CohnReznick's Texas Gambit: A PE-Fueled Blueprint for National Growth

NEW YORK, NY – July 06, 2026 – The announcement that professional services giant CohnReznick would acquire Houston-based Ham, Langston, & Brezina L.L.P. (HL&B) effective July 1st sent a clear signal across the industry. On the surface, it’s another consolidation in a sector rife with them. But look closer, and this move reveals a meticulously crafted blueprint for national expansion, supercharged by private equity and aimed squarely at dominating high-growth markets. This isn't just about planting a flag in Texas; it's about executing a new playbook that is fundamentally reshaping what it means to compete in the professional services arena.

The New Texas Battleground

CohnReznick, a firm boasting $1.14 billion in annual revenue, is no stranger to Texas, with established offices in Dallas and Austin. However, the acquisition of HL&B represents a quantum leap in its regional strategy. HL&B was not a small tuck-in; it was a formidable local power player with $23.9 million in revenue, 12 partners, and 87 employees across three Houston offices. By integrating this well-established firm, CohnReznick instantly gains deep-rooted local relationships and a significant operational footprint in what its leadership calls a “key market.”

“This combination advances our strategic growth in Houston, a key market for our firm, and expands our capabilities in energy, financial services, and real estate,” said David Kessler, CEO of CohnReznick Advisory LLC. His statement underscores the strategic imperative. Houston's dynamic and diverse economy, a global hub for energy and a burgeoning center for technology and healthcare, presents an immense opportunity. Acquiring HL&B provides an immediate and credible platform to serve this complex marketplace, bypassing the years it would take to build such a presence organically.

This move dramatically alters the competitive landscape. Mid-sized and even national firms operating in Texas must now contend with a reinforced competitor that combines HL&B's local-market intelligence with CohnReznick’s national scale, technological prowess, and extensive service lines in real estate, private equity, and manufacturing. The acquisition creates a powerhouse that can service clients from the local start-up to the multinational corporation with a seamless, integrated offering.

The Private Equity Playbook in Action

To understand the speed and aggression of CohnReznick’s expansion, one must look back to February 2025. That’s when Apax Funds made a landmark strategic growth investment in the firm, marking CohnReznick’s first-ever infusion of institutional capital. This partnership was not about passive financial backing; it was about providing the fuel for an ambitious growth trajectory.

The HL&B deal is a direct consequence of this strategy. It follows a rapid-fire succession of acquisitions and new office openings in Minneapolis, San Francisco, Tampa, Denver, and Richmond, among others. The Apax partnership has clearly accelerated the firm’s ability to execute complex M&A deals, identify strategic targets in high-growth corridors, and invest heavily in talent and technology.

A key innovation enabling this PE-fueled growth is the firm's alternative practice structure. CohnReznick now operates via two distinct entities: CohnReznick LLP, a licensed CPA firm for traditional assurance and attest services, and CohnReznick Advisory LLC, which houses the advisory and tax practices. This structure, increasingly common in the industry, allows private equity to invest in the high-growth advisory side without violating the strict independence rules governing certified public accounting. It’s a sophisticated model that unlocks massive capital for expansion while navigating a complex regulatory environment.

Allan D. Koltin, CEO of Koltin Consulting Group, who advised on the transaction, noted the move “enhances both its geographic footprint and industry expertise.” This external validation highlights a trend where PE funds are seeing immense value in consolidating the fragmented professional services sector, creating national and global platforms that can achieve efficiencies of scale and technology that smaller firms cannot match.

Beyond the Numbers: The Value of Niche Expertise

The strategic brilliance of the HL&B acquisition lies not just in the revenue or headcount it adds, but in the specialized expertise it brings into the fold. HL&B built its reputation over nearly three decades by developing deep knowledge in sectors that are the lifeblood of the Houston economy: energy, financial services, and construction, alongside a strong practice in non-profit and benefit plans. This is not a commodity service; it is high-value, specialized counsel that requires years of experience and industry-specific insight.

By acquiring this expertise, CohnReznick isn't just buying a book of business; it's buying intellectual capital and market credibility. It can now walk into pitches for complex energy sector audits or construction project advisory with a team that has been doing that specific work in that specific market for decades. This immediately elevates its competitive posture against other national firms that may have a broader but less specialized local presence.

As Rob Brezina, former Managing Partner of HL&B, stated, the goal is to combine their “deep local relationships with CohnReznick’s national platform and expanded resources.” For HL&B’s clients, this means access to a vastly larger toolkit—from advanced data analytics and cybersecurity to international tax strategy and post-merger integration services—all delivered by the local team they already trust. For CohnReznick, it’s the perfect synergy: a powerful national engine now connected to a highly specialized and respected local chassis.

Integrating People, Culture, and Clients

The ultimate success of this acquisition will hinge on a factor far more nuanced than financial projections: integration. Merging a 99-person local firm with a national giant of nearly 4,000 employees is a delicate process. Brezina, who now joins CohnReznick as an assurance partner, expressed optimism about creating “new growth and development opportunities for our talented team,” a critical element for retaining the very talent that made HL&B an attractive target.

CohnReznick’s recent string of acquisitions, many advised by the same consulting group, suggests a practiced and refined approach to post-merger integration. The firm’s leadership appears to understand that the value of the deal resides in the people and their client relationships. The challenge will be to preserve the entrepreneurial spirit and client-centric culture of HL&B while seamlessly integrating its team into CohnReznick’s national systems, standards, and culture.

For competitors and clients alike, the message is clear: the ground has shifted, and the race to adapt in Texas's dynamic professional services market has just been dramatically accelerated.