M&A roundup: Eide Bailly and McMillan expand

Eide Bailly, a Top 20 Firm based in Fargo, North Dakota, is adding High Plains Technology, a technology solutions company based in Sioux Falls, South Dakota, effective Jan. 8, 2024. 

The deal will add four partners and 14 staff to Eide Bailly's Sioux Falls and Fargo offices. Financial terms were not disclosed. Eide Bailly ranked No. 19 on Accounting Today's 2023 list of the Top 100 Firms. The firm earned revenue of $617 million over the past year and has over 3,300 staff members and more than 350 partners.

"High Plains Technology has an impressive track record of delivering high quality service to clients for over 30 years," said Eide Bailly CEO and managing partner Jeremy Hauk in a statement Wednesday. "They will be a great addition to Eide Bailly, further enhancing our technology solutions offerings and IT consulting services. We are delighted to welcome the team to our firm and look forward to joining forces in the new year." 

"We chose to team up with Eide Bailly not only for their esteemed partnership, but for the legacy tied to their name — professionalism and excellence in our shared marketplace of Sioux Falls and Fargo," said High Plains Technology partner Brad Mendel in a statement. 

"Our philosophies align seamlessly, which will provide unlimited potential for our clients and additional growth opportunities for our employees," stated High Plains Technology partner Mike Steiner. 

Earlier this month, Eide Bailly added Secore & Niedzialek PC, a CPA and tax planning firm based in Phoenix. This fall, Eide Bailly also merged in Raimondo Pettit Group, a firm with three locations in Southern California. In August, Eide Bailly announced it was expanding in California and Washington state by adding another firm, Bessolo Haworth. In July, Eide Bailly added Spectrum Health Partners, a financial advisory services firm based in Franklin, Tennessee, that focuses on the health care industry and King & Oliason in Seattle. Last year, it merged in Seim Johnson in Omaha, Nebraska, and in 2021, it expanded in Minnesota by adding PWB CPAs & Advisors, a firm based in the Minneapolis-St. Paul area. In 2020, it added Mukai, Greenlee & Co. in Phoenix,  HMWC CPAs in Tustin, California, and Platinum Consulting in Fullerton.

McMillan Consulting LLC, a firm in Warwick, New York, has acquired the practice of Paul Rafanello, whose CPA practice is also located there. 

The acquisition will provide clients of both firms access to counsel from McMillan Consulting president and CEO Patricia McMillan, a CPA for more than 39 years. Her firm provides tax preparation for individuals and businesses, and consulting in the areas of general finance, credit and debt, risk management and auditing.

"I have known Patricia for many years, and she is a remarkable practitioner with an exceptional professional background," said Rafanello in a statement. "She has deep dedication to client service, delivering outstanding results and rigorous discipline in everything she does. I'm confident that clients of Paul Rafanello CPA are in the best hands."

Rafanello will work closely with McMillan during a transition period and plans to retire from active practice next year.

"Clients of Paul Rafanello are accustomed to receiving high-quality, personal service from one of the best CPAs in the business," McMillan stated. "I am committed to meeting their high expectations and providing smart, effective counsel that helps individuals and businesses meet every financial opportunity or challenge. The combination of these two firms provides new scale and resources, and I look forward to bringing those benefits to all of our clients."