sorren seeks to redefine the profession’s future.
consolidated: sorren, member firms, kuramoto, and prager
consolidated: sorren, member firms, kuramoto, and pragerby 卡塔尔世界杯常规比赛时间 research
backed by dfw capital partners, meridien, idaho-based harris & co. cpas is leading a roll-up with 12 other firms to create sorren, a new top-50 firm with $170 million in revenue, 85 partners, more than 1,000 employees, and 20 offices across the u.s.
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the sorren platform is backed by dfw capital partners, which acquired harris & co. in january 2024. the investment in harris remains the private equity firm’s only publicly disclosed deal in the accounting sector. dfw focuses on lower middle-market business services and is leveraging harris as the foundation for building a national accounting and advisory enterprise.
representing a new wave of consolidation, the firms retain their branding for now, bringing together some stellar names, including kenji kuramoto, founder and ceo of acuity. kuramoto has built a national profile at acuity, a firm specializing in outsourced accounting and cfo services for startups and small businesses. he has served on advisory councils for major fintech platforms, including gusto, xero, freshbooks, and expensify. additionally, he is a market director at venturesouth, a prominent early-stage investment group. he quietly joined sorren in january 2025. dfw’s executive team includes brett prager, an innovative accounting industry consolidator dating back to the 1990s, and a founding executive at what is now cpa.com at the aicpa.
sorren’s emergence from stealth mode coincides with the news that baker tilly and moss adams agreed to a $7-billion merger, creating the sixth-largest advisory cpa firm in the u.s. to be operated under the baker tilly name, with audit services consolidated into baker tilly us, llp, and advisory services under baker tilly advisory group lp. private equity firms hellman & friedman and valeas capital partners, existing investors in baker tilly, increase their investments as part of the merger. despite this, the firm’s principals retain majority ownership, ensuring operational independence and alignment with the firm’s strategic vision. the merger adds approximately 4,800 professionals across 30 u.s. locations, bringing the combined headcount to around 11,500, including 600 partners from baker tilly and 403 partners from moss adams. the firms aim to leverage their complementary strengths to more effectively serve middle-market businesses. leadership transitions are planned, with baker tilly ceo jeff ferro continuing in his role until his retirement, after which moss adams ceo eric miles will assume the ceo position of the combined firm on jan. 1, 2026.
“what makes sorren stand out is the way these firms came together—with intention, shared values, and a commitment to staying deeply connected to their local markets,” says m&a advisor allan koltin of chicago. “this group didn’t just merge for size; they united around a common purpose. it’s a blueprint for how innovative firms can grow, while staying true to who they are.”
founding firms
sorren plans to grow through acquisitions, targeting firms with strong client relationships, community roots and technology-driven service models.
the founding firms include:
- harris & co., meridian, idaho
- chigbrow ryan murata, boise, idaho
- sbf advisors, st. petersburg, fla.
- kma advisors, madison, wis.
- kdp advisors, medford, ore.
- aycock & company, houston, texas
- pisenti & brinker, santa rosa, calif.
- hoerber tillman & company, st. petersburg, fla.
- stockman kast ryan & company, colorado springs, colo.
- acuity, atlanta, ga.
- jrjbf, chicago, ill.
- capital nomics valuations, bend, ore.
- roeser accountancy, fresno, calif.
adopting an alternative practice structure, sorren cpas p.c. provides attest services, and sorren inc. offers tax, advisory and non-attest services.
dfw operating partner michael o’donnell, a deloitte alumnus, becomes sorren’s chief executive officer, marking his fourth ceo role in dfw’s investment portfolio. josh tyree, formerly president of harris & co., becomes president.
“sorren is designed to be the best of both worlds. national strength, local relationships,” says o’donnell.
“as sorren, our clients still work with the trusted advisors they’ve always known, but now those same teams are backed by enhanced capabilities and infrastructure,” says tyree.
dfw capital partners, a private equity investment firm founded in 1983, focuses on lower-middle-market companies across the united states. with over $2 billion in assets under management, dfw specializes in healthcare, business, and industrial services. the firm typically targets companies with revenues ranging from $20 million to $100 million and ebitda between $3 million and $10 million.
the firm has a history of supporting consolidation strategies, with a portfolio of 52 companies, comprising 45 funding rounds and 7 acquisitions. notable investments in dfw’s portfolio include:
- vertexone: a customer information system software provider and integration services to the mid-market public and investor-owned utility industry.
- kept companies: formerly known as fleetwash, kept companies provides mobile power washing, specialty cleaning, and maintenance services to commercial, industrial, transportation, and government markets.
