Pevita Pearce
Carr, Riggs & Ingram (CRI), a prominent national accounting firm ranked among the top 25 in the nation, has significantly expanded its footprint in Southwest Florida through a strategic merger with Stroemer & Co., a well-established Fort Myers-based Certified Public Accounting (CPA) firm renowned for its specialized services in accounting, audit, and tax for community associations. This integration marks a pivotal moment for CRI, establishing its first physical presence in Fort Myers and reinforcing its commitment to serving a vital sector of Florida’s real estate market.
The financial specifics of this significant transaction have not been disclosed by either party. However, the integration is set to incorporate the entire Stroemer & Co. team, comprising eight dedicated partners and their experienced staff, into the CRI network. These professionals will continue to operate from their existing offices in Fort Myers and Pembroke Pines, maintaining the high standards of service their clients have come to expect, now under the unified CRI brand. John Stroemer, the founding and managing partner of Stroemer & Co., will assume a leadership role within CRI, taking on the position of partner-in-charge for CRI’s Fort Myers market. This appointment underscores CRI’s strategic intent to leverage Stroemer’s deep local market knowledge and established reputation.
This latest merger is part of a broader, ambitious growth strategy by CRI, headquartered in Enterprise, Alabama. The firm has been actively pursuing strategic acquisitions and mergers throughout 2024. Prior to the Stroemer & Co. integration, CRI announced several other key additions to its national network, including Morrison & Smith in Tuscaloosa, Alabama; DMR CPAs in Fort Worth, Texas; Trace Advisory in Ridgeland, Mississippi; Crowl, Cameron & Associates in Conroe, Texas; and CFO Hub in San Diego, California. These moves collectively demonstrate CRI’s commitment to expanding its service offerings and geographic reach across diverse markets.
The accelerated pace of CRI’s mergers and acquisitions activity appears to be fueled by significant private equity investment. Since securing substantial backing from industry leaders Centerbridge Partners and Bessemer Venture Partners in late 2024, CRI has reportedly completed more than a dozen transactions. This influx of capital provides CRI with the resources necessary to pursue strategic opportunities that align with its growth objectives and enhance its service capabilities.
Strategic Expansion into Southwest Florida and Broward County
The merger with Stroemer & Co. is particularly noteworthy for its establishment of CRI’s inaugural office in Fort Myers, a rapidly growing economic hub in Southwest Florida. Furthermore, the integration adds a second location for CRI in Pembroke Pines, thereby extending the firm’s operational reach into Broward County. This dual expansion solidifies CRI’s presence in two key Florida metropolitan areas, positioning the firm to better serve a broader client base across the state.
Addressing Florida’s Evolving Community Association Landscape
The timing of this merger is especially pertinent given the significant regulatory changes impacting Florida’s community associations. Recent state reforms have introduced stringent new requirements, including the mandatory implementation of structural integrity reserve studies for condominium buildings three stories and taller. These reforms also aim to curtail owners’ ability to waive reserve funding and have updated financial reporting mandates.
Florida boasts an estimated 50,600 community associations, a number second only to California, according to data from the Foundation for Community Association Research. This substantial number underscores the critical importance of specialized expertise in navigating the complex financial and legal obligations of these entities. The recent legislative changes have undeniably increased the stakes for association boards, necessitating proactive and informed guidance.
Industry Reaction and Strategic Alignment
Bill Carr, Chairman and Executive Director of Corporate M&A at CRI, expressed enthusiasm for the integration, stating in a formal release on October 14th, "Florida’s reforms have raised the stakes for association boards, and they need advisors who know this work well. Stroemer & Co. has built a respected practice serving those associations, and their work fits naturally alongside CRI’s community association practice across Florida. We’re proud to welcome John and his team to CRI.” Carr’s statement highlights the strategic synergy between the two firms, emphasizing Stroemer’s established niche expertise and its complementary fit within CRI’s existing statewide community association practice.
Founded in 2003, Stroemer & Co. has cultivated a distinguished reputation for serving condominium and homeowners’ associations, their respective boards, and community association managers throughout Florida. The firm possesses a deep specialization in developer turnover processes, conducting pre-turnover and turnover audits and reviews for developer-controlled communities. Post-turnover, they continue to provide essential annual audits and reviews for established associations. Beyond audit and assurance services, the Stroemer team also offers comprehensive tax planning and compliance, internal control assessments, and forensic accounting services, addressing a wide spectrum of financial needs for community associations.
John Stroemer shared his perspective on the merger, stating, "Our firm has spent more than 20 years working alongside association boards and managers, from developer turnover through the long-term financial health of their communities. Joining CRI gives our clients a deeper bench and a broader range of services while they continue working with the people they know. We chose CRI because they share our commitment to personal, responsive service, and we’re excited about what this means for our clients and our team.” Stroemer’s remarks emphasize the continuity of client relationships and the enhanced value proposition resulting from the merger, focusing on the extension of services and resources available to their existing clientele.
The transaction was facilitated by Koltin Consulting Group, with Allan Koltin, CEO, Brian Koltin, Chief Corporate Development Officer, and Lisa Benson, Chief Growth Officer, acting as advisors to both CRI and Stroemer & Co. Allan Koltin provided further commentary on the strategic significance of the deal, noting, "Stroemer is the preeminent firm in Florida (and possibly nationally) in serving condominium and homeowner associations. The combination of Stroemer with CRI should take their practice to new heights in terms of growth and additional services for their clients. For CRI, this was a ‘2 for 1’ deal as they not only picked up an amazing niche, they also picked a great leader in John Stroemer, who will be leading the Fort Myers market and expanding all CRI’s services into that market.” Koltin’s assessment underscores Stroemer’s exceptional market position and the dual benefit CRI gains from acquiring both specialized expertise and strong leadership.
Broader Implications for the Community Association Sector
The integration of Stroemer & Co. into CRI is poised to have a ripple effect throughout the community association sector in Florida. With enhanced resources and a broader service portfolio, CRI, bolstered by Stroemer’s specialized knowledge, is well-positioned to offer more comprehensive solutions to the complex challenges faced by associations. This includes navigating the intricacies of new reserve study requirements, ensuring robust financial transparency, and implementing effective internal controls.
The increased capacity of a firm like CRI to serve this sector could lead to improved compliance rates and more financially sound community associations across the state. For developers, the expanded capabilities may offer a more streamlined and expert-driven transition process. For association boards and managers, the merger promises access to a wider array of expert advice and services, potentially leading to greater operational efficiency and fiscal responsibility.
The consolidation also reflects a larger trend within the accounting and advisory services industry, where firms are increasingly seeking to specialize and scale through strategic mergers. By combining their strengths, CRI and Stroemer & Co. are not only expanding their market share but also setting a higher standard for service delivery within the community association niche. This strategic move is likely to foster greater competition and innovation, ultimately benefiting the thousands of community associations and their residents throughout Florida. The continued growth of CRI, driven by private equity support and a clear M&A strategy, signals a dynamic and evolving landscape for professional services in the coming years.
