Frank Hirth in deal with leading NY firm
10 Feb 2020
US and UK tax compliance specialist Frank Hirth has transitioned its US business and corporate tax practice, Frank Hirth LLC, to the New York firm of Raich Ende Malter & Co (REM)
10 Feb 2020
The terms of the deal have not been disclosed. Frank Hirth was established in 1975 and is currently ranked at number 34 in the Accountancy 2020 league table, with revenues of £23m, nine partners and 220 staff.
The firm has had a team of US business and corporate tax advisors in New York for the past decade. This move is part of plans to focus on its core business of international private client work.
In a statement Frank Hirth plc said: ‘The transition to REM will enable the NY business team to bring their experience and expertise to the extensive REM client base whilst providing greater opportunities for development and expansion.
‘REM’s understanding of US accounting firms and their history of strategic acquisitions that enhance the client experience and retain staff were key factors in our decision.
‘REM and Frank Hirth have a long-standing close relationship and the respective leadership teams are excited to explore how this transaction can strengthen and deepen this.’
Frank Hirth will retain offices in New York. Eric Collins, former director of Frank Hirth LCC, said: ‘Frank Hirth PLC will continue its UK and Wellington operations without any change.
‘The choice to seek an affiliation for our US practice was made to allow us to provide our clients a wider array of services and add depth within our professional staff.
‘Our transition to Raich Ende Malter provides these resources, as well as specialised professionals in a variety of industries. At the same time, the move offers greater opportunities to our employees. Both for our clients and for us, this transition is an important step forward.’
With the addition of the Frank Hirth portfolio, REM’s revenues will approach $60m (£62m), placing it as one of the top ten regional accounting firms in New York. REM now has approximately 45 partners and principals and 240 employees.
Ellis Ends, REM managing partner, said: ‘We are always looking to join together with accounting firms that complement or expand our current service offerings and the industries we serve.
‘Frank Hirth is a very special organisation. I am excited to have these remarkable individuals here at REM, and I look forward to working together.’