Marcum LLP, a Top 20 Firm based in New York, has added Starter-Fluid LLC, a firm in Boston that offers outsourced finance, accounting and executive support services.
As part of the deal, Starter-Fluid will become part of Marcum’s Financial Accounting & Advisory Service practice in Marcum’s office. Starter-Fluid CEO David Chapman will join Marcum as a principal, joined by two of his firm’s managing directors and 10 other associates. Marcum has approximately 2,500 employees, including 300 partners. Financial terms of the deal were not disclosed. Marcum ranked 15th on Accounting Today’s 2021 list of the Top 100 Firms, with $689.06 million in annual revenue last year.
The deal is among a wave of mergers and acquisitions among accounting firms announced in recent weeks as the economic recovery takes hold in parts of the country despite the pandemic, thanks to the proliferation of vaccines.
Marcum sees the latest deal as a way to expand its presence in New England. “The Starter-Fluid group brings excellence, experience and expertise to our CFO-led services group and further expands our service offering for New England clients,” said Anthony Scillia, regional managing partner for New England, in a statement Monday.
Starter-Fluid concentrates on helping early-stage and rapidly growing companies grow by offering them outsourced CFO services using a team of controlers, bookkeepers and former CFOs.
“Integrating with Marcum will deepen our access to the precise skills our clients need at any point in time, as they rely on us to help them accelerate growth and maximize financial performance,” Chapman, who founded Starter-Fluid, said in a statement. “We have a like-minded approach to client service that will be an excellent basis for leveraging our mutual strengths and core competencies.”
Marcum frequently does M&A deals, but last year it only had one, which was close to home. In August, it added Castellano, Korenberg & Company, a firm in Hicksville, New York, that specializes in construction industry clients. Before the pandemic, the firm did a string of deals in 2019, including with Top 100 Firm Skoda Minotti in Cleveland, CPA Consulting Group in Nashville, OGH Certified Public Accountants & Advisors in Miami, Abrix Group in the Chicago suburbs, Guyder Hurley in Braintree, Massachusetts, and Dawson, Smith, Purvis & Bassett in Portland, Maine.