The new global accounting network Forvis Mazars became official on June 1, after the two firms agreed to a partnership last November.
The two firms will have combined revenues of approximately $5 billion, making Forvis Mazars a top 10 global network of accounting firms along with the likes of the Big Four (Deloitte, PwC, EY, and KPMG), BDO, Grant Thornton, RSM, and Crowe.
The network is comprised of Forvis Mazars LLP, the U.S. firm that will be led by Tom Watson, the CEO of Forvis and the former CEO of BKD, the accounting firm that combined with fellow top 20 firm Dixon Hughes Goodman (DHG) in February 2022 to form Forvis. The other firm in the network is Forvis Mazars Group SC, which will operate internationally and be led by Hervé Hélias, the chairman and CEO of Mazars Group for the past several years.
In addition, Hélias will serve as the first chair of the Global Network Board, which will govern the new entity. Joining him on the board are Watson and Matt Snow, chairman of Forvis Mazars LLP and the former CEO of DHG, who will serve as vice chair. Other members of the Global Network Board are:
- Rob Pruitt (Forvis Mazars LLP)
- Fran Randall (Forvis Mazars LLP)
- Tim York (Forvis Mazars LLP)
- David Chaudat (Forvis Mazars Group SC)
- Pascal Jauffret (Forvis Mazars Group SC)
- Véronique Ryckaert (Forvis Mazars Group SC)
- Phil Verity (Forvis Mazars Group SC)
The Wall Street Journal reported on June 2 that in the U.S., Mazars’ roughly 1,000-person workforce, including 100 partners, joined Forvis under the terms of the deal. The combined firms now have about 7,700 people, including nearly 660 partners, in the U.S. Before the deal, Forvis had 6,700 people, including 584 partners, all in the U.S. Twenty-six of the firms’ partners retired as of the deal’s closing. The global network will total more than 40,000 people.
While Mazars is a well-known brand internationally, especially in Europe, Forvis only had two offices outside of the U.S.—one in Toronto and the other in London. The alliance allows Forvis to expand its global presence, while Mazars gains a stronger foothold in the U.S.
The firms’ executives agreed to an acquisition in the U.S. because they both operated there, and they agreed they would only maintain one operation in each country in which they were located, according to the WSJ.
Forvis and Mazars were very familiar with one another, which made sense for this type of deal. Forvis has been a member of the Mazars North America Alliance, which was formed in 2019. In addition, Forvis and Mazars are both members of the Praxity Global Alliance, an association of independent professional services firms.
“This is a momentous and exciting time for our clients, our profession and our people. Mazars and Forvis have worked together for over 20 years and share a commitment to delivering an outstanding client experience,” Hélias said in a statement. “We are well-positioned to deliver excellence, everywhere, under a single global brand. Clients will get consistent, high-quality, comprehensive services worldwide, and we remain agile and flexible to their specific needs. I am extremely proud to serve as first chair of the Global Network Board. Working together, I am confident that our two firms will continue to empower our people to raise the bar for client service standards, while challenging industry opportunities to support future needs in local markets.”
Watson added, “Forvis Mazars is built on our commitment to listen to our clients, anticipate the challenges they face, and deliver an unmatched client experience in all that we do. This new network will quickly unlock new opportunities for our clients and our people, and both groups can feel confident that we are making decisions with their long-term success in mind.”
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