partner to Aronson over the last decade which proves how well our 31 fundamentals and Aronson’s core values align,” Richard Kopelman, CEO and managing partner at Aprio, said in a written statement. “This year marks Aprio’s 70th anniversary and Aronson’s 60th anniversary—a historic year for both firms—and we’re thrilled to create and celebrate success with a likeminded firm as committed as Aprio is to being a top workplace and top CPA and advisory firm. Together, we will be creating exceptional experiences for our people and clients for the next 70 years and beyond.”
The merger will expand Aronson’s strengths in government contracting, nonprofit, and construction to Aprio’s existing markets, and Aronson clients will benefit from the variety of services Aprio provides, including cybersecurity, staffing, data and analytics, wealth management, and private client services, the firms said.
In addition, business owners and entrepreneurs in and around the District of Columbia will be able to tap into Aprio’s experience in providing real estate, technology, and manufacturing services to clients, the firm said.
“Both Aronson’s and Aprio’s missions are to invest in clients’ success by investing in our own, and this merger achieves just that, creating the complete client experience and expanding opportunities for our team,” said Aronson Managing Partner Larry Davis, who will join Aprio as a partner. “Through this strategic combination, Aronson gains scale and depth, while continuing to serve entrepreneur-led businesses.”
Aronson’s newly elected managing partner, Lexy Kessler, will join Aprio as Mid-Atlantic regional leader, the firms said.
The combined firm is expected to have more than $325 million in total revenue. Aprio is the 35th largest firm in the U.S. by revenue and brought in $170.8 million during its most recent fiscal year, according to INSIDE Public Accounting. Aronson is No. 72 by revenue and raked in $70.3 million during its latest fiscal year.
Aprio has completed more than 16 mergers and acquisitions in the last five years, including Henderson & Godbee, Leaf Saltzman, RINA, and Ladd Robbins in 2022.