- sev1tech: a provider of information technology, cybersecurity, cloud, and program management support services to the federal government.
- covenant surgical partners: an acquirer and operator of single and limited-specialty ambulatory surgical centers.
- evolution research group: a provider of clinical research site services for special patient populations.
- dfw capital partners is headquartered in teaneck, new jersey, and maintains an office in chevy chase, maryland.
- the leadership team at dfw includes managing partner keith w. pennell and partners prager, douglas h. gilbert, brian c. tilley, and dever f. warner.
bret prager’s accounting connections
prager, a partner at dfw capital partners since 2006, has a notable history in the accounting and technology sectors. before joining dfw, he founded theo capital partners in 1999, leading investments in service and technology companies. before that, he was the founder and ceo of three private equity-backed businesses, one in healthcare and another formed to consolidate accounting firms in american express’s centerprise model and mayer hoffman mcann’s cbiz. his investment career began with jp morgan partners’ private equity group.
in the early 2000s, prager was the ceo of cpa2biz, an online portal established by the aicpa to provide cpas with digital tools and services. under his leadership, cpa2biz merged with rivio, a california-based application service provider for small businesses, in 2002. prager continued as ceo of the combined entity, aiming to offer an integrated suite of business applications for cpas and their clients. however, later that year, cpa2biz underwent a management restructuring. erik asgeirsson, previously the vice president of sales and marketing, was promoted to ceo, while prager transitioned to a consulting role within the company. prager’s experience with cpa2biz and his background in private equity have contributed to his role at dfw capital partners, where he focuses on investments in the healthcare and business services sectors.
o’donnell brings over 30 years of experience in business services, outsourcing, manufacturing, and technology-based companies. his career began in the audit practice at deloitte and includes leadership roles at the ultimate corp., wechsler coffee, sara lee corporation, eastek corporation, and the food & beverage information exchange. at dfw, o’donnell has been involved in deals with keane, a unclaimed property reporting services provider, and versatech consulting, an it staffing firm. he also served as ceo of children’s dental health associates, a pediatric dental support organization, where he led the company’s expansion before dfw’s successful exit from the investment in 2022.
before dfw, in february 2024, the texas fifth court of appeals upheld an $8.25 million judgment against o’donnell in a securities fraud case, according to the plaintiff’s lawyers, munsch hardt kopf & harr. the lawsuit, initiated by roo investment fund ii llc, brent brunnemer, and dr. mitchell allen greg, alleged that o’donnell misrepresented the use of their investments in behavioral recognition systems inc. the plaintiffs claimed that o’donnell had already secured a controlling interest in brs before soliciting their investments and failed to disclose a $5 million finder’s fee he received for facilitating the sale of brs stock. the court found o’donnell liable for violations of the texas securities act and breach of fiduciary duty.
the dallas court of appeals upheld a trial court’s $8,251,008 judgment in a securities fraud case where investors in an artificial intelligence software company claimed misrepresentation and breach of fiduciary duty. the decision ended plaintiff michael o’donnell’s attempt to get a new trial. appellate counsel for the defendant/appellant, john m. frick of reid dennis frick in frisco, argued plaintiffs did not conclusively establish elements of their claims, and that the trial court erred by denying the defendant’s motion for new trial.
behavioral recognition systems inc.
o’donnell founded pepperwood fund ii gp llc, allegedly to raise cash from investors for a controlling interest in behavioral recognition systems inc. the three named plaintiffs—roo investment fund ii llc, brent brunnemer and dr. mitchell allen greg—entered into separate agreements to invest in brs. according to their complaint, o’donnell allegedly misrepresented how their investments would be used. the plaintiffs asserted pepperwood fund ii would buy enough preferred and common stock in brs from its owner, ray davis, to get a controlling interest. however, the plaintiffs later learned that o’donnell had already purchased a controlling interest.
plaintiff counsel, jamil n. alibhai and toni l. anderson of munsch hardt kopf & harr, noted in the appellees’ brief that the u.s. department of justice indicted davis for securities fraud and wire fraud in late 2017. the securities and exchange commission then filed a civil action against davis and brs. “prior to his indictment and the sec complaint, davis recognized that brs was in a dire financial situation and that o’donnell could help by soliciting investors,” alibhai and anderson told the court.
o’donnell was offered a $5 million finder’s fee, a sum the plaintiffs called a kickback, if he found a buyer willing to pay $15 million or more for brs stock, the plaintiffs alleged. “it took o’donnell less than a month to ‘find’ a buyer,” alibhai and anderson noted, and o’donnell was paid the $5 million.
after the plaintiffs executed their investment agreements, o’donnell transferred pepperwood fund assets to omni ai inc., an entity o’donnell controlled. he offered appellees options to either exchange their limited partnership interests for shares in omni or get a refund of their investment, plus 10% interest. roo investment and brunnemer refused both options. greg agreed to both, exchanging half his interest for omni ai shares, requesting the return of his capital plus interest for the other half.
