CohnReznick announced it has acquired Minneapolis-based Smith Schafer & Associates in a strategic deal effective January 1, 2026, marking the firm’s entry into Minnesota and extending its Midwest footprint. The professional services firm said Smith Schafer’s local presence and industry experience will support growth in the state’s diverse business market while expanding CohnReznick’s ability to deliver advisory, assurance, and tax services.
Smith Schafer brings three offices in the Minnesota market, along with a team of 12 partners and 89 employees. CohnReznick said the acquisition adds capabilities in sectors including professional services firms, construction, manufacturing, and transportation, and that it plans to pair those strengths with its broader platform across real estate, financial services, technology, and consumer and manufacturing.
The deal follows a series of recent expansion moves by CohnReznick over the past year, including opening offices in San Francisco, Tampa, Tallahassee, and Richmond. The firm said its focus on organic growth and selective M&A has been accelerated by its partnership with Apax Funds.
Koltin Consulting Group CEO Allan D. Koltin, who advised both firms on the combination, said Smith Schafer is viewed as a leading regional firm in Minnesota and that the firms aligned on culture, leadership, and investments in technology, talent, and specialization. He added that while merger activity has increased across the accounting industry, CohnReznick has remained selective in its approach.
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“We are thrilled to have found a partner who will help us build on the tremendous track record and legacy of Smith Schafer, enabling us to secure the next chapter of success, deliver greater value to our clients and more career opportunities to our people in this dynamic business environment.”
Michael J. Malugani, Managing Principal, Smith Schafer
“Smith Schafer’s deep local roots, entrepreneurial spirit, and trusted relationships perfectly complement CohnReznick’s national reach and industry expertise. Together, we can bring clients the insights that help create value, optimize performance, and manage risk. I’m excited about the difference we can make together for our people, our clients, and our communities.”
David Kessler, CEO, CohnReznick Advisory LLC
“Smith Schafer is regarded as one of the preeminent regional firms in the state of Minnesota with amazing talent and known for their exceptional client service. They identified with CohnReznick’s leadership and culture and felt their investment in technology, talent, and industry specialization set them apart amongst other Top 25 CPA firms. Despite the merger frenzy that is taking place in the accounting profession, CohnReznick remains very selective in their M&A strategy and felt Smith Schafer was a ‘Best in Class’ firm and would make for the perfect firm to combine forces with.”
Allan D. Koltin, CEO, Koltin Consulting Group
