Pevita Pearce
In a significant move signaling continued consolidation within the accounting industry, Top 15 accounting firm CohnReznick announced on Tuesday its acquisition of The Aldrich Group of Companies. The comprehensive transaction includes Aldrich CPAs + Advisors, a firm ranked among the INSIDE Public Accounting (IPA) Top 100, and Aldrich Wealth, a prominent wealth management entity. The deal, expected to finalize in mid-December, marks a strategic expansion for CohnReznick, particularly along the West Coast, and underscores a broader trend of mergers and acquisitions among leading accounting and advisory firms. Financial terms of the acquisition were not disclosed.
This latest union follows a series of high-profile mergers that have reshaped the landscape of the accounting profession in recent years. The trend highlights a drive for scale, enhanced service offerings, and broader geographic reach in an increasingly competitive market. Earlier in the year, in June, Baker Tilly, a Top 10 firm by revenue, completed its acquisition of Anchin, Block & Anchin, a Top 50 firm based in New York City. This move also saw Baker Tilly relocate its corporate headquarters from Chicago to New York City, reflecting a strategic shift in its operational center of gravity.
Perhaps the most attention-grabbing deal of the year was announced in July: Grant Thornton, the ninth-largest accounting firm in the U.S., entered into an agreement to acquire CBIZ, the eighth-largest firm, in an all-cash transaction valued at $5 billion. This monumental acquisition is poised to elevate Grant Thornton to the fifth position among U.S. accounting firms by revenue, demonstrating the sheer scale and ambition driving these consolidations.
For CohnReznick, this acquisition represents its third significant M&A transaction in 2026, underscoring an aggressive growth strategy fueled by strategic investments. Earlier in the year, the New York City-based firm bolstered its presence by acquiring Minneapolis-based CPA firm Smith Schafer & Associates in January. This was followed by the addition of Houston-based CPA firm Ham, Langston & Brezina in July. These moves are part of a broader expansion initiative that has seen CohnReznick extend its reach into key markets such as San Francisco, Tampa and Tallahassee, Florida, and Richmond, Virginia. This expansion has been notably supported by an outside investment from private equity firm Apax Funds, which CohnReznick secured in early 2025.
Strategic Expansion into the Pacific Northwest and Beyond
Founded in 1973 and headquartered in Lake Oswego, Oregon, The Aldrich Group of Companies stands as one of the ten largest accounting firms with a West Coast headquarters. Its acquisition by CohnReznick is poised to dramatically broaden CohnReznick’s geographic footprint, establishing a robust presence across multiple states and major metropolitan areas. The combined entity will benefit from Aldrich’s extensive network, which includes over 500 professionals and 48 partners. This integration brings with it a significant number of offices, spanning Spokane, Washington; Portland (Lake Oswego) and Salem, Oregon; Carlsbad, Mission Valley, and Orange County, California; and Salt Lake City, Utah. Furthermore, the acquisition strengthens CohnReznick’s existing presence in San Diego and Denver.
David Kessler, CEO of CohnReznick Advisory, articulated the strategic importance of this transaction in a statement released on October 13th. "This is a significant milestone in CohnReznick’s growth and an important investment in our future," Kessler stated. He emphasized the value Aldrich brings, noting, "Aldrich brings exceptional talent, strong market leadership, and highly complementary capabilities, including a wealth management platform that creates an important new avenue for growth and expands the solutions we can bring to clients." Kessler further highlighted the excitement surrounding the West Coast expansion, stating, "I’m very excited about this expansion on the West Coast, strengthening our ability to serve clients in some of the most dynamic markets and industries in the country, and creating even greater opportunities for our people."
The integration of Aldrich is expected to enhance CohnReznick’s industry expertise across several key sectors. These include private client services, construction, telecommunications, and mergers and development (M&D) within the agribusiness sector, among others. This consolidation of capabilities is anticipated to generate substantial growth opportunities for the combined organization, allowing it to offer a more comprehensive suite of services to a wider client base.
Aldrich’s Financial Strength and Diverse Service Portfolio
Delving into the specifics of Aldrich’s operations, the firm’s recent financial performance provides a clear picture of its market standing. During its most recent fiscal year, Aldrich CPAs + Advisors generated revenues of $103.3 million, as reported by INSIDE Public Accounting. This figure firmly places it among the elite IPA Top 100 firms.
