J.H. Cohn LLP
and Reznick Group, P.C.
, announced on May 22 their plans to combine. The merger means they will become the eleventh largest firm in the country, with more than 2,000 employees, twenty-five offices, and combined revenues of more than $450 million.
Pending final approvals, the merger is anticipated to take effect in September. Thomas Marino and Ken Baggett will be co-CEOs, according to Julie Rogers Murawski, director of marketing, J.H. Cohn.
"The combination of these two great organizations immediately elevates us to a preeminent position on the East Coast with offices from Boston to Atlanta, provides a significant expansion in California, and establishes a national footprint with additional offices in Texas and Chicago," said Thomas J. Marino, partner and CEO, J.H. Cohn.
Cohn added, "This combination of peers changes the landscape of the accounting industry by establishing a firm with an unprecedented concentration of industry experience in real estate and highly specialized, combined experience in areas such as renewable energy, hospitality, manufacturing and distribution, capital markets, government, construction, life sciences and technology, and valuations."
"The synergies and opportunities this combination of equals brings to our clients and staffs are nothing short of historic," said Ken Baggett, Reznick Group's managing principal and CEO. "J.H. Cohn has very diverse clients across a wide array of industries. When combined with Reznick Group's deep knowledge of the affordable housing and commercial real estate industries, as well as the tax credit arena, the result is a firm that is a powerful resource for clients across all of their accounting, tax, and consulting needs."
"Our clients will benefit from greater resources and bench strength and will know they have a firm with a broader geographic presence and the resources and relationships to assist them now and in the future," said Murawski. "This opportunity is all about strategic growth, not consolidation."
Marino noted that the professionals of each firm bring a shared commitment to highly personalized client service, deep technical and industry expertise, strategic insight, and dedication to their employees and communities. Each firm has enterprising employee cultures built around giving employees the freedom and resources to chart their own career paths focused on creating new opportunities for themselves – and for clients.
Both firms have recently garnered recognition by industry and business publications for their excellence and commitment to their people, women's initiatives, and as best places to work. In addition, both firms have recently received major awards for their community involvement and leadership in the cities in which they live and work.