Fargo, N.D.-based Eide Bailly has signed an agreement to acquire California CPA firm Vavrinek, Trine, Day & Company. The deal is set to close July 22.
The VTD deal is only the latest manifestation of a growth strategy Eide Bailly has set forth in recent years. “Growth brings in new expertise, new perspectives and new services, such as data analytics,” said Gary Smith, partner and head of financial institutions. “We look to grow in areas where we know our solutions will have the most impact for businesses, as well as strengthen our industry focuses, such as financial institutions.”
Growth is essential to staying relevant, Smith added.
Through its acquisition of VTD, Eide Bailly, a $336 million top 25 CPA and business advisory firm, will add 11 offices in California and an expanded Phoenix office, and further establish itself as an industry leader in bringing services and solutions to mid-market organizations, the company said in a news release.
“The addition of VTD launches us into California with exceptional local talent and a culture that matches our own dedication to client service and being an employer of choice for our staff,” said Dave Stende, Eide Bailly managing partner/CEO. “This combination deepens our expertise in several key industries that Eide Bailly serves. We look forward to welcoming VTD professionals and clients to our firm.”
For decades, VTD has had a strong reputation in California and Phoenix for its commitment to clients and its expertise in several industries and services, including financial institutions.
Smith said the practical meaning of such a cultural match means VTD clients will feel “understood, connected and confident.
“Any firm we bring on has to match that level of client service,” Smith said. “But a cultural fit also means having similar views on how you treat your staff and how you approach your day-to-day duties. It’s about having a dedication to service in all your interactions, from clients to colleagues.”
Becoming part of Eide Bailly will bring tremendous opportunities for both clients and staff, said Kevin Pulliam, managing partner at VTD. “Eide Bailly is a firm of talented and down-to-earth people. They care deeply for the well-being of their clients, staff and communities; this describes us, too.”
In recent years, Eide Bailly has expanded its expertise in areas of technology, fraud and forensic inquiries, and cybersecurity. “The different perspectives we gain from working across industries help us share best practices for many situations,” Smith explained. “As we grow, it helps us not only expand and strengthen our services, but also remain an employer of choice for our staff.”
Once the deal closes, Eide Bailly will gain 42 partners and 280 staff, bringing the firm’s to a total of 331 partners and 2,400 staff. Eide Bailly will have more than 40 offices in 15 states.