Firm Management
Eide Bailly Acquires Nevada Firm of Kafoury Armstrong
Dec. 05, 2014
The accounting firm network of Eide Bailly LLP has acquired the Nevada firm of Kafoury, Armstrong & Co., effective Dec. 15, 2014. Kafoury Armstrong brings 10 partners and 56 staff members to Eide Bailly, one of the top 25 CPA firms in the nation, giving the firm a total of 28 offices in 12 states and raising its professional count to 1,547, which includes 225 partners.
In November, Eide Bailly made its debut into the state of Nevada with the addition of Muckel Anderson in Reno. Also headquartered in Reno, Kafoury Armstrong adds three additional offices in Fallon, Elko and Las Vegas.
“Kafoury Armstrong ties nicely into our plan to expand into the western region of the United States, and gives us the opportunity to strengthen our presence in Nevada,” Dave Stende, managing partner/CEO of Eide Bailly said. According to Stende, clients appreciate Eide Bailly’s small firm/large firm approach to service. “We have a personal, respectful approach to service and, at the same time, we offer ‘big four’ business solutions for our clients. As the first regional firm in Nevada, we are a new alternative for clients in Nevada and the surrounding regions.”
According to Allan Koltin, CEO of Koltin Consulting Group who advised both firms on the deal, Eide Bailly continues to attract high performing firms that are looking for a bigger platform and service offerings for their clients. “Eide Bailly is part of a select group of national firms that have the entrepreneurial culture to attract successful firms like Kafoury Armstrong,” he said. “They had numerous national firms interested in them, but chose Eide Bailly for its outstanding leadership, commitment to service excellence, and the great growth opportunities for its people.”
Koltin added, “Most mergers of this size take many months (and sometimes years) to come to terms, but in this one a natural bonding occurred during the first meeting, which gave negotiations tremendous momentum.”
Todd Ferguson, CEO and shareholder of Kafoury Armstrong, will be Eide Bailly’s tax department head in Nevada. “Joining Eide Bailly comes at an opportune time, as Nevada is on the rebound,” Ferguson explained. “Being a part of Eide Bailly gives us the ability to help our clients with immediate and long-term business needs, such as business valuations, cost segregation studies and technology services. We want to help our clients reach the next level in their business, and this positions us to do that. I am very excited to join a firm that has a similar culture and service philosophy to Kafoury Armstrong.”
Butch Anderson, former managing partner of Muckel Anderson, will serve as the partner-in-charge for the firm’s Nevada practice. “Muckel Anderson and Kafoury Armstrong have been friendly competitors for years, and now we look forward to joining forces under the Eide Bailly name,” Anderson said. “With our strong presence in Nevada and the resources of Eide Bailly behind us, there are more opportunities for not only our clients, but for our staff as well. Staff will have more training opportunities, the ability to take their career to the next level and the satisfaction of helping clients grow their businesses. It’s an exciting time!”