Castellum's Withum Merges with CTM to Expand Midwest Accounting Services
- Withum merges with CTM, enhancing its Midwest presence and service offerings effective May 1, 2025.
- The merger combines CTM's expertise with Withum's national reach, fostering growth and innovation in client services.
- Withum's strategy of growth through acquisition positions it to better serve diverse clients across various sectors.
Strategic Merger Enhances Withum's Midwest Footprint
In a significant development within the accounting and advisory sector, CTM CPAs & Business Advisors (CTM) merges with WithumSmith+Brown, PC (Withum), creating a robust alliance that bolsters Withum’s presence in the Midwest. This strategic partnership, effective May 1, 2025, consolidates CTM’s expertise in various industries, including restaurants, real estate, and professional services, into Withum’s already extensive service portfolio. The merger brings together CTM’s four partners and approximately 50 employees, who will continue to operate from their established location in Lincolnshire, Illinois.
The integration of CTM into Withum is anticipated to yield enhanced service offerings and deepen the franchise client portfolio. Steven Edelheit, Managing Partner of CTM, expresses optimism about the merger, noting that it opens new avenues for both client and staff success. Withum’s Managing Partner and CEO, Pat Walsh, reinforces this sentiment by emphasizing the alignment of both firms’ client service philosophies. The merger is poised to create a seamless client experience, combining Withum’s national reach and CTM’s local expertise to foster growth and innovation.
Withum, a firm recognized for its comprehensive advisory, tax, and audit services, operates 26 offices across the United States and generates an impressive annual revenue of $578 million. The merger marks a pivotal moment for both firms as they navigate the competitive landscape of accounting and advisory services. By enhancing their capabilities and expanding their geographic footprint, Withum solidifies its commitment to delivering innovative solutions that meet the evolving needs of its client base.
In addition to strengthening its Midwest operations, the merger indicates Withum's broader strategy of growth through acquisition. By integrating CTM’s specialized knowledge, Withum positions itself to better serve a diverse clientele across various sectors. This alliance not only enhances operational capabilities but also reflects a trend towards consolidation within the accounting industry as firms seek to adapt to changing market dynamics.
The merger between CTM and Withum sets the stage for a collaborative future, promising to create new opportunities and a broader range of services for clients. As both firms work together, their shared vision of fostering client success will likely drive innovation and growth in the increasingly competitive landscape of accounting and advisory services.