BDO USA acquires accounting and consulting firm Smith & Gesteland
Consulting and accounting giant BDO USA has acquired Wisconsin-based consulting firm Smith & Gesteland. The 85 person-strong firm will bring BDO’s total Wisconsin headcount to 185 employees.
Chicago-based BDO USA, one of the country’s largest accounting and consulting firms, announced that it has acquired boutique consultancy Smith & Gesteland. The acquired firm, founded in 1948 and based out of Madison Wis. suburb Middleton, provides accounting, tax, HR management, and IT services to mid-market businesses. S&G has particular expertise serving the construction, technology, manufacturing, non-profit, and real estate industries.
S&G’s 85 staff – including 15 partners – will join the 100 BDO professionals in Madison and Milwaukee, bringing the firm’s total headcount to 185 in Wisconsin.
“I look forward to welcoming all of the partners and professionals of Smith & Gesteland to BDO USA,” commented CEO Wayne Berson. “Our firm has demonstrated steady growth in the Madison market and this combination will greatly enhance our presence in both Madison and the greater Wisconsin market. S&G’s entrepreneurial culture is a natural fit with BDO. They bring significant resources to our existing industry strengths in real estate, nonprofit, manufacturing, construction and especially technology, where we will be the dominant firm in the market.”
BDO USA – which is part of BDO Global, the fifth-largest professional services network in the world – has performed strongly in recent years. From 2012 to 2017, BDO USA’s growth rate outpaced all other major US accounting firms and the firm’s revenues more than doubled from $618 million to $1.41 billion.
As such, the firm is eager to acquire talented, like-minded companies in order to grow further and keep up with demand for its services. With both organic and inorganic expansion, BDO USA has entered 24 new US cities and grown its size in 13 existing markets in the last five years. Currently, the firms has more than 60 offices across the US, and can leverage the resources of BDO Global – which boasts 73,000 employees in 1,500 offices across 162 countries.
When it came time expand its Madison footprint, BDO was attracted to S&G’s similar culture, strong leadership, and depth of talent. S&G had been voted the top CPA firm in Madison by In Business Magazine for 13 consecutive years, while also being recently named one of Madison Magazine’s Best Places to Work.
“In combining with BDO, we will form the leading firm serving middle market businesses in the Madison market, while providing both our clients and our people with additional opportunities for growth,” remarked S&G Managing Partner Bill Pellino. “Our clients will still receive the same close personal attention they have come to expect from our team, but now they will have access to a wider array of services, broader industry experience, and the full coverage of BDO's extensive global network. BDO has a team-oriented, collaborative culture, similar to our own. The firm’s reputation as a favorable workplace also fits well with our focus on our people, who will now have access to more training and many more opportunities to pursue career growth.”
