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Accounting firms Forvis and Mazars finalized their planned union June 1, creating a $5 billion global operation. 

The new organization describes itself as a “two-firm network”: Forvis Mazars LLP, which operates in the U.S., and Forvis Mazars Group SC, an internationally integrated partnership serving more than 100 countries and territories.

Forvis Mazars also unveiled its new leadership team. Hervé Hélias will serve as chair of the global network board and continue as chair of the group executive board of Forvis Mazars Group (formerly Mazars Group). Matt Snow, chairman of Forvis Mazars (formerly Forvis), will serve as vice chair of the global network board. 

In the U.S., Tom Watson will continue as CEO of Forvis Mazars and will also sit on the global network board. 

Closer to home

In addition, Forvis Mazars introduced a new team of managing partners and assistant managing partners, as well as new industry and firm leaders, all effective June 1. Jim Blake and Troy Gilstorf are co-leaders of the Northeast region, and Paula Ferreira is the new assistant managing partner for New Jersey, according to a company representative. 

Forvis Mazars’ Garden State office is located in Iselin. 

Across the U.S., Forvis Mazars now operates more than 40 offices and is the eighth largest public accounting firm in the nation, with approximate revenue of more than $2 billion and more than 7,000 employees, based on Inside Public Accounting figures. Globally, the firm employs more than 40,000, according to the Wall Street Journal.

What they’re saying

Hélias called the move “a momentous and exciting time for our clients, our profession and our people.” 

“Mazars and Forvis have worked together for over 20 years and share a commitment to delivering an outstanding client experience,” Hélias continued. “We are well positioned to deliver excellence, everywhere, under a single global brand.” 

Watson added, “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.” 

An industry trend?

According to the WSJ, “The deal is among a series of moves by accounting firms to revise their ownership structure as they face greater capital needs and difficulty recruiting workers.” The publication pointed to recent moves by Grant Thornton and BDO as examples. 

The WSJ also cited data from Dealogic, noting that so far this year, there were 34 mergers and acquisitions involving accounting firms in the U.S., totaling $378 million, versus 80 deals totaling $33 million in 2023. 

In September 2022, Friedman LLP and Marcum LLP, two national accounting and advisory firms with a New Jersey presence, joined forces to create a national top-12 firm with nearly $1 billion in revenue and more than 3,400 associates at the time of the merger.