Mid-Atlantic region sees merger of Beard Miller and Parente Randolph
by AccountingWEB on
ParenteBeard LLC has been created from the merger of two large Mid-Atlantic accounting firms - Parente Randolph and Beard Miller Company.
The new Philadelphia-based firm, officially formed on October 1, serves Pennsylvania, New Jersey, New York, Maryland, Delaware, and Texas. Combined revenue will be about $170 million, and the new firm has 170 partners and more than 1,100 team members in 27 offices.
Beard Miller and Parente Randolph have been ranked as 35th and 36th nationally, according to Accounting Today magazine.
Leadership will be shared, with Lamar Stoltzfus, the Beard Miller chairman and CEO, serving as chairman. Parente Randolph Chairman and CEO Robert J. Ciaruffoli will serve as CEO of the combined firm.
“While we will be a larger organization going forward, we are committed to staying true to what has made us successful – our experience, our close personal relationships, and our common commitment to exceptional client service,” Stoltzfus said when the intent to merge was announced in July. Ciaruffoli said: “This merger will catapult us to the top regional firm in the Northeast – we will be stronger, more diverse, and have even greater talent.”
Wade Becker, upstate New York regional managing partner of ParenteBeard, told the magazine, Oswego County Business: “It was of utmost importance to us in this process to ensure that there is continuity of existing service teams and that our regional team members remain the same. We have the same people in the field with the local management there to support them as always.”
Specialties of the combined firm are higher education, health care, banking, insurance, manufacturing, distribution and retail, construction, public utilities and employee benefit plans. The new firm also offers consulting services.