Reznick Group, P.C., and J.H. Cohn, LLP, announced plans to merge to become the 11th largest accounting and consulting firm in the nation with combined revenues of more than $450 million, more than 2,000 employees, and 25 offices.
Principals at both firms have agreed to the terms. Pending final approvals, the merger is expected to take effect in September.
Reznick Group is known for its work in the commercial real estate and affordable housing industries, with expertise in low-income housing tax credits and Department of Housing and Urban Development programs.
Affordable housing will still be the No. 1 practice for the combined company, according to Kenneth Baggett, managing principal and CEO of Reznick.
J.H. Cohn, which has a significant presence in New York, New Jersey, and Connecticut, will expand Reznick’s reach in that region as well as provide increased access to the private capital market, Baggett told Affordable Housing Finance. The merger also doubles Reznick’s presence in California.
“We will have even greater resources,” Baggett said, noting that the firm will be able to do more lobbying and outreach on behalf of the industry.
The name of the new firm has not been disclosed, but it is expected to have a combination of the two names.
Individually, the firms are two of the Top 20-ranked accounting companies in the country.
“The combination of these two great organizations immediately elevates us to a preeminent position on the East Coast with offices from Boston to Atlanta, provides a significant expansion in California, and establishes a national footprint with additional offices in Texas and Chicago,” said Thomas J. Marino, partner and CEO of J.H. Cohn, in a statement. "This combination of peers changes the landscape of the accounting industry by establishing a firm with an unprecedented concentration of industry experience in real estate, and highly specialized, combined experience in areas such as renewable energy, hospitality, manufacturing and distribution, capital markets, government, construction, life sciences and technology, and valuations."
David Reznick, co-founder and chairman of Reznick Group, was inducted into Affordable Housing Finance magazine’s Affordable Housing Hall of Fame in 2010.