BKD gains foothold in NYC with acquisition

BKD LLP penned a deal to buy New York City-based Loeb & Troper LLP.

Through the deal, BKD gains a physical location in New York City and the state of New York for the first time. Loeb & Troper is slated to merge into BKD on July 15, according to a news release.

Declining to disclose the financial terms of the deal, BKD Chief Marketing Officer Greg Cole said Loeb & Troper brings on roughly $22.5 million in annual revenue. BKD produces upwards of $600 million in revenue.

“Their location in New York City — America’s financial capital — gives us greater access as a firm to key areas of our strategic growth, such as the private equity and capital markets,” BKD CEO Ted Dickman said in the release.

Loeb & Troper’s 100 employees will continue to work at the certified public accounting firm’s Manhattan office, Cole said. They’ll report to BKD Managing Partner Ryan Reiff.

Loeb & Troper specializes in audit and consulting services for the health care, managed care, special need, nonprofit and educational industries, according to the release.

Loeb & Troper’s office becomes BKD’s 39th, now in 18 states. The New York City office is the company’s farthest east to date.

The purchase follows BKD’s June acquisition of Texas-based Rylander, Clay & Opitz LLP.

In 2017, BKD maintained its No. 12 rating for the fourth year in a row on Inside Public Accounting’s list of the top U.S. firms. The rating was based on BKD’s 2016 revenue of $564.4 million. BKD also ranked first on Springfield Business Journal’s 2017 list of the area’s largest certified public accounting firms, with 138 local CPAs.