McGladrey Expands Through Transaction With Fesnak, LLP in Philadelphia
Adds scale and new service offerings in key market
McGladrey LLP, the nation's leading provider of assurance, tax and consulting services focused on the middle market, announced today the signing of a definitive agreement to acquire substantially all the assets of Fesnak, LLP in Philadelphia.
Fesnak has been serving clients for more than 10 years with physical locations in Blue Bell, Pennsylvania and New York, New York. The firm is made up of eight partners and 90 client service professionals who will join McGladrey, including Bob Fesnak and Lisa McLemore who will assume roles on McGladrey's Philadelphia leadership team. They will join McGladrey's more than 250 people working in four area offices — Blue Bell, Philadelphia, and Harrisburg, Pennsylvania and Moorestown, New Jersey.
"McGladrey's vision is to be the first-choice advisor to middle market leaders," said Joe Adams, managing partner and CEO of McGladrey. "To achieve this, we need to have scale and highly relevant service offerings in the locations where middle market companies operate. We are pleased to join forces with Fesnak, LLP to increase our presence in Philadelphia. This firm is an outstanding strategic and cultural fit for McGladrey and will enhance our ability to serve clients in this key market."
"Fesnak has been tremendously successful and we are proud of the firm we have built," said Bob Fesnak, managing partner of Fesnak, LLP. "We are taking an important next step in our strategic growth plan by joining forces with McGladrey. We have done well in our niche for years and we believe that becoming a part of McGladrey will secure our future for the long term to benefit our clients and our employees. Culturally, our firms are very similar. We share a client-centric approach to doing business and we focus on building enduring, trusted relationships with our clients. Both firms also share a strong commitment to supporting the communities where our employees live and work."
This transaction is part of McGladrey's location strategy to grow its presence and enhance service offerings in existing markets, while also entering new strategic markets where middle market businesses operate. In December 2013, McGladrey joined forces with Margolis Phipps and Wright PC to establish a Houston office, and earlier this year, it enhanced its Ohio presence through a transaction with Battelle Rippe Kingston and added an office in Oklahoma City through a transaction with Cole + Reed.
"Our goal is to expand the number of McGladrey offices in the U.S.," said Jim Kadavy, national leader for mergers and acquisitions. "We are thrilled to have joined forces with so many outstanding firms in the last year, and we look forward to continuing to grow through mergers and acquisitions in the year ahead. The most important qualities in a firm for McGladrey are strategic and cultural fit, as well as having a presence in locations where we want to add scale, introduce new service offerings or establish a presence. We are seeking firms that share our client-centric focus, commitment to understanding client needs and aspirations, and longstanding reputation for client service excellence."
About Fesnak, LLP
Fesnak, LLP a leading accounting and business advisory firm with offices in Philadelphia and New York serves clients ranging from large, privately held, multi-generational companies to emerging growth businesses to multi-national public corporations. Many clients are among the Top 100 fastest-growing companies in the Philadelphia metropolitan area. Their mission is to provide high quality and sophisticated audit, accounting, outsourcing, tax, valuation, litigation support and transaction advisory services relevant to their clients' business needs, to enable them to achieve their business objectives.
Effective Oct. 26, 2015, McGladrey will unite with fellow members of our global network under the common brand name RSM. McGladrey LLP is the leading U.S. provider of assurance, tax and consulting services focused on the middle market, with 8,000 professionals and associates in 80 cities nationwide. A licensed CPA firm, McGladrey serves clients around the world through RSM International, a global network of independent accounting, tax and consulting firms. For more information, join our Facebook fan page at McGladrey News, follow us on Twitter @McGladrey, and connect with us on LinkedIn, and/or on YouTube.