Eide Bailly, a top 20 accounting firm based in Fargo, ND, has announced the acquisition of Applegrowth Partners, a top 300 accounting firm. This strategic move, finalized on June 24, will bring 125 staff members and 24 partners from AppleGrowth Partners into the Eide Bailly fold, significantly expanding Eide Bailly’s presence across the Great Lakes region and marking its entry into Ohio.
The financial details of this acquisition remain undisclosed. However, Eide Bailly has confirmed that this is their second-largest acquisition in their century-long history. More significantly, it establishes Eide Bailly’s first physical offices east of the Mississippi River, planting a firm stake in the Ohio market through the AppleGrowth Partners network.
AppleGrowth Partners brings to the merger a robust regional footprint with existing offices in Akron, Cleveland, and Canton, Ohio, as well as Schaumburg, Illinois, and Charlotte, North Carolina.
Jeremy Hauk, Managing Partner and CEO of Eide Bailly, expressed enthusiasm about the merger, stating, “AGP has a strong workplace culture and a commitment to authenticity, exceptional service, and taking care of each other. It was evident from our initial meeting with the AGP leadership that they would be a great addition. We both talked about culture, our people, and our clients. We could tell immediately that both firms really meant what we said and would be a great fit.” This highlights the cultural alignment and shared values that underpinned the decision to bring AppleGrowth Partners into Eide Bailly.
Founded in 1943, AppleGrowth Partners has built a strong reputation by offering a comprehensive suite of accounting and advisory services tailored for privately held businesses. Their service portfolio includes tax planning and compliance, audit and assurance, business valuation, litigation consulting, employee stock ownership plans (ESOPs), fraud prevention and detection, family office services for high-net-worth individuals, and transaction advisory.
Beyond these core services, AppleGrowth Partners also possesses specialized industry expertise in areas such as employee benefit plans, bookkeeping, auto dealerships, manufacturing, construction and real estate, car washes, restaurants, and not-for-profit organizations. This diverse expertise will further enrich Eide Bailly’s service offerings and industry specialization.
Chuck Mullen, Chairman of AppleGrowth Partners, explained the strategic rationale from his firm’s perspective. “Our goals have not changed, but the world has. Staying a regional firm would not allow us to remain competitive, and our employees and clients deserve the best. Joining forces with Eide Bailly was an easy decision because we share the same values, especially in how we take care of each other and our clients,” Mullen stated. He further emphasized, “Eide Bailly sets itself apart with its business and technology expertise and unparalleled culture. We’re thrilled this union will allow us to stay true to our current culture while also providing new opportunities for collaboration, additional resources for our clients, and expanded benefits and opportunities for our staff.” This underscores the mutual benefits and future growth opportunities anticipated from the AppleGrowth Partners merger.
The acquisition of AppleGrowth Partners is the latest in a series of strategic mergers for Eide Bailly. Since July, Eide Bailly has also merged with Phoenix-based CPA and tax planning firm Secore & Niedzialek, Seattle CPA firm King & Oliason, and California accounting firms Bessolo Haworth and Raimondo Pettit. Additionally, Eide Bailly welcomed San Diego-based full-service CPA firm RBTK late last year and integrated Sioux Falls, SD-based technology solutions company High Plains Technology in January. These mergers demonstrate Eide Bailly’s aggressive growth strategy and commitment to expanding its service offerings and geographical reach.
The addition of AppleGrowth Partners represents a significant step in Eide Bailly’s continued growth and strengthens its position as a leading national accounting and advisory firm, now with a strong foothold in the Ohio market and the broader Great Lakes region.
