CohnReznick, a professional services firm, acquired Minneapolis-based Smith Schafer & Associates, effective Jan. 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 advisory, assurance and tax resources in real estate, financial services, technology, and consumer and manufacturing to serve the diverse 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,” Michael J. Malugani, managing principal of Smith Schafer, said.
David Kessler, CEO of CohnReznick Advisory, 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.”
