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Industry News & Trends / Mergers & Acquisitions
on June 12, 2017

Terkelsen, Smith & Tyree merges with Frost, PLLC

The merger will help TST expand its agribusiness reach in the Southwest

Two independent accounting firms, with offices in Arizona, Arkansas, North Carolina and Florida, have announced a merger expected to bring their expertise, resources and know-how to the food and agriculture sectors of the Southwest region of the U.S. The merged firm will be known as Frost, PLLC and will continue to operate out of all current locations.

Joining forces with Frost, PLLC will allow Terkelsen, Smith & Tyree (TST) professionals to continue to strengthen their position as the region’s top service provider.

Tim Terkelsen, CPA, TST managing partner, said, “This merger is part of our plan to strengthen our position as a market leader serving clients in a variety of industry segments. The culture of both firms is highly compatible, with similar client service delivery models that focus on value based personal service with partner led delivery being a strategic imperative for both organizations. Additionally, it is one more step in the realization of our vision to continue to expand and grow.”

Forging this new partnership in Yuma with a group of well-respected and well-known CPAs catalyzes the goals of both firms to become the premier accounting firm in the Southwest. Building a strong presence in the region fulfills a shared vision of being a valuable resource to the diverse industries segments within Arizona and California. As a committed member of the community, the firm will work to strengthen it by offering new services previously unavailable locally. The combination of these two firms services will include traditional accounting to auditing, retirement planning, business valuation, litigation support, international tax as well as other consulting services.

Doug Richardson, Chairman of Frost, said, “We are very excited to announce the addition of the Terkelsen, Smith and Tyree, PLC team to the Frost, PLLC family. As a combined entity, we will expand our experience, knowledge base and resources throughout the Southwest Region of the United States while continuing to provide our clients with the exceptional services they expect and deserve. While the food processing and agriculture industry represents a large portion of our firm’s business, we will continue to offer our clients a broad portfolio of services to meet their accounting needs.”

The focus of this merger is to expand the breadth of services and geographic reach that Frost, PLLC and TST can provide to their current and potential clients in the Southwest Region and nationwide.

Tim Terkelsen, TST partner, said, "The merger of Frost and Terkelsen, Smith, & Tyree, joins an unparalleled depth of experience and expertise within the industries we service; but most particularly the food and agriculture sectors. We are excited for the future look forward to our new and expanding relationships.”

Another TST partner Carol Smith said, “We are very excited to be a part of the first national CPA firm in Yuma, Arizona. By coming together, we will be able to expand the services which we provide to our clients including performing governmental and employee benefit plan audits, providing business valuations and cost segregation studies, as well as broadening and deepening our areas of expertise especially in the agricultural industry.”

After the merger, the firm will be supported by executive committee members Doug Richardson, Bob Childress, Craig Thomson and Rob Gunther, with continued local management by the partners at Terkelsen, Smith and Tyree. While the name may change on the building and new services will be offered to clients, the commitment to continue as a community-oriented firm with strong ties to the Yuma region will not change.

Craig Thomson, Frost, PLLC partner in Phoenix, said, “This merger is a win-win for both current and future clients as well as employees of both firms. We see the expansion as an opportunity for everyone involved.”

Frost, PLLC will continue as an independent member of the BDO Alliance USA, which itself is a subsidiary of BDO USA, LLP. All the firms in the BDO Alliance are independent member firms, owned and managed in each location.

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