Top 25 accounting firm Withum is bringing aboard CTM CPAs & Business Advisors, a public accounting, tax, and business consulting firm headquartered in Lincolnshire, IL, effective May 1.
Financial terms of the deal weren’t disclosed. CTM’s four partners and approximately 50 team members have joined the Withum roster and will remain at their current office in Lincolnshire.
In addition to expanding Withum’s franchise practice, industry strengths resulting from the union include restaurants, professional services, real estate, construction, manufacturing and distribution, and not-for-profit, as well as core accounting, tax, and advisory services, the Princeton, NJ-based firm said in a media release.
“Uniting our firms grows our portfolio of franchise clients as CTM’s team brings additional depth of service and expertise in this area,” Pat Walsh, CEO and managing partner at Withum, said in a statement. “Their approach to client service, proven by a similar tenure in the profession, blends seamlessly with ours. Together, we share a people-first mentality with a vision of providing best-in-class solutions through a dynamic approach to problem-solving for our clients’ growth and success.”
Founded in 1973, CTM has established a strong foothold in quick-service restaurant franchisee accounting. The firm offers restaurant owners a full suite of services, including monthly financial statement preparation, payroll and bill pay solutions, tax preparation and tax planning, business valuations, and succession planning.
“We are very eager to become part of the Withum team. Our client promise has always been to build lasting relationships through exceptional client service to help them reach their goals,” said Steven Edelheit, managing partner of CTM. “Joining forces with Withum will offer our valued clients and dedicated staff more opportunities to thrive and achieve success under the Withum brand.”
Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination, said, “This is truly a spectacular combination for both firms. This gives Withum a strong foothold in the greater Chicago business and financial community and substantially expands their franchise and restaurant practice overnight. For CTM, it receives substantial resources, services, and technology to grow and help their clients and will also accelerate the growth opportunities for their younger talent and future stars.”
Established in 1974, Withum is a national public accounting firm providing advisory, tax, and audit services on a local-to-global scale. The firm is an independent member of HLB International, a global network of independent advisory and accounting firms.
This is Withum’s first M&A deal is more than a year when it merged in BBD, a Philadelphia-based boutique accounting, tax, and advisory firm, in April 2024.
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