BDO USA expands Florida presence with MBAF acquisition
BDO USA, a national mid-market accounting and consulting firm, has acquired MBAF, the largest Florida-based accounting and consulting firm.
Founded in 1969 and headquartered in Miami, MBAF provides assurance, tax and accounting, advisory, technology consulting, and wealth management services to entrepreneurs and businesses in Florida and across the country. The company works with clients in a diverse range of industries, including financial services, healthcare, automotive, sports and entertainment, and nonprofit.
MBAF has 600 professionals across seven Florida offices, as well as additional locations in New York, Maryland, Colorado, Nevada, and India.
MBAF ranked 36th on Accounting Today’s Top 100 Firms 2020, with annual revenue of $140.5 million.
BDO USA’s acquisition of MBAF will make it the largest and accounting and advisory firm in Florida, according to a release from the Chicago-based company. The firm, which has more than 7,000 employees in over 60 US offices, has Florida locations in Miami, Orlando, Tampa, Ft. Lauderdale, Jacksonville, and West Palm Beach. The transaction will significantly strengthen BDO’s Miami office, which has approximately 200 employees.
“Together, as the leading accounting and advisory firm in Florida, we will maintain our unparalleled dedication to client service and continue to champion the middle market across the country,” said Wayne Berson, CEO of BDO USA.
Tony Argiz, CEO and chairman of MBAF, added, “As a Florida market leader, MBAF’s talent, resources, and geographic influence will bolster BDO’s presence in the region, and our like-minded approach to philanthropy will allow us to continue to make an impact in the communities we serve.”
BDO was the seventh ranked firm on Accounting Today’s 2020 list, with revenue of $1.64 billion. The firm reported revenue of $1.8 billion in FY20, and expects to breach $2 billion in FY21 on the back of mergers, expansion in new and existing markets, and new service offerings.
“Our clients will still see the same names and faces they’ve come to trust over the years, only now with greater resources and capabilities available to all of our practice areas,” said Miguel G. Farra, chairman of tax and accounting at MBAF.
The deal, which was BDO’s tenth acquisition in calendar year 2020, is expected to close later this month. Koltin Consulting Group advised both firms on the transaction.
BDO in summer 2020 acquired the public sector practice of MorganFranklin Consulting, a DC-based management consultancy, and Piercy Bowler Taylor & Kern (PBTK), a Las Vegas-based accounting and consulting firm.
