Top 20 accounting firm CohnReznick announced Tuesday that it has combined with Richmond, VA-based tax firm Piascik & Associates, effective July 1.
Financial terms of the deal weren’t disclosed. Piascik partners Steve Piascik and Ryan Losi have expanded roles as part of CohnReznick. Steve Piascik now serves as the Richmond office managing partner and Losi has joined the international tax team.
With vast tax experience, including international tax and comprehensive strategies for high-net-worth individuals and athletes, the Piascik team will bolster CohnReznick’s Private Clients Services and International Tax practices, the New York City-based accounting firm said in a media release.
The transaction also expands CohnReznick’s growing Mid-Atlantic Region geographic footprint, adding Richmond to its eight offices across Metro DC, Baltimore, Charlotte, and South Florida.
“We are very excited to have the Piascik team join CohnReznick. Steve Piascik and Ryan Losi have built a highly successful firm with an exceptional reputation in the marketplace,” David Kessler, CEO of CohnReznick Advisory, said in a statement. “Culture is the most important factor in long-term success and the Piascik team shares our commitment to driving a culture committed to outstanding client service, rewarding our people, and helping to make a difference in the many communities we serve.”
Piascik provides specialized tax and financial services to a broad range of clients throughout the world. Established in 2001, the firm has served publicly traded companies to multimillion-dollar international companies, real estate businesses, medical practices, and high-wealth individuals and families.
“As the business landscape becomes increasingly complex and our profession continues to change, we sought a new platform to help us secure our next chapter of success. I am thrilled that CohnReznick will help us continue our legacy. With a robust strategy to propel success, CohnReznick shares our commitment to excellence and strategic growth,” Steve Piascik said.
Earlier this year, CohnReznick received outside capital in a deal struck with private equity firm Apax Partners. The move was expected to help CohnReznick accelerate service line expansion, explore new geographic opportunities through mergers and acquisitions, and drive innovation.
- Related article: CohnReznick Gets Growth Investment from Apax Funds
“Piascik is an ‘elite’ high-performing firm that was much sought after by many firms in the country but in the end selected CohnReznick based on the strategic advantage the combination would provide both to their people and their clients,” said Allan Koltin, CEO of Koltin Consulting Group who advised both firms on the deal. “CohnReznick has been more active in the M&A area since its partnering with Apax earlier this year and I wouldn’t be surprised to see them announce deals with other successful accounting and advisory firms before the end of the year.”
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