20 AUG 2024 / M&A UPDATES

KROST CPAs Combines with EisnerAmper - Inside Public Accounting

- MYCPE ONE Insights Team

Summary

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New York-based accounting firm EisnerAmper is set to merge with Pasadena-based KROST CPAs, with the deal expected to close in September 2024. The merger is part of EisnerAmper's growth strategy and its aim to expand its presence in Los Angeles, while KROST sees the union as a chance to evolve its services and continue its growth trajectory.

EisnerAmper Announcement:

New York-based EisnerAmper (FY23 net revenue: $848.7 million) announces a merger with KROST CPAs, based in Pasadena, California (FY23 net revenue: $70.6 million).
The merger is expected to close in September 2024.

KROST Overview:

Founded in 1939.
Eight partners and more than 100 professionals across offices in Los Angeles, Woodland Hills, and Pasadena.
Full-service accounting, tax, and business consulting firm, specializing in sectors like hospitality, technology, financial services, manufacturing, real estate, sports, entertainment, and nonprofit organizations.
An IPA 100 firm with a strong reputation and award-winning services.

Leadership Comments:

Jason Melillo, KROST CEO:

Proud of KROST's 85-year history as a respected regional institution.
Excited to join the fastest-growing firm in the nation and enhance service offerings.

Paren Knadjian, KROST Principal for M&A and Capital Markets:

Emphasized the need for added expertise and capital to stay relevant and evolve services.
Believes EisnerAmper is the ideal partner for continued growth.

EisnerAmper’s Strategic Goals:

Jay Weinstein, EisnerAmper Vice Chair of Industries and Markets:

Stressed the importance of expanding presence in Los Angeles, the second-largest U.S. city.
Praised KROST for its 80+ years of excellence and welcomed them to the EisnerAmper family.

Recent Developments:

In July 2021, EisnerAmper received a strategic investment from TowerBrook Capital Partners, a private equity firm.

EisnerAmper has continued acquiring smaller firms as part of its growth strategy.

Until next time…

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KROST CPAs Combines with EisnerAmper - Inside Public Accounting

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