Top 50 accounting firm Cohen & Co., which announced in October that it was getting an infusion of private equity funding from Lovell Minnick Partners, has made its first deal since that investment, picking up Cleveland-based boutique CPA firm Tax and Wealth Management (TWM) Inc.
Financial terms of the deal weren’t disclosed. The transaction is expected to close in early January 2025.
All 15 TWM professionals are expected to join Cohen & Co. once the deal is complete, including founder and president Brian Gothot and two managing directors, Doug Shostek and George Gothot, who will become partners.
“We have known Brian and the work of his TWM team for many years and have tremendous respect for each other, our similar firm cultures and client service philosophies,” Chris Bellamy, CEO of Cleveland-based Cohen & Co., said in a statement. “This is a great strategic fit that will reinforce and build on our private client services specialized to family offices and high-net-worth individuals. TWM’s practice and next-generation leadership will be an integral part of our accelerated growth in these areas.”
Founded by Gothot through a spin-off of a global family office practice, TWM serves individuals and families with complex tax, estate, and financial needs. The firm focuses on custom tax and accounting advisory services to a concentrated group of clients, including family offices and ultra-high-net-worth individuals, as well as corporate executives working internationally.
“The move to join Cohen & Co. is right for us and serves as part of a longer-term succession plan for TWM,” Gothot said. “We’ve been extremely impressed with their leadership team and the firm’s strategic vision. We are excited to join the Cohen & Co. platform and make a meaningful impact together.”
This acquisition is Cohen & Co.’s third in the past 18 months. The firm added BBD’s Investment Management Group in Philadelphia and Szymkowiak & Associates CPAs in Buffalo, NY.
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