No. 5: FORVIS partners with Mazars Group to launch global network

A new global accounting network involving FORVIS LLP – the merged entity of Springfield-based BKD LLP and North Carolina-based Dixon Hughes Goodman LLP – and Paris-based international audit, tax and advisory firm Mazars Group will begin on June 1, 2024, officials announced in November.

The network is called Forvis Mazars, and officials note a combined revenue of $4.7 billion, a total that would rank it as a top-10 global network on the International Accounting Bulletin. Officials said the move does not signify a merger, as FORVIS and Mazars Group will maintain current ownership structures and remain distinct legal entities. However, FORVIS will acquire Mazars USA LLP, an independent accounting, tax and advisory firm of Mazars Group, as part of the deal expected to close in June. Financial terms were not disclosed.

FORVIS CEO Tom Watson said Mazars Group reached out in 2022 with the global partnership idea not long after his company’s merger with Dixon Hughes Goodman.

New York City-based Mazars USA has annual revenue of $305 million and employs around 1,100 people, said CEO Victor Wahba, who will join Forvis Mazars as a partner when the deal closes. Watson, who will be the CEO of Forvis Mazars, said the transaction will largely have no impact on most FORVIS clients or its employees. FORVIS has roughly 6,000 employees, including over 600 local workers, spanning 72 markets in 28 states, as well as the United Kingdom, Canada and the Cayman Islands.

The network will have a board comprising a 50/50 split of FORVIS and Mazars representation, while Mazars USA partners will have seats on the FORVIS board. Watson said the Mazars Group deal is a quick way to expand FORVIS’ international presence. It also will provide FORVIS with offices in Boston and Philadelphia, which he said are two of the firm’s target markets. Officials are currently developing the network’s brand identity in advance of its summer launch.