Frazier & Deeter Strengthens Mid-Atlantic Advisory Business by Acquiring RS&F

National accounting and advisory firm Frazier & Deeter (FD) has announced the acquisition of Rosen, Sapperstein & Friedlander, LLC (RS&F), headquartered in Towson, Maryland. This deal marks a strategic step in FD’s broader effort to build advisory scale, deepen its geographic footprint, and serve high-net-worth and middle-market clients in the Mid-Atlantic region.

Deal Summary

• Acquirer: Frazier & Deeter, a Top-50 professional services firm offering tax, audit, risk advisory, and business transformation services.
• Target: Rosen, Sapperstein & Friedlander (RS&F), a CPA and advisory business based in Towson, MD.
• Business Focus: RS&F specializes in family offices, ultra-high-net-worth individuals, and middle-market companies. Its service mix includes tax, audit, business valuation, forensic accounting, and consulting.
• Geographic Reach: Based in Maryland, RS&F brings strong presence in the Mid-Atlantic corridor.
• Strategic Rationale: FD plans to integrate RS&F into its broader infrastructure, leveraging FD’s technology, specialty tax and audit expertise, and expanded advisory services. At the same time, FD values RS&F’s client-centric culture and deep domain expertise across real estate, nonprofit, healthcare, construction, manufacturing, government contracting, and technology.
• Leadership Continuity: RS&F’s leadership, including managing partner Jeffrey Rosen, will stay on, preserving client relationships and technical expertise.
• Transaction Structure: While financial terms were not disclosed publicly, FD will absorb RS&F into its operational and support framework to enhance service delivery.

Industry Context

Professional services, especially accounting and advisory, have witnessed increasing consolidation as larger platforms look to combine technical specialization with regional strength. Many strong local or regional CPA firms possess deep analytical capabilities, but may lack the infrastructure or capital to scale. Firms like FD are capitalizing on this by acquiring high-caliber practices with established client bases, particularly in wealth management, family offices, and middle-market advisory.

Regulatory complexity, the growing need for integrated tax and advisory solutions, and demand for sophisticated client service are all driving this trend. Consolidators can offer clients more depth, continuity, and broader industry coverage - while scaling operationally by streamlining back-office functions.

Lower-Middle-Market Roll-Up Perspective

From a private equity or strategic platform standpoint, FD’s purchase of RS&F reflects several roll-up playbook characteristics:

1. Strategic Regional Play: Rather than building a branch from scratch, FD is buying a firm that has built a strong reputation and client base in the Mid-Atlantic.
2. Preserving Franchise Value: By keeping RS&F’s leadership in place, FD ensures continuity for clients and maintains RS&F’s brand identity.
3. Capability Augmentation: RS&F’s specialization in family offices and middle-market companies complements FD’s national advisory capabilities, enhancing FD’s value proposition.
4. Platform Efficiency: FD will leverage its scale - systems, technology, talent - to support RS&F’s growth while reducing duplication.
5. Long-Term Growth Focus: Rather than a financial squeeze-out, FD appears committed to integrating RS&F in a way that prioritizes service quality and client relationships, not just leverage.

FD’s acquisition cadence supports this approach: earlier deals, such as its recent acquisition of Pesta, Finnie & Associates in Charlotte, deepen its presence in key regional markets.

Why This Sector Is Attractive for Roll-Ups

• Fragmented Market: Many CPA and advisory firms remain regionally grounded, making them attractive targets for national platforms.
• Recurring and Advisory Revenue Mix: Firms can balance compliance and tax engagements (recurring) with higher-margin advisory work.
• Client Density: Access to family offices and middle-market companies offers rich opportunities for deep, long-term engagement.
• Scalability Levers: Platforms can centralize technology, process, and talent to drive margin improvement and consistency.
• PE Backed Growth: Investors value the predictable cash flows and high-growth potential of firms combining traditional accounting, advisory, and specialty services.

Conclusion

Frazier & Deeter’s acquisition of RS&F is a strategic consolidation that strengthens its presence in the Mid-Atlantic and expands its advisory depth in key sectors. For FD, it’s a move to combine regional expertise with national resources. For RS&F, it provides access to scale, infrastructure, and a broader platform - all while maintaining its identity and client relationships.

This deal highlights a broader trend in accounting and advisory: successful roll-ups are not just about scale, but about aligning culture, preserving legacy, and investing in advisory differentiation. For investors interested in professional-services consolidation, FD’s strategy offers a clear model - build through thoughtful, complementary add-ons that deliver both technical expertise and regional reach.