What's Happening?
Five accounting and advisory firms have merged under the Richey May brand to establish a national presence and aim for a top 50 ranking in the U.S. The merger includes Richey May from Englewood, Colorado; WSRP from Salt Lake City, Utah; Moss Krusick & Associates from Winter Park, Florida; Sobul Primes & Schenkel from Los Angeles; and The Doty Group from Tacoma, Washington. The combined firm will have over 600 employees and 50 partners. The merger was facilitated by private equity funding from F3 Partners, New York, and will operate in an alternative practice structure. Key leadership roles have been assigned, with Jason Yetter as CEO of RM Advisory and Dan Rinehart as president of advisory services.
Why It's Important?
This merger signifies a strategic consolidation in the accounting industry, potentially increasing competitiveness and service offerings. By forming a larger entity, the firms aim to leverage economies of scale and enhance their market position. The involvement of private equity funding highlights a trend towards alternative practice structures, which may influence future mergers and acquisitions in the sector. The merger could impact clients by providing a broader range of services and expertise, while employees may benefit from increased resources and career opportunities.
What's Next?
The newly formed entity, Richey May, is expected to continue expanding its national footprint and aims to rank among the top 25 accounting firms in the U.S. The firm will focus on integrating operations and aligning its service offerings to meet client needs. Stakeholders, including clients and employees, will likely monitor the firm's growth and adaptation to the new structure. The merger may prompt other firms to consider similar consolidations to remain competitive.
