03 MAY 2024 / M&A UPDATES

Eide Bailly Merges with Apple Growth Partners, Expanding Presence in the Great Lakes Region

- MYCPE ONE Insights Team

Summary

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Advisory, assurance, and tax firm Eide Bailly LLP is set to merge with CPA and business management entity Apple Growth Partners (AGP). The merger, effective from June 24, 2024, marks a significant increase in Eide Bailly's operations in Ohio and the broader Great Lakes area, aligning the company's growth objectives with enhanced service offerings in the region.

Eide Bailly LLP, a leading advisory, assurance, and tax firm, has announced its merger with Apple Growth Partners (AGP), a CPA and business management firm with locations across the Great Lakes region. The merger is set to take effect on June 24, 2024, marking a significant expansion of Eide Bailly's footprint into Ohio and the broader Great Lakes area.

About Apple Growth Partners

Founded in 1943, Apple Growth Partners offers a comprehensive range of accounting and advisory services, including tax planning and compliance, audit and assurance, business valuation, litigation consulting, employee stock ownership plans, fraud prevention and detection, family office services for high-net-worth individuals, and transaction advisory. The firm also provides expertise in various industries such as employee benefit plans, bookkeeping, auto dealerships, manufacturing, construction and real estate, car washes, restaurants, and not-for-profits.

Strategic Implications

The merger will bring 24 partners and 125 staff members into Eide Bailly, expanding the firm's presence with offices in Akron, Cleveland, and Canton, Ohio; Schaumburg, Illinois; and Charlotte, North Carolina. This expansion represents Eide Bailly's first office east of the Mississippi River and is the second-largest acquisition in the firm's history.

Leadership Perspectives

Chuck Mullen, Chairman of Apple Growth Partners, expressed enthusiasm about the merger, stating, "Our goals have not changed, but the world has. Staying a regional firm would not allow us to remain competitive, and our employees and clients deserve the best. Joining forces with Eide Bailly was an easy decision because we share the same values, especially in how we take care of each other and our clients."

Jeremy Hauk, Managing Partner/CEO of Eide Bailly, added, "AGP has a strong workplace culture and a commitment to authenticity, exceptional service, and taking care of each other. It was evident from our initial meeting with the AGP leadership that they would be a great addition."

This merger underscores Eide Bailly's commitment to growth and enhancing its service offerings across the United States, particularly in the Great Lakes region.

Until next time…

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Eide Bailly Merges with Apple Growth Partners, Expanding Presence in the Great Lakes Region

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