Tuesday October 6, 2009

Parente Randolph LLC and Beard Miller Company LLP Officially Merge

$175 million merger creates top CPA firm in mid Atlantic Region

    Two of the top-40 accounting and consulting firms in the United States—Parente Randolph LLC and Beard Miller Company LLP (bmc)—have merged to become ParenteBeard, LLC.

    The merger of these firms has created one of the top regional certified public accounting firms in the Mid Atlantic, with over 170 partners and more than 1,200 team members throughout Pennsylvania, New York, New Jersey, Maryland, Delaware and Texas.

    ParenteBeard, LLC was officially formed Oct. 1 following approval from the respective firms. The transaction is worth $175 million.

    Lamar Stoltzfus, formerly chairman and CEO of bmc, is chairman of the new firm.

    A new 13-member board of directors was created and is comprised of members of each firm’s partner group. Bob Ciaruffoli, former chairman and CEO of Parente Randolph, is now chief executive officer.

    “We selected the name ParenteBeard after considering the collective strengths and attributes of both firms and the significance of this combination,” said Ciaruffoli. “Our new name honors our histories, while positioning the union as one firm, ParenteBeard.”

    Parente Randolph and Beard Miller Company have experienced similar growth paths. Each firm has a solid foundation in local markets servicing small businesses, middle market and SEC registrant companies.

    ParenteBeard will have even deeper resources and broader areas of expertise to serve current and future clients, including more industry-specific expertise, specialized tax consulting and other business advisory resources.

    “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,” asserted ParenteBeard Upstate New York Regional Managing Partner Wade Becker. “We have the same people in the field with the local management there to support them as always.”

    “The creation of ParenteBeard allows the Syracuse office to continue serving existing clients, inclusive of financial institutions and the not-for-profit sector; however, it will also position us to serve healthcare, higher education, and the commercial middle markets,” Becker adds.

    Headquartered in Philadelphia atop One Liberty Place in Center City, the new firm will provide additional resources to meet the needs of new and existing clients. As an independent member of Baker Tilly International, ParenteBeard offers international reach through a network of exceptional regional accounting firms around the globe.

    “ParenteBeard has a proud history and an even brighter future as the top regional firm in the Mid Atlantic,” commented Stoltzfus. “I am confident that current and future clients will benefit from ParenteBeard’s client-centric approach, which is based on providing customized advice to help them reach their business and personal goals. This shared sense of client commitment is the foundation for the firm we have created together.”

    For more information, visit ParenteBeard at www.parentebeard.com.