Combination adds depth in existing industry niches and combined revenue of more than $90 million
PBMares, LLP, #72 in Inside Public Accounting’s 2024 Top 100 ranking, has combined with Fairfax accounting and tax firm BSB CPAs + Advisors as of October 1, 2024. In the deal, PBMares adds five partners for a combined roster of 60 partners, nearly 400 employees, and more than $90 million in annual revenue. The combination, which formally takes place on January 1, 2025 for BSB employees and clients, was driven by both firms’ desire for sustainable growth and commonalities in culture, core values, and service offerings.
Harvey Johnson, CEO and Partner at PBMares, LLP, said, “This is a strategic combination for many reasons. From the very beginning, it’s been clear that BSB and PBMares share the same values and approach to client service. Culturally, it’s a great fit. And as our industry transforms and evolves, we both believe we can bring greater value and enhanced services to our clients by aligning services and sharing infrastructure.”
He continued: “With the addition of BSB, PBMares also has the opportunity to expand and enhance our existing presence in the Washington, D.C. Metro area.”
BSB was founded in the early 1980s. Over the years, mergers with similarly sized, like-minded firms grew BSB’s local footprint and expertise in tax, financial accounting, and assurance services. Their focus on specialty practice areas, including outsourced accounting, employee benefit plans, construction and real estate, and government contracting add depth to PBMares’ existing strength in these areas.
Debbie Harris, Managing Partner of BSB CPAs + Business Advisors, commented, “For us, this combination represents a long-term succession plan for both firms, enhances our ability to offer clients innovative solutions to a wider range of needs, and adds more career paths for our people.”
She added, “PBMares shares the same services, industry niches, and market footprints – and then adds to it. This was an important consideration for BSB clients. The accounting profession is changing, and aligning with PBMares allows us to keep pace with those changes while expanding the value we can offer to our clients.”
About PBMares, LLP
PBMares, LLP is a Certified Public Accounting and consulting firm focused on serving the audit, tax, accounting and consulting needs of companies and individuals. Founded in 1963, PBMares serves clients across the United States from offices located in Virginia, Northern Virginia, Maryland, and North Carolina. PBMares represents companies ranging from closely held private businesses to leading non-profits and Fortune 500 multinationals. The Firm has industry practices specializing in construction, real estate, financial institutions, government contracting, healthcare, hospitality, insurance, manufacturing, not-for-profit, restaurant, retail, state and local government, and technology. Services include cybersecurity, cloud accounting, wealth management, and more.
PBMares has been perennially ranked among the top 100 firms across the country by Accounting Today, Inside Public Accounting, and Forbes.
