BST merges with Vermont's Gallagher, Flynn to form $40M CPA firm
What's the deal? Latham-based accounting firm BST & Co.Dealroom has a profile for this one. Try Dealroom → has merged with South Burlington, Vermont's Gallagher, Flynn & Co. to form BST Gallagher FlynnDealroom has a profile for this one. Try Dealroom →. The combined firm has more than 230 employees across four offices and $40 million in annual revenue.
Who's running it? Jason Hamilton, previously of Gallagher, Flynn, is now managing partner of the combined firm. Ron Guzior, BST's former managing partner, becomes BST senior executive.
The rationale: Leaders described the deal as close to a merger of equals, citing aligned cultures and complementary practice areas. "By bringing our firms together, we are creating real value for our clients and new opportunities for our professionals," Guzior said in a statement.
Why now? The firms worked on the deal for the better part of a year, with cultural integration starting from the first interactions. "We pressure-tested it. We really tried to push at it," Hamilton said, adding they brought in organisational development specialists to study culture and behaviour.
What's next? Now less than a month into the merger, the firms are focused on integration. "We're investing time, money and effort all on building a team, all on building a new culture, that is focus number one," Guzior said.
The signal: The tie-up reflects continued consolidation among mid-sized regional CPA firms, as accounting practices combine to expand their geographic reach and pool resources for long-term growth.
Read more: finance.yahoo.com
Image credit: Ken Lund
