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Forvis has formally acquired the U.S. unit of Mazars as part of a new international accounting partnership, finalizing an agreement over the weekend after announcing the transaction in the fall.
The deal creates a combined global audit and advisory network with nearly $5 billion in annual revenue.
The network will comprise two members: Forvis Mazars, LLP, in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories.
Mazars USA will join Forvis Mazars, LLP, in the U.S. This adds 1,000 more professionals and 14 office locations, bringing the total locations to more than 80.
Forvis Mazars becomes the eighth-largest accounting firm in the U.S., according to Inside Public Accounting rankings, with approximate revenue of more than $2 billion and more than 7,000 employees.
The network will be governed through a structure that includes a Global Network Board.
Hervé Hélias will serve as the first chair of the Global Network Board. Hélias also will continue to serve as chairman of the Group Executive Board of Forvis Mazars Group, SC (formerly Mazars Group). Matt Snow, chairman of Forvis Mazars, LLP (formerly Forvis, LLP), will serve as vice chair of the Global Network Board.
“This is a momentous and exciting time for our clients, our profession and our people,” said Hélias in a statement. “Mazars and Forvis have worked together for over 20 years and share a commitment to delivering an outstanding client experience.
“Working together, I am confident that our two firms will continue to empower our people to raise the bar for client service standards, while challenging industry opportunities to support future needs in local markets.”
In the U.S., Tom Watson will continue to serve as CEO of Forvis Mazars, LLP (formerly Forvis, LLP) and will also sit on the Global Network Board. Rob Pruitt, Fran Randall and Tim York from Forvis Mazars, LLP, will sit on the Global Network Board.
David Chaudat, Pascal Jauffret, Véronique Ryckaert and Phil Verity from Forvis Mazars Group will sit on the Global Network Board.
“This new network will quickly unlock new opportunities for our clients and our people, and both groups can feel confident that we are making decisions with their long-term success in mind,” Watson said.
The deal follows a trend in the industry as firms face greater capital needs and increased challenges in recruiting workers.
U.S. mergers and acquisitions involving accounting firms totaled $378 million across 34 deals this year through the end of May, according to data provider Dealogic. That compares with $33 million across 80 deals in 2023, and $147 million across 75 deals in 2022.
Forvis was formed through a merger with BKD and Dixon Hughes Godoman in 2022. It reported $1.7 billion in revenue last year, almost all of which was in the U.S. Mazars booked nearly $3 billion globally in 2023, including $258 million in the U.S.
Forvis and Mazars placed eighth and 31st among accounting firms, respectively, in terms of U.S. revenue, according to Inside Public Accounting.
Rob Opitz, the partner overseeing operations in Fort Worth for Forvis, will remain in his role with the combined firm. Chris Clark is the managing partner in Dallas.