In the combination, which was completed Jan. 16, BDO USA gained 600 of MBAF’s employees. MBAF, which recently celebrated its 50th anniversary, was already the country’s largest Florida accounting and professional services firm. It also has a national and international reach with offices in India, Nevada, Colorado, Maryland and New York.
Tony Argiz, CEO and Chairman of MBAF, said in a release that the company’s “resources and geographic influence will bolster BDO’s presence in the region.” He is now South Florida Managing Partner at BDO.
“Our decision to join BDO comes from a position of strength to enhance service to our clients, provide opportunities for our people and continue our strong path of growth in Florida and beyond,” Argiz said.
For its part, professional services firm BDO is set to grow stronger with the merger, its eighth in FY21. In the release, the company says its growth is thanks to client service, innovation and a world-class workforce, which shows in recent numbers. Total revenue for FY20 was $1.8 billion, and the company believes it will go beyond $2 billion in FY21 “via continued focus on strategic combinations, new market opportunities, expanding its existing market presence and a concerted investment in firmwide innovation and new service offerings.”
“With BDO and MBAF combining, our respective strengths create an unmatched opportunity for two like-minded firms to become a sum much greater than their parts. Together, as the leading accounting and advisory firm in Florida, we will maintain our unparalleled dedication to client service and continue to champion the middle market across the country,” said Wayne Berson, CEO of BDO USA, in the release. “Like BDO, MBAF has remained committed to excellence, stability and longevity, all while leading with purpose. Today, we officially welcome MBAF’s outstanding leadership and staff as we anticipate what’s next in the year ahead and position ourselves for long-term resilience and unprecedented growth.”
Through the combination, MBAF affiliate WhiteOwl will become part of BDO Digital. Another affiliate, boutique nonprofit practice Fiscal Management Associates, LLC, is now BDO-FMA, LLC. According to the release, FMA “serves more than 400 nonprofit organizations … throughout the country, delivering capacity building initiatives that promote stable, long-term growth and financial resilience.”
Pictured above: Stuart Rosenberg, a partner at BDO; Tony Argiz; and Miguel Farra, South Florida Tax Managing Partner at BDO.