Accounting firm Clifton Gunderson announced its latest merger Friday, with the St. Louis-based firm of Humes & Barrington, expanding its footprint to the Gateway City.
The combination is the fourth merger and acquisition announced by Clifton Gunderson this week (see Clifton Gunderson Expands to New Markets). Earlier this week, the Milwaukee-based firm announced it was acquiring U.S. Tax Advantage, an international tax consulting services firm with offices in New York, Boston, Chicago, Milwaukee and Houston; and Stockton Bates, a CPA firm with offices in Philadelphia and Lancaster, Pa.; in addition to taking over the Merrillville, Ind., office of BKD.
The merger with Humes & Barrington took effect on June 1. Financial details of the transaction were not disclosed.
H&B will join Clifton Gunderson under the regional leadership of managing partner Steve DeBruyn. Seven H&B partners, including Brian Humes, Jay Barrington, Marilyn Lunnemann, Greg Schmittgens, Joan Humes, Joe Herman, and Barb DuBois, will join Clifton Gunderson, in addition to 53 other professionals from the firm. They will remain at their current offices in St. Louis.
We have a strong presence in downstate Illinois, and we looked for merger opportunities in St. Louis, said Clifton Gunderson CEO Krista McMasters. This is a firm that fits perfectly with Clifton Gunderson, a full-service accounting firm thats been in St. Louis for 25 years.
For Clifton Gunderson, this is huge in that it puts them in the St. Louis market in a rather significant way, said PDI Global Inc. CEO Allan D. Koltin, who advised both firms on the merger. St. Louis is a very desirable market right now for national and regional firms to be in. Humes & Barrington is one of the largest local CPA firms in St. Louis and has an outstanding reputation, especially in the real estate and closely held business community.
Clifton Gunderson ranked 14th on Accounting Todays list of the Top 100 Firms, with $251 million in revenue. McMasters said that with the mergers and acquisitions of the four other firms this week, the combined revenues would be in the $280 million range.
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