ParenteBeard adds out-of-state regional office in acquisition
ParenteBeard's acquisition of a smaller accounting firm will grow the its footprint in the region, according to the company.
The company's acquisition of Baltimore-based Invotex will create a new ParenteBeard office in the city, and that new office will come under the management of the company's Central Pennsylvania region, according to David Capitano, ParenteBeard Central Region managing partner.
Until now, all five of ParenteBeard's offices in its central region had been in Pennsylvania, and three of them were local in Hanover, Lancaster and York.
"It's going to have a very positive effect for us," Capitano said. "It's going to really help our York and Lancaster operations, and it will play a critical role in us being able to expand our market reach into the Baltimore area."
The company made the acquisition announcement Monday and said four partners and 22 other Invotex employees will be making the move to ParenteBeard.
Invotex did not have any midstate branches. The company adds to ParenteBeard's insurance consulting practice and its forensic, litigation and valuation consulting services by bringing bankruptcy and liquidation specialties, according to a news release announcing the acquisition.
That's also critical in ParenteBeard's future in the region, Capitano said, in the types of services ParenteBeard can offer.
"It really connects the dots for us," he said.