US firm CRI acquires Shinn & Company to meet growing demand

Rapidly expanding professional services firm Carr, Riggs & Ingram has increased its investment in Florida, US, expanding its locations to serve clients there through the merger of Shinn & Company. The acquisition, which was advised on by Chicago-based Koltin Consulting Group, will see Shinn’s 22 employees join Carr, Riggs & Ingram’s almost 2,000-strong headcount across the South of the US.

Founded in 1997, Carr, Riggs & Ingram (CRI) is one of America’s fastest growing professional services entities, and is presently the largest certified public accounting firm headquartered in the Gulf Coast region of the United States, as well as being ranked among the top 20 US accounting firms. CRI employs over 1,800 professionals, whose industry specialisations include construction, government, banking/financial institutions, healthcare, insurance, not-for-profit, manufacturing, and distribution. The firm caters to these client needs from more than 25 locations in the US market, including 64 offices located across Alabama, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, Tennessee, and Texas. 

The firm is presently looking to take full advantage of a booming US consulting market, the largest market of its kind in the world. According to recent figures, American companies increased spending on management consulting by over 7% last year, as more businesses sought external advice on among others digital and cybersecurity. In order to boost CRI’s capacity to meet rising demand, the firm has moved to further bolster its consulting and advisory offering, with the purchase of business consulting, accounting and tax planning firm Shinn & Company.

Shinn was established in 1993, and after almost 25 years of working to deliver strategic solutions to clients from its offices in Bradenton and Sarasota, Florida. The firm was founded by Shinn’s Managing Partner, Byron Shinn, in his hometown of Bradenton, who now becomes CRI’s Lead Partner in the acquired firm’s two locations. Shinn’s 22 other employees have also joined CRI’s headcount, in a deal for which financial terms have not been disclosed. 

In a news release announcing the sale to CRI, Byron Shinn said, “Our mission has been to provide clients with exemplary accounting and consulting services with integrity, and the efficiencies and expanded services created by this merger with a regional CPA firm will allow us to continue to deliver on this promise.””

“In addition to bringing CRI another vibrant market, the expansion of the Florida Gulf Coast CRI team creates added depth of expertise in industries such as agribusiness, manufacturing, and real estate,” stated Bill Carr, CRI’s chairman, and managing partner.

“Increasing our footprint in Florida has been a part of our growth strategy for some time,” continued Carr.  “The Shinn & Company offices in Bradenton and Sarasota coupled with our current Florida offices strategically position our expertise throughout the Gulf Coast making CRI one of the best accounting resources in the state.” 

Allan D. Koltin, who advised both firms on the merger, commented, “CRI is one of the fastest growing first-generation firms in the entire country. Their ability to provide all of the resources that a smaller firm wants and needs, but to do it in a very entrepreneurial and culturally compatible environment is what sets them apart. In that same respect, Shinn & Company is one of Florida’s most prestigious and respected CPA firms, and they felt that CRI’s leadership, technology platform, depth of resources, and innovation were a perfect match for their clients.” 

Koltin, CEO of Chicago-based M&A specialist Koltin Consulting Group, recently advised four firms on two high-profile deals in the US. Accountancy professional services firms BDO and RSM both completed acquisitions of two US-based consultancies, PBC Advisors and SecureState, respectively.