BKD LLP, the 12th largest accounting firm in the U.S., with total revenue of $258 million, according to Accounting Today, announced Wednesday that it had acquired Lisle Compton Cole & Almen LLP in Oklahoma City and Gaither Rutherford & Co. LLP in Evansville, Ohio. The two acquisitions will bring $10 million in additional revenue to the firm. Earlier this month, BKD acquired Grant Thornton LLP’s Colorado Springs Office, the Wichita Business Journal reported.
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Reflecting a national trend toward greater concentration of resources, KPMG announced that it would close its office in Wichita, Kansas, on June 30th, the Wichita Business Journal reports separately. KPMG was Wichita’s only Big Four accounting firm.
The six employees in Wichita have been offered jobs in other KPMG offices, KPMG spokesman Tom Fitzgerald said. “We believe the additional professional resources available in KPMG’s Kansas City office will allow us to more efficiently provide high quality audit, tax and advisory services to Wichita clients,” he added.
BKD, with headquarters in Springfield, Missouri, operates 27 offices in 11 states, offering audit, tax and other services to individuals, closely held businesses and publicly traded businesses, as well as not-for-profit and government entities, the Firm says on its Web site. Founded in Wichita 75 years ago, BKD has grown steadily over the years, opening offices in Missouri, Texas, Arkansas and Colorado, as well as other Midwest and mountain states. It opened its office in Colorado Springs in 1993.
The Lisle Compton acquisition will bring BKD’s total employment in Oklahoma to 100 and the Gaither Rutherford deal will bring its employment in southern Indiana and Kentucky to 150. Total revenue for the Indiana, Kentucky region will increase to $25 million, the Wichita Business Journal says.
BKD has been operating in Tulsa, Oklahoma, since 1981 and the Lisle Compton acquisition in Oklahoma City should help their Wichita office gain business, Bill Pickert, managing partner of BKD’s Wichita office told the Journal. “It strengthens our presence throughout Oklahoma and, frankly, south central Kansas.”
KPMG was ranked 17th in size in the most recent the Business Journal list of Certified Public Accounting Firms, compared to nine years ago when it ranked fifth. Pickert said he does not see the closing as offering much opportunity to BKD, the Journal reports and Gary Gibbs, executive vice president of Allen, Gibbs & Houlik agreed. “There may be a few clients that don’t want to be served by Kansas City and that may represent an opportunity for AGH, but they were such a small presence in the community anyway,” he told the Business Journal.