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M&A roundup: Frazier & Deeter, THF and Capstone expand

November 5, 2025
in Accounting
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M&A roundup: Frazier & Deeter, THF and Capstone expand
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Frazier & Deeter, a Top 50 Firm based in Atlanta, has acquired Regional Leader Rosen, Sapperstein & Friedlander in Towson, Maryland, and Pesta Finnie & Associates LLP, headquartered in Charlotte, North Carolina.

The acquisition of RS&F deepens Frazier & Deeter’s presence in the Mid-Atlantic region and expands its client base in industries such as real estate, health care, nonprofits, government contracting, construction, manufacturing and technology.

Frazier & Deeter ranked No. 44 on Accounting Today‘s 2025 list of the Top 100 Firms with $184 million in annual revenue, 63 partners and over 500 employees. RS&F is a Regional Leader firm that ranked No. 13 on Accounting Today‘s list of the top firms in the Capital Region, with $24 million in annual revenue, 11 partners and over 100 employees. Financial terms of the deals were not disclosed.

“As an Accounting Today Regional Leader, RS&F has earned a stellar reputation for excellence, particularly in the family office and middle-market segments,” said Seth McDaniel, managing partner and CEO of Frazier & Deeter, in a statement Wednesday. “The firm’s client-centric culture, technical expertise and entrepreneurial leadership align nicely with FD’s values and intentional vision for growth.”

RS&F will bring a number of specialties to Frazier & Deeter. “We are thrilled to welcome RS&F to the FD team,” added Jeremy Jones, COO and incoming managing partner of Frazier & Deeter, in a statement. “The firm’s specialization in family office and advisory services, as well as industries like government contracting, health care, real estate and construction, strengthens our collective platform and enhances our ability to serve clients with depth and sophistication.”

“Joining FD creates long-term growth opportunities for both our clients and team,” said RS&F managing partner Jeffrey Rosen in a statement. “We’re excited to bring our strengths and relationships into a firm that shares our commitment to partnership, innovation and differentiated service.”

Bob Lewis, president of The Visionary Group, consulted with both firms on the transaction.

“We would like to congratulate both RS&F CPAs and Frazier & Deeter for the successful combination of these two great firms,” he said in a statement. “RS&F brings a deep bench of professionals and a specialization in family office to the Frazier Deeter group. This addition will bring significant value to their client base and referral partners.”

Frazier & Deeter also announced another deal this week with Pesta Finnie & Associates, expanding its presence in Charlotte, North Carolina, and the broader Carolinas.

Pesta Finnie focuses on serving the middle market, closely held businesses, and family offices.

“For many years, Pesta Finnie has been a trusted name in Charlotte for real estate and tax advisory services,” McDaniel said in a statement Tuesday. “Their reputation for excellence and client commitment mirrors our firm’s core values. We are excited about this partnership and look forward to investing in Charlotte as part of our long-term growth.”

“Welcoming Pesta Finnie expands our presence in the Southeast and adds highly specialized expertise to the suite of services we offer clients,” said Jones in a statement. “Equally important, we’ve found a strong cultural alignment between our firms, especially in how we build client relationships and prioritize investing in our people.”

“Joining FD creates long-term opportunities for both our clients and our people,” said Don Pesta, retiring founder and managing partner of Pesta Finnie, in a statement. “We are excited to begin this next chapter with a firm that so clearly shares our values and our commitment to trusted, relationship-driven service.”

Peter Greve, the incoming Charlotte office managing partner, added: “As Don transitions into retirement at the end of the year, I’m honored to step into this leadership role with Frazier & Deeter. This move positions our team for the future by offering new career opportunities, broader resources, and the strength of a global platform, all while continuing to deliver the same high-quality service our clients expect.”

Frazier & Deeter received an investment in April from General Atlantic, a private equity firm based in New York, splitting it into Frazier & Deeter LLC, a licensed CPA firm providing assurance services and Frazier & Deeter Advisory LLC, providing non-attest services.

In August, Frazier & Deeter acquired Anglin Reichmann Armstrong, a firm based in Huntsville, Alabama.

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