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KSM Expands in New York with Acquisition of SGKK
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Subscribe04 NOV 2024 / M&A UPDATES
Indiana-based KSM has expanded its New York presence by acquiring CPA firm Shanholt Glassman Klein Kramer & Co. (SGKK) known for its deep expertise in real estate. This move enhances KSM's capabilities, particularly for servicing the real estate industry, and aligns with the firm's broader growth strategy to expand both regionally and in industry expertise.
Indianapolis-based firm KSM (Katz Sapper & Miller), with FY23 net revenue of $144.9 million, has significantly expanded its New York City presence by acquiring Shanholt Glassman Klein Kramer & Co. (SGKK), a well-regarded CPA firm known for its deep expertise in the real estate industry. This transaction, effective October 31, 2024, is KSM's second major acquisition of the year, following its earlier expansion into Ohio.
Strategic Acquisition Strengthens KSM's Real Estate Expertise:
Tim Cook, CEO and president of KSM, expressed enthusiasm about welcoming SGKK’s team, highlighting the acquisition’s strategic alignment with KSM’s growth objectives:
"We are excited to welcome the talented team at SGKK to KSM... SGKK’s deep industry expertise will significantly strengthen our capabilities in this important market."
SGKK, founded in 1931, is one of the 250 largest CPA firms in the U.S. It brings nearly 60 employees, including six partners, to KSM, enhancing the firm's New York office, which was originally established in 2012. The combined office will now comprise around 90 professionals. Sandy Klein, the former managing partner of SGKK, will continue to lead the office post-acquisition.
Expanding Service Offerings and Career Opportunities:
The acquisition positions KSM to offer a wider range of services to clients in New York and beyond, leveraging SGKK’s strong reputation in real estate and other sectors. Klein noted the benefits for SGKK's employees, stating that joining KSM would provide greater career growth opportunities and access to the resources of a larger firm:
"SGKK’s employees will also share in greater opportunities for career growth and all the resources that come with a larger firm."
KSM's Growth Strategy:
The deal is part of KSM’s broader growth strategy, which includes expanding both regionally and in industry expertise. Earlier in the year, KSM made a strategic move into Ohio with the acquisition of Cassady Schiller, a top 300 firm in Cincinnati. With this latest acquisition, KSM’s national footprint now includes offices in Indianapolis, Fort Wayne, Evansville, Oklahoma City, Cincinnati, and New York. The firm now employs more than 700 professionals across the U.S.
The addition of SGKK bolsters KSM’s capabilities, particularly in the real estate sector, and strengthens its ability to offer comprehensive services to clients across a range of industries.
Until next time…
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