02 MAY 2025 / M&A UPDATES

CTM CPAs & Business Advisors Merges with Withum to Expand Midwest Presence and Franchise Expertise

- MYCPE ONE Insights Team

Princeton, N.J.-based Withum has announced that CTM CPAs & Business Advisors, headquartered in Lincolnshire, Illinois, has officially joined its practice effective May 1. With FY24 net revenue of $584.2 million, Withum continues to expand its national footprint and industry capabilities through strategic combinations. CTM brings a team of four partners and approximately 50 professionals, all of whom will remain at their current Lincolnshire location.

Steven Edelheit, managing partner of CTM, expressed enthusiasm about the merger, highlighting shared values and a commitment to client service: “We are very excited and eager to become part of the Withum team. Our client promise has always been to build long-term relationships through exceptional client service to help them reach their goals. It is for these reasons, among many others, that joining forces with Withum will offer our valued clients and dedicated staff more opportunities to thrive and achieve success.”

Pat Walsh, managing partner and CEO of Withum, emphasized the strategic nature of the union: “Uniting our firms allows us to expand our portfolio of franchise clients. CTM’s team will bring additional depth of service and expertise in this area. Their approach to client service, proven by a similar tenure in the profession, blends seamlessly with ours. Together, we share a people-first mentality with a vision of providing best-in-class solutions through a dynamic approach to problem-solving for our clients’ growth and success.”

The combination significantly strengthens Withum’s presence in the greater Chicago area and enhances its capabilities in the franchise and restaurant sectors, areas in which CTM has built a strong reputation.

Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the transaction, noted: “This is truly a spectacular combination for both firms. This gives Withum a strong foothold in the greater Chicago business and financial community and substantially expands its franchise and restaurant practice overnight. For CTM, it receives substantial resources, services, and technology to grow and help their clients, and will also accelerate the growth opportunities for their younger talent and future stars.”

Until next time…

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CTM CPAs & Business Advisors Merges with Withum to Expand Midwest Presence and Franchise Expertise

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