McGladrey LLP is buying accounting firm Margolis Phipps & Wright PC for an undisclosed amount.
The purchase of Margolis will give McGladrey a Houston-based office. The target’s management will join McGladrey, and the firm’s employees will all receive offers to join the buyer.
Margolis’ executive committee Barry Margolis, Jan Phipps and Tommy Wright will serve as McGladrey’s management team in Houston.
“Their client base is a very important group of clients in Houston and in the state of Texas. It was a great fit for us and a way to enter the market in a meaningful way,” says McGladrey’s Kevin Prien, central regional managing partner. McGladrey, which provides assurance, tax and consulting services to middle-market companies, already has an office in Dallas with about 150 employees. The Chicago-based advisory firm has many U.S. offices, as well as international offices through a partnership with RSM International.
The buyer is on the lookout for more opportunities, Prien says, including add-on mergers in the company’s existing markets.