Advisory
BDO Acquires CFO Advisors, LLC and MorganFranklin Consulting’s Public Sector Practice
The six partners and professional staff from CFO Advisors, LLC, will join BDO July 15. BDO has also acquired MorganFranklin Consulting’s public sector practice effective July 16.
Jun. 30, 2020
BDO USA, LLP, one of the nation’s leading accounting and advisory firms, has made two new acquisitions.
The six partners and professional staff from CFO Advisors, LLC, will join BDO July 15. The professional services firm provides outsourced Chief Financial Officer (“CFO”) and Chief Data Officer (“CDO”) services to multi-unit, restaurant and retail groups across the U.S.
“BDO USA eagerly welcomes the experienced partners and professionals from CFO Advisors, a trusted ally to retail and restaurant brands for over 25 years,” said Jay Duke, national managing partner for Advisory Services at BDO USA. “Their tailored financial advisory and data analytics services tell the stories behind financial statements and identify strategic solutions to help clients grow. With this combination, BDO USA and CFO Advisors will be the largest advisor of this kind, helping restaurants and retailers mitigate risk and focus on resiliency as they navigate the current economic climate.”
BDO has also acquired MorganFranklin Consulting’s public sector practice, based in Washington, D.C. The combination is subject to customary closing conditions and is expected to be completed on July 16. With this divestiture, MorganFranklin will now focus all energy and investment on expanding the company’s core commercial consulting business as Vaco’s global consulting platform.
“MorganFranklin Consulting’s strong relationships, distinguished reputation and proud service history in the public sector have made them the top choice for federal and state and local government agencies,” said Wayne Berson, CEO of BDO USA. “Their trusted public sector leadership team and demonstrated quality and consistency of work bolsters our practice and enhances our offerings for current and future clients in the D.C. market and beyond. We look forward to welcoming the talented professionals from MorganFranklin Consulting’s public sector practice to BDO.”
MorganFranklin’s public sector practice specifically works with a diverse portfolio of government agencies, including the Department of Defense, the US Army, the US Marine Corps, the Department of Veterans Affairs, the Department of Labor, and various civilian and defense agencies and commands, as well as several state and local government entities.
“BDO’s advanced accounting capabilities and investment in future-focused technologies will allow us to grow in new and dynamic ways,” said Frank Landefeld, managing director and public sector market lead at MorganFranklin Consulting. “Expanding our solution offerings via the depth and breadth of BDO adds immense value to our public sector portfolio. We know that joining BDO will not only propel our clients forward but will also provide significant career development opportunities and valuable support for our professionals.”
“As our public sector team prepares to transition to BDO, we are grateful for their client work as well their contributions to our strong culture, which aligns well with BDO’s dedication to helping people thrive,” said Chris Mann, MorganFranklin’s Managing Partner and CEO. “This divestiture helps MorganFranklin sharpen our focus on the continued expansion of our core commercial consulting business.”
With the recent addition of its cybersecurity practice and the acquisition of the Microsoft ERP practice from Kraft Enterprise Systems to an already diverse suite of services, MorganFranklin continues to pursue its vision to be a premier global finance, technology, and business services firm that solves complex transformational challenges for its clients.
Propelled by recent expansions this past January with Biegel Waller’s Investment Advisory Services and Tax Advisory Services, BDO’s targeted growth in the Greater D.C. area has maintained its momentum despite the economic slowdown. MorganFranklin’s public sector practice will be joining BDO offices in downtown Washington, D.C., McLean, Va., and more recently Potomac, Md., which opened in August 2019. In addition, this will expand BDO Public Sector’s practice to Huntsville, Alabama.