KSM accounting firm announces Cincinnati acquisition plans
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Indianapolis-based Katz, Sapper & Miller, one of the city’s largest accounting firms, announced plans Monday to acquire Cassady Schiller CPAs & Advisors, a 70-person firm based in Cincinnati.
KSM declined to disclose financial terms of the transaction, which the firm said it expects to close May 31.
Cassady Schiller’s wealth management practice is not part of the acquisition and will continue to operate separately under the Cassady Schiller name.
The acquisition marks a significant expansion for KSM, which now has 564 total employees, including 360 based in Indianapolis. The firm also has offices in Evansville, Fort Wayne, New York City and Oklahoma City.
Once the acquisition closes, Cassady Schiller will become KSM’s largest office outside of its Indianapolis headquarters. The Cincinnati office will adopt the KSM name and brand.
“We’re really excited about this,” said KSM President and CEO Tim Cook.
Cook said the acquisition fits in with KSM’s larger expansion goals.
The firm had been eyeing Ohio as an expansion target, Cook said, and Cincinnati was its top pick, in part because of the city’s size and proximity to Indianapolis. Cincinnati also offers a mix of industries and potential clients that are similar to KSM’s current client base, he said.
KSM offers site selection and incentives advisory services through a subsidiary, KSM Location Advisors. Ohio is a strong state for economic development, Cook said, so having a presence in Cincinnati should also help that part of KSM’s business.
Once KSM settled on Cincinnati, Cook said, it started to look for accounting firms in that market that might be a good acquisition target. Cassady Schiller rose to the top of the list because of the strength of its employee base, including the firm’s partners, and because its service offerings and corporate culture were so compatible with KSM’s.
Upon getting to know Cassady Schiller, “We felt like we were looking in the mirror,” Cook said. “They are a smaller version of us.”
Cook said KSM does not plan any staff reductions because of the acquisition. “That is not something that we’re contemplating at all,” he said.
Cassady Schiller Managing Partner Mike Clark and Chief Operating Officer Heather Bucher, will serve as co-managing partners of the Cincinnati office post-acquisition.
“Joining KSM is a perfect fit for Cassady Schiller,” Clark said in a written statement. “We anticipate great benefits for our clients, including a broader range of services and resources, as well as diverse opportunities for our people to continue to grow their careers. We’re excited for our next chapter.”