Firm Management
PBMares to Combine With BSB CPAs + Advisors in Virginia
The top 75 firm is expanding its presence in the Washington, D.C. metro area by merging in fellow Virginia-based firm BSB.
Oct. 22, 2024
Top 75 accounting firm PBMares is expanding its presence in the Washington, D.C. metro area by merging in BSB CPAs + Advisors, a top 400 tax and accounting firm based in Fairfax, VA, effective Jan. 1, 2025.
Financial terms of the deal weren’t disclosed. PBMares will add five partners for a combined firmwide roster of 60 partners, nearly 400 employees, and more than $90 million in annual revenue after the deal closes. Newport News, VA-based PBMares had FY 2023 revenue of $80.4 million, according to INSIDE Public Accounting.
The two Virginia firms said the combination was driven by their desire for sustainable growth and commonalities in culture, core values, and service offerings.
“This is a strategic combination for many reasons. From the very beginning, it’s been clear that BSB and PBMares share the same values and approach to client service. Culturally, it’s a great fit,” PBMares CEO and partner Harvey Johnson said in a statement. “And as our industry transforms and evolves, we both believe we can bring greater value and enhanced services to our clients by aligning services and sharing infrastructure.”
Founded in the early 1980s, BSB grew its local footprint and expertise in tax, financial accounting, and assurance services over the years via mergers with similarly sized, like-minded firms. Its focus on specialty practice areas, including outsourced accounting, employee benefit plans, construction and real estate, and government contracting, adds depth to PBMares’ existing services in these areas.
“For us, this combination represents a long-term succession plan for both firms, enhances our ability to offer clients innovative solutions to a wider range of needs, and adds more career paths for our people,” said BSB Managing Partner Debbie Harris. “PBMares shares the same services, industry niches, and market footprints—and then adds to it. This was an important consideration for BSB clients. The accounting profession is changing, and aligning with PBMares allows us to keep pace with those changes while expanding the value we can offer to our clients.”