M&A roundup: Anders and EGP strike deals


Details: Anders CPAs + Advisors, a top 100 firm based in St. Louis, has acquired Summit CPA Group, a virtual CFO firm based in Fort Wayne, Indiana.

As part of the deal, Summit co-founders Jody Grunden and Adam Hale and all 60 of their staff will join Anders, bringing the company’s total number of partners and employees to 335 with earnings approximately $60 million. Anders has 32 partners and 275 employees. The merger is expected to be finalized at the beginning of the second quarter of 2022.

Financial terms of the deal were not disclosed. Anders ranked No. 94 on accounting todayfrom the 2022 list of the Top 100 Companies, with $51.5 million in annual revenue in 2021, while Summit had $8.5 million in annual revenue.

Summit was founded in 2002 and has worked remotely in the accounting profession since 2013. Offering virtual CFO services, including cash flow management, business tax planning and financial forecasting, Summit has nearly doubled in size from size every three years since 2010 and has been recognized by Inc. 5000. Anders has also grown rapidly by adding consulting services, new industry lines, organically and through mergers.

“Adding this unique solution to Anders’ portfolio of services, including our current outsourced CFO offerings, is important to our vision for growth, and we have found a great fit with Summit,” the partner said. Anders’ manager, Robert Minkler, Jr., in a statement. Tuesday. “Given the current workforce environment, more and more clients are looking for deeper strategic insight and a higher level of value from their advisor. Summit’s proven track record of delivering high-value CFO services that translate to long-term growth will be a great asset to our business. »

Summit offers strategic consulting services to help CFOs make business decisions based on better financial data. The firm also offers 401(k) audits and recently launched a CPA firm augmentation program to provide other CPA firms with a business plan on how to perform virtual CFO services.

“We are thrilled to join Anders and be part of this forward-thinking and growing company,” Grunden said in a statement. “Summit is strongly committed to using technology to its fullest when serving its customers and Anders shares this vision. Anders and Summit will be able to combine their resources and provide a valuable solution. He currently chairs the Digital CPA Advisory Board and is board member of the Indiana CPA Society.

Growth Path Partners LLC CEO Anthony Zecca advised Anders on the transaction. He was instrumental in bringing Anders and Summit together, and he will continue to serve as an advisor as the merger solidifies. Zecca is a retired partner of CohnReznick and was the managing partner of the firm’s advisory group.


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