BKD CPAs & Advisors on May 5 announced it has entered into an agreement with Grant Thornton to acquire a portion of the company’s municipal government audit practice, mostly in Texas and Oklahoma. BKD also will acquire a small number of not-for-profit, commercial and benefit plan clients in the transaction, the company said in a news release.
The company said the agreement is the culmination of six months of discussions.
As part of this transaction, three new partners will join BKD. Ben Kohnle joined BKD’s Dallas office effective April 1, with the primary goal of managing the transition of client relationships to BKD.
The firm expects that most clients will have moved to BKD by August 2020. As a result, new BKD revenues are expected to range from $3 million to $3.5 million in fiscal year 2021.
The additional partners joining BKD this year on a full-time basis are Angie Dunlap, joining BKD’s Houston office on June 15, and Dan Barron, joining BKD’s Dallas office on August 15. In the meantime, Dunlap and Barron will remain with Grant Thornton to facilitate the wrap-up of their in-process audit engagements.
“We’re excited about the clients that Ben, Dan and Angie will bring to BKD, and we also see tremendous promise in their abilities to help us grow our public sector practice, especially with large cities and public universities. The South Region’s public sector and [not for profit] practice has grown nearly 14 percent in FY 2020 so far and adding this new talent will help us maintain our momentum into 2021 and beyond,” said BKD CEO Ted Dickman.
BKD’s South Region public sector and not for profit practice is one of the firm’s fastest-growing niches, the news release said.
The South Region has led the development of BKD’s Nonprofit Advisory Services practice and has seen tremendous success in adding city governments, public and private universities and a wide range of not for profit clients over the last five years.
BKD CPAs & Advisors has 3,000 professionals in all 50 states and internationally.