VOL. 126 | NO. 144 | Tuesday, July 26, 2011
Thompson Dunavant Gets New Ownership
By Andy Meek
Thompson Dunavant PLC, the largest locally owned accounting firm in Memphis, has been acquired by two separate firms that work together under what’s known as an alternative practice structure.
Cleveland, Ohio-based CBIZ Inc. has signed a definitive agreement to acquire the tax side of Thompson Dunavant, effective Aug. 1. Mayer Hoffman McCann PC is acquiring the audit side of Thompson Dunavant.
The Memphis office will keep the Thompson Dunavant name, and no layoffs or major changes will result from the acquisition.
“We are excited to enter the Memphis metropolitan market with the largest locally owned financial service provider, Thompson Dunavant,” said CBIZ chairman and CEO Steven Gerard in a statement about the deal, terms of which were not disclosed. “They are highly respected in the marketplace and their culture is very similar to ours. This transaction is consistent with our growth strategy of acquiring premier providers to expand our geographic coverage."
Together, the two firms acquiring Thompson Dunavant operate as one of the largest accounting firms in the country.
Founded in 1997, Thompson Dunavant provides tax and financial consulting services to clients that range in size from small closely held businesses to large multi-national businesses in a variety of industries. Thompson Dunavant has 83 associates and recorded about $15.7 million in revenue during the past twelve months.
"CBIZ is a growing and dynamic national company with a platform that we believe will provide greater growth for our team and greater support for our clients,” said Thompson Dunavant managing shareholder Steve Dunavant. “We are excited to join CBIZ because, like us, they have a strong focus on client service and team development. These commitments coupled with the opportunity to be part of a national company will provide new growth opportunities for us and enhance our long-term commitment to our clients and our community."
CBIZ, Inc. provides professional business services that include tax and consulting, internal audit, merger and acquisition advisory and valuation services. Employee services include group benefits, property and casualty insurance, retirement plan consulting, payroll, HR consulting, and wealth management.
CBIZ also provides outsourced technology staffing and support services, healthcare consulting, and medical practice management. Its services are provided through more than 150 offices in 36 states.