Sikich acquires O’Malley & Kwit

Sikich LLP, a Top 40 Firm based in Chicago, signed an agreement to acquire the assets of a fellow Windy City firm, O’Malley & Kwit LLC.

The deal comes shortly after Sikich’s announcement last week of its acquisition of Accelerated Growth, another Chicago firm, which Sikich views as a priority market besides being its hometown.

“Continuing to expand our practice in the Chicago market is a priority for Sikich,” said Sikich partner Tom Krehbiel, who leads the firm’s CPA practice, in a statement Tuesday. “Adding the O’Malley & Kwit team strengthens our tax capabilities and enhances the foundation for us to continue to scale in this key market.”

O’Malley & Kwit specializes in offering tax compliance, analysis and planning services to privately held companies, hedge funds and high net worth individuals. It provides accounting and attestation support along with U.S. compliance related to foreign investment and entity structure guidance.

Financial terms of the deal were not disclosed. Sikich ranked No. 28 on Accounting Today’s 2022 list of the Top 100 Firms, with $228.57 million in annual revenue. The firm has 115 partners and a total of approximately 1,400 employees. 

The O’Malley & Kwit team members will be joining Sikich’s office in downtown Chicago. The deal is scheduled to close Nov. 30. 

“The benefits of joining the Sikich team are two-fold: we’re able to offer clients a breadth of new and advanced services, and provide expanded growth opportunities to our employees,” said William Kwit and Patrick O’Malley, partners at O’Malley & Kwit, in a joint statement. “This additional set of tools and opportunities will allow our clients and employees to thrive in this dynamic landscape.”