Crowe Horwath has signed an agreement with Grobstein Horwath that will effectively merge the two firms.
As part of the deal, 120 employees and partners of Grobstein will be joining Crowe, including managing partner Michael Grobstein. For legal reasons, the deal is being described as an agreement to acquire certain assets.
"The way we structure these things, we're buying their assets and we anticipate all of their people will be joining Crowe, and we're quite excited about that occurring," said Crowe CEO Chuck Allen (pictured).
The deal will expand Oak Brook, Ill.-based Crowe's presence in California by adding Grobstein's offices in Sherman Oaks and Costa Mesa. Allen did not disclose the financial terms of the deal.
Like Crowe, Grobstein is part of the Horwath International accounting firm network. "They are one of the four member firms in the U.S. of Horwath International," said Allen. "Crowe is the largest member firm. Having Grobstein brings that whole network closer together." He expects the transaction to close December 1.
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