Beyond its core accounting and advisory services, The Aldrich Group of Companies encompasses a diversified range of specialized entities. Aldrich Wealth, a registered investment advisory firm, manages significant assets, boasting over $8 billion in assets under advisement as of August 26, 2026. This substantial wealth management arm is a key component of the acquisition, offering CohnReznick a ready-made platform to expand its financial planning and investment services.
The group also includes Aldrich Capital Advisors, which focuses on providing expert advisory services for business transactions, assisting clients with mergers, acquisitions, and capital raising. Complementing these services is Aldrich Solutions, a division dedicated to delivering business and technology consulting. This unit leverages deep industry understanding and strategic insights to help clients navigate complex operational and technological challenges. The integration of these distinct yet complementary businesses signifies CohnReznick’s commitment to becoming a holistic solutions provider for its clients.
Leadership Perspectives on the Merger
The leadership of both organizations expressed optimism and strategic alignment regarding the acquisition. John Lauseng, CEO and partner at Aldrich, articulated the long-standing ethos of his firm. "For more than 50 years, the decisions we have made at Aldrich have been guided by what is best for our people, our clients, and our communities," Lauseng stated in a prepared release. He emphasized the synergistic benefits of joining forces with CohnReznick, noting, "Joining CohnReznick gives our people greater opportunities to grow, expands the capabilities and resources we can bring to our clients, and allows us to build on the relationships, culture, and commitment to our communities that have defined Aldrich." Lauseng also highlighted the strategic importance of Aldrich’s role in CohnReznick’s new West Region, stating, "We are excited about what we can accomplish together, particularly as Aldrich becomes the cornerstone of CohnReznick’s new West Region."
Heather Wonderly, CEO of Aldrich Wealth, echoed this sentiment, underscoring the client-centric approach that guided the decision-making process. "Our clients have always been at the center of how we make decisions, and that was an important consideration throughout this process," Wonderly commented. She elaborated on how the merger will enhance Aldrich Wealth’s offerings: "Joining CohnReznick gives us the opportunity to build on the highly personal, fiduciary approach our clients value while expanding the resources and capabilities we can bring to individuals, families, business owners, and retirement plan sponsors." Wonderly expressed enthusiasm for Aldrich Wealth’s new role, stating, "Aldrich Wealth becoming the platform for CohnReznick’s wealth management business creates an exciting opportunity to build on what our team has created and expand the impact we can make for our clients and our people."
Industry Consolidation and Future Implications
The acquisition of Aldrich by CohnReznick is emblematic of broader trends shaping the accounting and advisory landscape. Several factors are driving this wave of consolidation:
- Demand for Integrated Services: Clients increasingly seek firms that can provide a comprehensive suite of services, from tax and audit to wealth management, technology consulting, and transaction advisory. Mergers allow firms to quickly build out these capabilities.
- Talent Acquisition and Retention: The competition for skilled professionals is fierce. Acquisitions can provide access to larger talent pools and offer employees greater career development opportunities.
- Technological Advancements: The rapid evolution of technology, including artificial intelligence and data analytics, requires significant investment. Larger, consolidated firms are better positioned to make these investments and stay at the forefront of innovation.
- Scale and Efficiency: Achieving greater economies of scale can lead to improved operational efficiency, better resource allocation, and enhanced profitability.
- Geographic Expansion: For firms looking to grow beyond their existing markets, acquisitions offer a faster and more effective route to establishing a presence in new regions.
The integration of Aldrich will position CohnReznick as a formidable player on the West Coast, enhancing its ability to compete for larger engagements and serve a more diverse clientele. The addition of Aldrich Wealth’s significant assets under advisement also represents a substantial boost to CohnReznick’s financial services offerings, creating a new engine for revenue growth. The long-term implications of this merger will likely involve a continued focus on integrating cultures and systems to realize the full synergistic potential of the combined entities, while also navigating the complexities of managing a significantly larger and geographically dispersed organization. The success of this integration will be a key indicator of CohnReznick’s strategic vision and its capacity to leverage its expanded resources to capture greater market share and deliver enhanced value to its stakeholders.
