Reno CPA firm acquired by Eide Bailly
December 11, 2014
When the shareholders of Kafoury Armstrong & Co. gathered for a strategic planning session this summer, one of the alternatives they decided to study was sale of the Reno CPA firm.
The alternative becomes a reality next week with the acquisition of Kafoury Armstrong & Co. by Eide Bailly, a fast-growing regional CPA firm headquartered at Fargo, N.D.
It's the second acquisition in Reno in as many months by Eide Bailly.
The company acquired Muckel Anderson in November. Butch Anderson, former managing partner of Muckel Anderson, serves as partner-in-charge of the Eide Bailly practice in Nevada — a practice that will include the Kafoury Armstrong operation.
Todd Ferguson, the chief executive officer of Kafoury Armstrong and one of the firm's shareholders, will serve as head of the tax department of Eide Bailly in Nevada.
Kafoury Armstrong brings 10 partners and 56 staff members to Eide Bailly. The firm has operated offices in Reno, Fallon, Elko and Las Vegas.
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Ferguson said the trend of consolidation has been running strongly among CPA firms as smaller firm seek the depth of expertise and the management systems provided by larger companies.
Eide Bailly, one the 25 largest firms in the nation, will have 28 offices in 12 states, 1,547 professional employees and 225 partners after the Kafoury Armstrong acquisition closes on Dec. 15.
Dave Stende, the managing partner and CEO of Eide Bailly, said the acquisition helps his firm solidify its position as the first regional firm to establish itself in Nevada.
After the shareholders of Kafoury Armstrong decided that acquisition of the firm was the best strategic direction, Ferguson placed the call to Eide Bailly.
He said the transaction allows Kafoury Armstrong's staff to remain as the local contact for clients while providing large-company expertise in areas such as business valuations, cost-segregation studies and technology services.
Founded in 1941, Kafoury Armstrong has a long track record of providing audit services to state and local government agencies in Nevada. In fact, just this summer Kafoury Armstrong edged out its new parent company to win a $1.4 million contract for the state government's single audit report.