Two Montgomery County accounting firms are set to join forces starting on January 1, writes Jeff Blumenthal for the Philadelphia Business Journal.
Partners Jeffrey Factor, Kenneth Borislow and Daniel Kaufmann lead their team at Borislow, Factor & Kaufmann, LLC.
McCarthy & Co., based in Lafayette Hill, will acquire Blue Bell-based Borislow Factor & Kaufmann for an undisclosed sum. The two firms will move into a new building at 492 Norristown Road in Blue Bell that was previously bought by McCarthy.
In 1967, McCarthy & Co. was created by John McCarthy, the father of Martin, the current Managing Partner.
This represents the largest acquisition for McCarthy, which had already completed two smaller acquisitions.
The firm focuses primarily on the construction industry but also represents a variety of small businesses, predominantly in the Philadelphia region.
The firm generated over $6 million in revenue in 2019 and $8 million last year. The firm expects to greatly exceed that number in 2021. With this latest acquisition, it now has 47 employees.
According to Managing Partner Martin, deals like this are important from the retention standpoint.
“I think our employees need to see that the firm is not standing still,” he said. “If we see an opportunity, they know we are going to pursue it.”
Read more about the merger in the Philadelphia Business Journal.