Marcum merges in PG&Co

Accounting

Marcum LLP, a Top 20 Firm based in New York, added Piccerelli, Gilstein & Company LLP, a CPA firm based in Providence, Rhode Island, in its latest expansion move.

As part of the deal, five partners and 25 associates are joining Marcum from PG&Co. The deal also adds a second Providence office to Marcum’s New England footprint. 

Financial terms of the deal were not disclosed. Marcum ranked No. 15 on Accounting Today’s 2022 list of the Top 100 Firms, with $799.08 million in annual revenue as of Dec. 31, 2021. The firm’s current headcount is approximately 2,700, including 350 partners. 

PG&Co.’s revenue wasn’t available. PG&Co dates back to 1973 and specializes in clients in the real estate, health care, and nonprofit sectors.  

“Marcum welcomes the entire PG&Co team to the firm and looks forward to our collaboration,” said Marcum’s chairman and CEO Jeffrey M. Weiner in a statement Tuesday. “PG&Co has a long history of service, independence, integrity and commitment to our clients. Marcum’s client service standards and core values correlate strongly to our culture.  We have the highest expectations for this merger and the numerous ways it will benefit our clients, some of whom have been with our firm for decades.”

Marcum LLP Chairman and CEO Jeff Weiner
Marcum LLP Chairman and CEO Jeff Weiner

Courtesy of Marcum LLP

PG&Co managing partner Michael M. Tikoian will become Marcum’s office managing partner at the new location in Providence.

Koltin Consulting Group CEO Allan D. Koltin advised both firms on the M&A deal. “Marcum continues to excel in attracting and combining with high-performing, entrepreneurial firms like Piccerelli, Gilstein,” he said in a press release. “This combination makes Marcum a major Rhode Island force going forward.”

Marcum has been active on the merger front this past year. Last month, it expanded to Newport Beach, California, by adding LTSP, formerly known as Lesley Thomas Schwarz & Postma, Marcum’s fifth office in California. Its biggest deal came in May, when it announced a megamerger with another top firm, Friedman LLP, creating a combined firm that is expected to surpass $1 billion in revenue. Other recent deals included a merger in February with RotenbergMeril CPAs, a firm in Saddle Brook, New Jersey. Last December, it expanded into Missouri by merging in BWTP in St. Louis. The latest deal will expand the firm’s presence in New England.

“Providence is a growing center of strength in our New England region,” said Anthony P. Scillia, Marcum’s New England regional managing partner, in a statement. “As part of Marcum, PG&Co’s leaders will help shape the future of our firm throughout the area.”

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