Top 20 accounting firm Marcum said on Monday that it has combined with Blue Bell, PA-based CPA firm McCarthy & Company, in a deal that closed on June 1. Terms of the deal were not disclosed.

Marcum gained approximately 70 partners and associates from McCarthy, whose existing offices in Blue Bell and Tinton Falls, NJ, have become Marcum’s newest regional locations.

The strategic combination bolsters Marcum’s construction practice in the Mid-Atlantic region, the firm said. The trade magazine Construction Executive ranked Marcum No. 6 in its list of the top 25 accounting firms with a construction practice for 2022.

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“McCarthy’s commitment to helping clients navigate complex business challenges aligns seamlessly with our vision at Marcum,” Marcum Chairman and CEO Jeffrey Weiner said in a press release. “They have cultivated an outstanding reputation within the construction industry and have unique insight into how to solve the most pressing difficulties clients encounter.”

Founded in 1967, McCarthy was a full-service tax and accounting firm serving the construction, real estate, healthcare, transportation, and logistics sectors. The firm was included on the Philadelphia Business Journal’s list of top accounting firms for the past four years and named one of the “Best Accounting Firms to Work For” by Accounting Today every year since 2019. Construction Executive has recognized the firm as a top 50 accounting firm.

According to Marcum, McCarthy’s clients will benefit from the merger, as they will receive expanded assurance, tax, and advisory services and comprehensive business and financial solutions spanning specialized areas like R&D tax credits, international tax, transaction advisory, and cyber and information security services, among others.

“Not only do our businesses align in terms of services and industry focus, but perhaps more importantly, there’s a deep-seated alignment in our firm cultures. Marcum and McCarthy are committed to fostering a work environment that emphasizes collaboration, innovation, and professional growth. Joining Marcum allows our team more opportunities to develop within a larger organization,” said Marty McCarthy, McCarthy & Company’s former managing partner who takes over as Marcum’s Mid-Atlantic construction practice leader and office managing partner of the Blue Bell and Tinton Falls offices.

Allan Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination, said the merger not only diversifies the capabilities of both firms but also boosts the professional expertise that clients can tap into.

“McCarthy’s exceptional reputation and specialization in key sectors complement Marcum’s vast network and capabilities,” he said. “I’m incredibly excited for what the future holds for the firm and its clients.”