CohnReznick announced a strategic acquisition of Minneapolis, MN-based Smith Schafer & Associates, effective January 1, 2026. With three offices in the market, Smith Schafer’s local expertise establishes an important expansion in the Midwest for CohnReznick and significant growth opportunity for the combined organization.

With a team of 12 partners and 89 employees, Smith Schafer brings to CohnReznick strong experience in professional services firms, construction, manufacturing, and transportation. CohnReznick will leverage its deep advisory, assurance, and tax, resources in Real Estate, Financial Services, Technology, and Consumer and Manufacturing to serve the diverse and innovative Minnesota marketplace.

“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,” said Michael J. Malugani, Managing Principal of Smith Schafer.

This is the latest in a number of important expansion efforts that CohnReznick has made in the last year, recently opening offices in San Francisco, CA; Tampa and Tallahassee, FL; and Richmond, VA. Investing for organic growth and selective M&A opportunities have been successful strategies for the firm, now accelerated by its partnership with Apax Funds.

CohnReznick Advisory LLC CEO David Kessler added, “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.”

Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the combination commented, “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.”