“greg received no payment despite his demands for the same from o’donnell,” the court noted in the memorandum opinion authored by justice nancy kennedy. appearing before dallas county 95th district court pro se, o’donnell was compelled to respond to discovery requests within seven days, and 36 requests for admissions were deemed admitted. the subsequent motion for summary judgment by plaintiffs was granted on claims of violations of the texas securities act and breach of fiduciary duty, awarding damages to each plaintiff.
addressing o’donnell’s defenses, the appeals court first ruled in the defendant’s argument that the trial court erred when it relied on deemed admissions to support summary judgment. “o’donnell does not assert, and the record does not imply, he asked to withdraw the deemed admissions in his response or at the hearing. instead, he waited until the motion for a new trial to request withdrawal of the deemed admissions,” the opinion states.
for that reason, o’donnell waived his right to challenge the deemed admissions, and the trial court did not err by refusing to withdraw the deemed admissions and denying a request for a new trial, the appeals court concluded. frick, who represented o’donnell on appeal, argued his client was not the “seller,” as defined in the securities act, when he sold plaintiffs shares in the company.
the court ruled that the term seller is broader than the company and can include a person. the court also accepted the plaintiffs’ evidence of o’donnell’s financial interest—the referral agreement under which o’donnell admitted his company got a $5 million finder’s fee.
children’s dental management
in december 2016, o’donnell was named ceo of cdha management llc, also known as children’s dental management, a dental support organization (dso) that provides business and operational support services to pediatric dental practices, after dfw capital partners invested in cdm as part of its fund v portfolio. the company expanded significantly, completing four strategic acquisitions, building an orthodontics business, and doubling the number of locations. this growth positioned cdm as the largest pediatric specialist-led dso nationally.
in january 2022, dfw capital partners exited its investment in cdm. subsequently, cdha management, llc and spark dso, llc began operating as chord specialty dental partners, a multi-specialty dso supporting over 60 dental practices across six states.
in 2024, after o’donnell exited, cdha management llc and spark dso llc suffered a data breach affecting over 173,000 individuals. the hipaa breach involved unauthorized access to employee email accounts, potentially compromising a wide range of personal and health information. investigations and legal actions are underway.
sorren follows the ascend model: independent cpa firm brands
the sorren deal is part of a broader trend in accounting and a refinement in the pe model pioneered by alpine investors’ ascend unit, where private equity investments are structured to allow firms to retain their brands and operational independence.
for instance, in 2023, ascend reported a strategic investment in the non-attest business of opsahl dawson, a pacific northwest firm headquartered in vancouver, wa. this partnership enabled opsahl dawson to maintain its brand and leadership while leveraging ascend’s support for growth.
similarly, san antonio-based accounting firm atkg joined ascend’s platform in 2023, splitting into two entities: atkg llp for attest services and atkg advisors llc for tax and advisory services. this structure allowed atkg to preserve its brand and operational autonomy.
in 2024, when lmc advisors, a 100-person regional accounting firm headquartered in new york city, partnered with ascend, founder and ceo lee cohen said ascend’s approach supported lmc’s growth while maintaining its independence and values.
ascend’s expansion continued along the eastern seaboard, adding firms like blackman & sloop of chapel hill, n.c., and tss advisors of lebanon, n.h., to its platform in 2024.
eisner kicks off new deal wave in 2021
the pe phenomenon is just gathering steam.
it kicked off in 2021, when towerbrook capital partners invested in eisneramper. this led to the creation of eisner advisory group llc for non-attest services, while eisneramper llp continued to provide attest services. this structure allowed the firm to maintain its brand and expand its advisory capabilities.
following a 2021 investment from new mountain capital, citrin cooperman retained its brand and leadership structure and focused on growth through strategic acquisitions.
in 2022, parthenon capital partners invested in cherry bekaert, which continued operating under its established name. the firm structured its operations to separate attest and non-attest services, ensuring compliance with independence standards while leveraging pe resources for growth.
after receiving investment from audax private equity in 2023, doeren mayhew maintained its brand identity. the firm continued operating its entities, including doeren mayhew assurance and doeren mayhew advisors, under the doeren mayhew name.