Top 50 accounting firm HBK (Hill, Barth & King) has made its initial foray into the state of Maryland by acquiring McLean, Koehler, Sparks & Hammond (MKS&H), an accounting firm with offices in Timonium and Frederick, effective Dec. 1.
Financial terms of the deal weren’t disclosed. The combination adds approximately 30 professionals to the HBK team and establishes the Canfield, OH-based firm’s first offices in Maryland.
HBK said the acquisition of MKS&H advances several key objectives of its strategic plan, including strategic growth, geographic expansion into new markets, and enhanced industry expertise.
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“This combination represents an important step forward in our strategic growth initiative and marks HBK’s entry into the Maryland market,” Thomas Angelo, managing principal and CEO at HBK, said in a statement on Monday. “MKS&H shares our commitment to serving clients with integrity and expertise. Their strong reputation in Maryland and specialized industry knowledge will enhance our ability to serve clients across a broader geographic area and bring additional depth to our service offerings.”
Founded more than 80 years ago, MKS&H has built a reputation for delivering comprehensive accounting, tax, audit, and business consulting services to middle-market clients. The firm brings specialized expertise in construction, real estate, manufacturing and distribution, nonprofit services, international tax and accounting, and deathcare—a new industry vertical for HBK.
Under the leadership of Managing Partner Kathleen Davis, Audit Principal Wayne Baldwin Jr., Tax Principal Jennifer Milas, and Audit Principal Barbara Walker, both MKS&H offices will continue to operate under the HBK brand, providing continuity of service to existing clients while establishing HBK’s presence in the Baltimore and Frederick markets.
“We are excited to join HBK and provide our clients with access to expanded resources and capabilities,” Davis said. “HBK’s values and approach to client service mirror our own, and this partnership allows us to continue serving our clients with the same dedication they expect while offering enhanced expertise and support.”
Ira Rosenbloom of Optimum Strategies advised both firms on the transaction.
HBK’s last M&A deal was in late October when it acquired KHS, a Paramus, NJ-based boutique accounting firm.
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