"Our two firms have worked collaboratively and successfully for many years and on many fronts," Timothy L. Christen, Baker Tilly chairman and chief executive officer, said in the statement. "This merger is an opportunity for two successful, complementary firms to join forces and create even greater opportunities for our people while broadening our geographic footprint and deepening our industry and service specialization capabilities to better serve our clients."
Robert J. Ciaruffoli, ParenteBeard chairman and chief executive officer, said Wednesday that he told his firm's partners in 2013 that he planned to retire on Dec. 31, 2015, and that he will remain with Baker Tilly until then. ParenteBeard president Jeff Ferro will become executive managing partner of the northeast region of Baker Tilly.
Though ParenteBeard once had nearly 1,000 employees through acquisitions, Wednesday's statement said it had "more than 800 professionals."
Ciaruffoli said that "nothing changes" and that there will be "zero" negative impact on the firm and its presence in Philadelphia. "The people here are staying here. We're not cutting jobs in Philadelphia," Ciaruffoli said.
If anything, he said, the combination will give the new Baker Tilly a better chance to win larger clients involved in finance, insurance, governmental and international work.
By adding ParenteBeard, Baker Tilly expands its presence in the Northeast. Most of ParenteBeard's leadership worked from its Philadelphia headquarters, though others were based in New York, Pittsburgh and other Pennsylvania towns.
The companies' statement said the combined firm will employ approximately 2,500 people in 29 cities in the U.S., with total annual revenue of $475 million - making Baker Tilly one of the 12 largest professional services firms in the country.