M&A roundup: CLA merges in Weil; Cherry Bekaert acquires Icimo

Details: CliftonLarsonAllen, a Top 10 Firm, has expanded in Los Angeles by adding Weil & Company, effective Feb. 1.

Weil & Company was founded in 1953 and focuses on real estate developers, partnership tax returns, business management, and high-net-worth individuals.

“As times have changed, we have realized we must also change,” said managing partner Ronald Iino in a statement Tuesday. “Joining CLA boosts our experience in all matters, allowing us to serve our clients on a deeper level and providing opportunities for our staff to develop and bring even more to the table.”

Financial terms of the deal were not disclosed. Weil & Company has $4.5 million in annual revenue. The firm will be bringing 25 people, including five partners (two of whom are equity partners) to CliftonLarsonAllen. CLA has more than 6,200 people, including more than 800 principals (291 equity partners). The firm earned $1.2 billion in annual revenue. It ranked 8th on Accounting Today’s 2019 list of the Top 100 Firms. CLA’s California team includes more than 350 professionals.

“CLA continues on their magical ride throughout the state of California with the addition of a much sought after firm,” said Koltin Consulting Group CEO Allan D. Koltin, who advised both firms on the combination, in a statement. “Weil is known throughout southern California as one of the ‘go to’ firms when it comes to high net worth individuals as well as the business management and entertainment area. Both firms saw quickly the alignment on culture and strategic fit around growing talent and client service.”

In the last few years, CLA has added a number of California firms, including Laffer & Gottlieb in Beverly Hills, as well as NSBN in Los Angeles and Vicenti, Lloyd & Stutzman in Glendora. At the beginning of this year, CLA also grew in Florida by adding McHale, Caruso, Scullion & Knox, a firm based in Fort Myers.