11 June 2021Accounting & tax analysis

Brown Smith Wallace to merge with Armanino in August

Brown Smith Wallace (BSW), the accounting and advisory firm, is joining forces with Armanino.

The combination is effective from August 1, 2021, with the resulting firm carrying the Armanino name and maintaining its existing St. Louis operations.

Tony Caleca, managing partner at BSW, will become Midwest market leader and will lead the St. Louis office, which will serve as Armanino’s Midwest market hub. He will also become a member of the Armanino operating committee, the firm’s primary leadership group.

Alan Fine will be tax partner and insurance industry group leader, while Todd Goldenhersh, an audit partner, will join the leadership of the combined firm’s insurance industry team.

Bryan Graiff will be the transaction advisory and private equity industry leader, with Steve Schueppert serving as partner in charge of audit and manufacturing and distribution industry group leader. Kevin Boeving, a tax partner, will join the leadership of the combined firm’s manufacturing and distribution industry team.

Lincoln Gray is an audit partner and financial services industry group leader, and Amy Ribick, an advisory partner, will join the financial services team.

Karen Stern, partner in charge of the entrepreneurial services group, and Caleca will join the board of directors of the Armanino Foundation.

The deal will give BSW clients access to Armanino’s technology consulting solutions for every major finance function. Armanino has invested heavily in its technology and digital infrastructure, including in artificial intelligence, blockchain and digital assets, client data protection and cybersecurity.

Armanino gains access to BSW’s expertise in the private equity, financial services, insurance and manufacturing industries. The arrangement also promotes the St. Louis firm’s specialty services, which include construction audit, property tax compliance and consulting and cost segregation.

Matt Armanino, chief executive officer of Armanino, said the company has admired the BSW team for years, arguing the combination “will provide a springboard for us in the Midwest.”

BSW has expanded its advisory services offerings to include business performance consulting and construction audit, he noted, which he argued are transformative solutions clients need to accelerate growth.

Caleca said: “Geographic expansion has been at the forefront of our strategic plan for several years, and joining Armanino allows us to accelerate this effort.”

Armanino will operate 19 locations in the US, with close to 2,000 employees in 31 states once the deal completes.