ParenteBeard confirms merger talks
ParenteBeard LLC Chairman and CEO Bob Ciaruffoli confirmed Friday the company is in merger talks with a Chicago-based accounting firm.
The leader of the Philadelphia-based firm, which ranked this year as the 24th-highest-grossing accounting firm in the country according to Accounting Today magazine, said the company is talking with Baker Tilly Virchow Krause LLP of Chicago on a possible merger.
“ParenteBeard continuously evaluates opportunities to grow the firm and provide additional value to our clients and opportunities for our people, as is common throughout the accounting industry,” Ciaruffoli said in an email Friday.
He did not comment on any possible effect on the company’s offices in Hanover, Lancaster or York, and he did not divulge a timeline on when a possible merger could happen.
David Capitano, ParenteBeard’s central region managing partner, did not return a message for comment. Capitano is in charge of the company’s local offices.
Baker Tilly Virchow Krause is ranked as the 17th-highest-grossing firm in the country. Together, the companies would become the 12th-highest-grossing firm, according to Accounting Today’s rankings.
The last year has been a whirlwind for ParenteBeard in Central Pennsylvania. The company lost almost 100 employees and 12 partners to Chicago-based rival BDO USA LLP last summer. Four of those partners opened a Harrisburg office, and ParenteBeard closed its office in the capital city.
Capitano was promoted to his post in September amid a rash of hires and promotions to replace the departed employees.
In February, the company bought Baltimore-based firm Invotex, which Capitano said at the time would boost efforts at the midstate offices.