This will be BDO's eighth M&A transaction in the last year. The Top 10 Firm's revenue for the fiscal year 2020 was $1.8 billion, up 11% year over year. By widening its current business in places like South Florida and investing in new services, the company expects to hit $2 billion in FY21.
BDO USA LLP recently announced the acquisition of MBAF LLC, located in Florida. MBAF is the 36th largest accounting firm in the United States and the largest in South Florida.
This will be BDO's eighth M&A transaction in the last year. The Top 10 Firm's revenue for the fiscal year 2020 was $1.8 billion, up 11% year over year. By widening its current business in places like South Florida and investing in new services, the company expects to hit $2 billion in FY21.
MBAF is one of South Florida's largest Hispanic-owned businesses and a regional philanthropy pioneer, ranking 9th on the South Florida Business Journal's 2020 annual Corporate Giving/Corporate Foundation list of corporations with the highest levels of cash donations to South Florida charities.
The acquisition mainly extends BDO's non-public auditing presence in Florida. Local partner White Owl, an advisory firm mainly specializing in IT development and technology services, and NYC's Financial Management Associates, LLC, an advisory firm specializing in non-profit activities and fiscal management consultancy, are also part of the merger.
MBAF has 600 professionals across seven Florida offices, as well as additional locations in New York, Maryland, Colorado, Nevada, and India.
MBAF ranked 36th on Accounting Today’s Top 100 Firms 2020, with annual revenue of $140.5 million.
According to a press release from BDO USA, the acquisition of MBAF will make it the largest accounting and consulting firm in Florida. The company has branches in Miami, Orlando, Tampa, Ft. Lauderdale, Jacksonville, and West Palm Beach, and employs over 7,000 people throughout the United States. The deal would greatly boost BDO's Miami office, which already employs about 200 people.
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