BDO USA expands into Hampton Roads
Chicago-based accounting firm BDO USA LLP is expanding in Virginia with the acquisition of McPhillips, Roberts & Deans, PLC (MRD) in Norfolk.
The deal will add 80 staff members, including 14 partners, to BDO’s Virginia workforce, bringing it to a total of 400 employees. BDO currently has offices in McLean and Richmond.
MRD has been an independent member of the BDO Alliance USA since 2010.
The combination of BDO and MRD, which is subject to customary closing conditions, is expected to be completed on Nov. 1.
Financial details of the deal were not disclosed.
Founded in 1972, MRD provides accounting, tax and retirement-plan services to privately-held, middle-market businesses in the Hampton Roads region.
“This combination provides us with a strong presence in the Hampton Roads region, stretching our geographic footprint to southeastern Virginia, and MRD’s experience in the health care, real estate, nonprofit and government contracting sectors melds nicely with our existing industry strengths ” Wayne Berson, CEO of BDO USA, said in a statement.
“Through our previous Alliance relationship, we have a history of collaboration on client work and business development with our new partners and staff,” he said. “This familiarity will be extremely valuable as we integrate the MRD practice with BDO.”
Upon completion of the transaction, Ed Amorosso, the CEO of MRD, will serve as the managing partner for BDO’s Hampton Roads practice. BDO will maintain the current MRD office in Norfolk.
During the past four years, BDO has expanded rapidly, entering 24 cities and expanding in 12 existing markets. The firm has more than 60 offices and more than 400 independent alliance firm locations around the country.
BDO was founded in 1910 as as Seidman & Seidman. It is an independent member of BDO International Ltd., which includes 1,300-member firm offices in more than 150 countries.