Top 30 accounting firm PKF O’Connor Davies said on Monday it has acquired Rainer & Co., a regional CPA firm with offices in Newtown Square and West Chester in Pennsylvania.
Financial terms of the deal weren’t disclosed. Rainer’s four shareholders and 25 staff members, led by Managing Shareholder Joe Fabrizio, will join New York-based PKF O’Connor Davies.
“Adding Rainer & Co. aligns with PKF O’Connor Davies’ overall growth strategy. We are continuing to thoughtfully expand our talented team in regions and practice areas that will allow us to best leverage our platform for our growing client base,” Kevin Keane, CEO of PKF O’Connor Davies, said in a statement on June 2.
Founded in 1954, Rainer provides a full range of accounting, tax, and business advisory services to commercial, individual, not-for-profit, and government clients.
“Joining forces with PKF O’Connor Davies not only represents a significant milestone in our firm’s history but it also broadens their growing regional presence,” Fabrizio said. “Our partnership will yield ongoing benefits for our clients, including access to PKF O’Connor Davies’ industry-leading resources, global network, and top-notch experts. I look forward to our continued work together.”
PKF O’Connor Davies is the lead North American representative in the PKF International global network of independent accounting and advisory firms.
PKF O’Connor Davies said last November it was getting an infusion of capital from Bahrain-based private equity group Investcorp and the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers.
Related article: PKF O’Connor Davies to Get Outside Capital From Investcorp, PSP Investments
The accounting firm said at the time that the injection of outside funding will “elevate its competitiveness and amplify long-term sustainability” and “provide flexibility for increased M&A activity, as well as investing in cutting-edge technology and new service lines.”
Ira Rosenbloom of Optimum Strategies served as strategic partner to PKF O’Connor Davies and Rainer in this transaction.
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