Top 50 accounting firm HBK (Hill, Barth & King) is expanding in New Jersey by acquiring KHS, a Paramus, NJ-based boutique accounting firm, in a deal expected to close at the end of October.
Financial terms of the deal weren’t disclosed. The move will establish HBK’s newest office in northern New Jersey. The Boca Raton, FL-based accounting firm also has offices in Holmdel and Cherry Hill in the Garden State.
In addition, KHS owners Dina Schwartz and Marc Harbus will join HBK as principals. Schwartz will lead operations at the Paramus location, while Harbus will divide his time between HBK’s offices in Boca Raton and Paramus. HBK said all seven KHS employees will join the combined firm.
According to HBK, the acquisition adds specialized expertise in real estate, amusement and recreation, high-net-worth individuals, and family offices. KHS’s client portfolio includes concentrations in real estate, summer camps, high-net-worth individuals, and fiduciary services.
“KHS has carved out a unique position in the market by providing Big Four-level expertise with the personal attention and responsiveness that high-net-worth clients and their families value,” Thomas Angelo, CEO and managing principal of HBK, said in a statement. “Their track record of attracting clients who previously worked with larger firms speaks to the quality of their service model. This is exactly the type of specialized capability we want to bring into HBK.”
“We’ve built our practice on the principle that high-net-worth individuals and complex clients deserve both technical excellence and personal attention,” Harbus added. “Joining HBK allows us to enhance our service offerings while maintaining the boutique approach our clients expect.”
HBK said the addition of KHS supports its strategic initiatives, focusing on proactive growth through strategic acquisitions, geographic expansion, and enhanced service delivery capabilities.
Earlier this year, HBK acquired Acuity Human Resources, a Cranberry Township, PA-based provider of human resources consulting services.
An independent member of BDO Alliance USA, HBK has offices in Pennsylvania, Ohio, New Jersey, New York, and Florida.
The firm reported revenue of $175.5 million during its most recent fiscal year, according to INSIDE Public Accounting.
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