CohnReznick, an advisory and tax firm, has acquired Minneapolis, MN-based Smith Schafer & Associates, marking its first transaction for the year. 

The acquisition, which closed on January 1, adds Smith Schafer’s team of 12 partners and 89 employees to CohnReznick’s headcount and marks the firm’s entry into the Minnesota market. 

As part of the deal, CohnReznick will gain access to Smith Schafer’s tax, advisory, and assurance resources across real estate, financial services, technology, consumer, and manufacturing, the firm said. 

“Smith Schafer’s deep local roots, entrepreneurial spirit, and trusted relationships perfectly complement CohnReznick’s national reach and industry expertise,” David Kessler, CEO of CohnReznick, said. “Together, we can bring clients the insights that help create value, optimize performance, and manage risk.” 

In February, CohnReznick inked a strategic growth investment from funds advised by Apax Partners. The transaction marks the first institutional investment in CohnReznick and is expected to help accelerate the firm’s growth strategy.  

Following the investment, CohnReznick will operate in an alternative practice structure: CohnReznick LLP, a licensed CPA firm, will provide attest services. 

Since then, CohnReznick has expanded in San Francisco, Tampa and Tallahassee, FL, and Richmond, VA, the firm said.