The height of tax season isn’t stopping a local accounting firm from striking deals.
PBMares, which moved its headquarters to Richmond in 2013 after a large merger, announced this week a deal to absorb Neuman & Associates, a small, specialty tax practice in Baltimore.
The combination, which was consummated Feb. 1, adds two new partners to PBMares’ 250-person roster and expands its presence in that section of Maryland, following an acquisition there last year of employee benefits practice TDMG.
Mary Aldrich, PBMares’ COO, said this latest deal brings into the fold a firm that handles the tax work of high net worth clients and helps it continue its plan to expand around the Mid-Atlantic.
“Our aim is to have our footprint as a Mid-Atlantic firm, so Maryland is an easy, natural progression for us,” Aldrich said.
With the addition of Neuman & Associates’ Ricka Neuman and Caroline Brocato, both of whom are now principals of PBMares, the firm has just under 30 employees in Baltimore. That market accounts for about 13 percent of the firm’s overall revenue, Aldrich said, which is expected to reach $38 million in 2016.
PBMares was formed through the 2013 merger of PBGH and WittMares. It has nine offices spread around Hampton Roads, Northern Virginia, the western part of Virginia and Maryland. Its Richmond office at 3957 Westerre Parkway serves as the firm’s headquarters and produces about 20 percent of the company’s overall revenue. It has 25 employees on the ground locally.
Aldrich said the firm isn’t finished with its strategy of expansion through merger and acquisition. It will continue to focus on Maryland and Virginia and has a particular eye on deals in Richmond, she said.