RSM McGladrey and McGladrey & Pullen formally announced their acquisition of Caturano and Company a few days ago, even though the news has been widely known for about a month.
The deal allows Bloomington, Minn.-based McGladrey to expand its operations in Boston to about 500 employees (see McGladrey to Acquire Caturano). McGladrey also inherits Caturanos substantial SEC practice and some very savvy partners.
Richie Caturano is a highly respected and highly visible member of the CPA community, M&P managing partner Dave Scudder told me. Hes very active with the AICPA.
He noted that the actual process of merging the two firms was fairly rapid, and that the dispute last year over M&Ps service agreement with RSM McGladreys parent H&R Block did not prove to be a hindrance. M&P and RSM McGladrey operate in an alternative practice structure, with M&P providing audit and attest services, and RSM McGladrey offering services such as tax and consulting.
RSM McGladrey president and COO C.E. Andrews said the Boston market was very attractive for the firm. Boston is one of the markets where strategically we want to be deep and strong, he said.
The addition of Caturano will increase McGladreys presence there by about 250 people, according to Scudder, making McGladrey the fifth largest firm in the region.
Andrews noted that McGladrey plans to expand to other markets as well this year, though it may not always be through acquisition. The firm opened an office in Atlanta last September by sending one of its partners, Mike Stokke, there to run it as managing director. The office now has built up traction in the Atlanta region and currently has about 20 professionals working there. "You're going to see more of those types of things," he predicted.