Reznick Group, a national provider of accounting, tax and business advisory services headquartered in Bethesda, Md., recently announced that Tidwell DeWitt, a Southeast-regional accounting and business consulting firm, will be integrated into its practice. A letter of intent has been signed, and the transaction is expected to close on our about Oct. 1.
Reznick Group says the combination of practices strengthens its presence in the southeastern United States by expanding the firm’s Atlanta office and establishing a new Alabama office. A total of about 50 new professionals, including seven Tidwell DeWitt principals, will be joining Reznick Group. Combined, Reznick Group will have 10 offices nationwide and about 1,450 professionals, including 100 principals. Reznick Group says its revenue was $188 million for the 12-month period ending May 31.
“We have previously identified the Southeast as a key area for our strategic growth,” says Kenneth E. Baggett, managing principal of Reznick Group. “Additionally, Tidwell DeWitt brings to Reznick Group a specialized national practice in SAS 70 auditing and Regulation AB compliance, the mortgage industry’s version of the Sarbanes-Oxley Act of 2002.
“With Birmingham emerging as a major metropolitan area and its close geographic proximity to Atlanta, this combination of practices comes at a particularly good time and makes for a particularly strong fit – as it allows us to expand not only to new, emerging markets, but it also drives our strategic growth in the major markets in which we already have a presence,” Baggett says.
J. Barry Tidwell, chief executive officer of Tidwell DeWitt, will serve as office managing principal for Reznick Group’s new Birmingham office. He will be focused on the continued growth of Reznick Group’s business in Birmingham and throughout the Southeast. Initially, the office will be staffed by Tidwell, two other Tidwell DeWitt principals and about 22 professionals who will be working closely with Reznick Group’s Atlanta office in day-to-day activities related to client delivery and business development. The Birmingham office is expected to grow to 50 professionals over the next year.
“We were attracted to this opportunity because of Reznick Group’s national leadership position and its depth and breadth of resources and remarkable talent,” Tidwell says. “Tidwell DeWitt and Reznick Group are both recognized as fast-growing firms, and we have had a strong relationship through our affiliation with IGAF Worldwide and have worked together recently on various client matters. We are so pleased to be joining such an outstanding firm.”
Four Tidwell DeWitt principals and about 20 professionals will be added to Reznick Group’s office – combined, it will be comprised of about 230 professionals, including 13 principals. Reznick Group’s Atlanta office is expected to grow to 275 people over the next year.
“This combination expands the capacity of Reznick Group’s Atlanta office,” says Timothy Kemper, managing principal of Reznick Group’s Atlanta office. “It will immediately enhance our network of contacts and base of clients, expand our reach in the construction industry and further diversify our capabilities to continue growing to new industries, including transportation, manufacturing and banking.”
In Georgia, Tidwell DeWitt’s three offices in Atlanta, Peachtree City and Newnan will be consolidated into the existing Reznick Group office in Atlanta, located at 2002 Summit Blvd., Suite 1000. It is the sixth-largest accounting firm in Atlanta, and the city’s fourth-fastest-growing firm, according to the Atlanta Business Chronicle.
In Alabama, Tidwell DeWitt’s Tuscaloosa office will be consolidated into its existing home office in Birmingham, located at 361 Summit Blvd., Suite 210. It then will serve as Reznick Group’s new Birmingham office.
“We are thrilled to be joining Reznick Group,” says A. Mitchell Poole Jr., Tidwell DeWitt’s chief operating officer. “This combination allows our professionals to pursue expanded opportunities for professional growth. And by combining skills sets and talents, it provides the potential to expand our service offerings by an order of magnitude while continuing to provide outstanding personalized service to our clients.”
Reznick Group says it continues to evaluate opportunities for expanding into other geographic regions, including the Northeast, Northwest and southern Florida.
