The Background

Faced with rapid industry changes and evolving client needs, the Maryland-based firm sought out a partner to help fuel its transformative growth.

Meet Aronson Based in Rockville, Maryland, Aronson LLC was a respected, independent CPA and consulting firm with deep roots in the government contracting (GovCon) space. With a strong geographic foothold on the East Coast, the firm primarily focused on serving clients across the Rockville and Washington D.C. metro areas. After several decades of operating independently, Aronson’s leadership team decided to re-evaluate how the firm could scale to better serve clients, retain top talent, and remain competitive amid the rapid pace of change across the accounting profession. Ultimately, Aronson’s leadership team determined that bringing a strategic partner into the fold could help the firm achieve its growth goals faster. “The profession is evolving,” said Jim Fennel, a long-time board member and audit partner at Aronson who helped guide the firm through merger discussions. Jim is now a partner at Aprio and the head of the firm’s GovCon practice. “We wanted to build something bigger than audit and tax — our vision was to shape the future of advisory,” he continued. “With that in mind, we knew we needed a partner who could provide more support, resources, and flexibility to grow in a way that matched our vision.”

The Brief Firm: Aronson LLC Industry Specialty: Government Contracting (GovCon), Non-Profit, Construction, and Professional Services Merged with Aprio: January 2023

The Opportunity

When interviewing potential strategic partners, Aronson’s leadership team agreed that Aprio’s culture was a critical differentiator. “Our leadership styles were incredibly aligned — collaborative, selfless, and focused on relationship-building,” Jim noted. “When we talked about how our firms would come together, it didn’t feel like a takeover. It felt like a true combination.”

The firm’s approach to integration also impressed Aronson, who had concerns about being merged into a “one-size-fits-all” framework after decades of operating with an entrepreneurial spirit. “Aprio’s leadership evaluated what worked best for both of our organizations,” Jim said. “That flexibility helped develop trust and allowed us to foster buy-in across all of our teams.”

Once the two firms decided to move forward with the combination, the next (and most important) hurdle to cross was client communication. Aronson and Aprio worked diligently to help ensure that clients on both sides of the spectrum understood the purpose of the strategic partnership and how it could benefit their relationships and service experience.

Jim noted that the most critical component of the firms’ communication plan focused on tackling clients’ concerns and questions head on. “We approached client communications with clarity and care, addressing their top concerns about advisor continuity and fees,” he shared. “We assured them that their relationships and advisory teams would remain intact, and that pricing would continue to reflect fair value aligned with the quality of service and expanded capabilities we’re delivering.”

Results & Growth

Within the first year of their strategic partnership, Aprio and Aronson’s integrated GovCon group experienced impressive growth — and they’ve continued to build on that momentum. Most recently, the team successfully led Aprio’s acquisition of NextFed, a strategic move that expanded the GovCon segment’s capabilities and market presence. “That was a wish-list deal we couldn’t have completed as an independent firm,” Jim said.

With a focus on “Unmatched Talent,” recruiting initiatives for more top-tier lateral team members have also improved. According to Jim, “Aprio has become a magnet for A-players in the space. Candidates see our rapid growth, innovative service model, and willingness to invest in new ideas. That turns heads.”

Client Win: Supporting J&J Through a $1B Exit* The team’s support of J&J, a global defense contractor based in Texas, has become a standout success story post-merger. Here are a few highlights from the engagement: Pre-merger: Aronson managed its relationship with J&J remotely with domestic capabilities. Post-merger: The GovCon team successfully leveraged Aprio’s international advisors and global tax capabilities to help J&J position itself for an M&A opportunity with CBRE Group, Inc., a publicly traded real estate and investment firm. Result: Aprio and the GovCon team supported J&J’s successful acquisition by CBRE in 2024. CBRE purchased J&J for $800 million in cash, plus a potential earn-out of up to $250 million, payable in 2027, subject to the acquired business meeting certain performance thresholds.

“We helped J&J prepare for a global sale in a way we simply couldn’t have before. That’s the Aprio effect.”

— Jim Fennel, CPA, Partner, Assurance Services | Audit

Bottom Line With their three-year integration anniversary fast approaching, the Rockville-based team has exceeded many of the goals their leadership team established at the outset of the partnership. Jim credits Aprio’s willingness to take risks and responsiveness with making the transition a success, citing a specific example that perfectly encapsulates the firm’s top-down dedication to collaboration. “A client situation recently came up on my team, and Aprio’s CEO [Richard Kopelman] actually joined me for lunch with the client’s leadership and stakeholders,” he said. “That degree of involvement — from the highest level of the firm — has been invaluable.”

Goals Achieved Since 2023 Exceeded growth targets in Year 1 Completed the strategic acquisition of NextFed Recruited multiple top-tier lateral hires Expanded services to become Aprio’s largest revenue stream

For other firms considering a merger, Jim also offers this advice:

“The profession is changing. Firms need to think beyond compliance and more about how to create long-term value for clients. Aprio has empowered us to do that. They’re willing to take smart risks, invest in people and innovation, and pivot when needed. That’s what sets them apart.”

Are you interested in exploring a strategic partnership with a like-minded firm?
Visit grow.aprio.com for more information.