Dowell Group LLP, a CPA firm in Palatine, Illinois, combined with DeMarco, Kinnaman, Lewis & Co., a firm in Lincolnshire, Illinois, effective Jan. 1, 2019.
The combined firm has 33 members and seven equity partners, and is operating under the Dowell Group name. As part of the deal, the Dowell Group welcomed in three equity partners from DeMarco, Kinnaman, Lewis & Co., and 10 more staff members. Financial terms were not disclosed. The combined firm will have revenue approaching $6 million. The DKL staff will eventually relocate to Dowel’s offices in Palatine, but during the transition, Dowell will keep the old office in Lincolnshire open.
Dowell Group offers tax, accounting, audit, and consulting services to clients, including businesses, individuals, trusts, estates, retirement plans and nonprofit organizations.
Both firms have been been in business for over 25 years. The combined firm plans to broaden its services and offer more technical expertise in different areas.
“We have discussed a possible combination with DeMarco, Kinnaman, Lewis & Co. over the past two years, and we couldn’t be more excited to make this announcement,” said Dowell Group managing partner Greg Dowell in a statement. “They have an exceptional reputation for providing quality services to their clients, and they have outstanding professionals on their staff. To serve clients’ needs in the future, successful CPA firms must be able to continually expand their technical skills and knowledge base, which requires attracting the best available professionals. This combination allows us to accomplish those goals, to the ultimate betterment of our clients.”
All the owners of DKL will join the executive ranks at Dowell Group, with Mike DeMarco becoming a principal, while Don Kinnaman, Ron Lewis and Brian Keslin joining as partners.
“The ‘fit’ of the firm was very important to us, and we have a strong set of shared values with the professionals at Dowell Group,” said DeMarco, who was formerly managing partner of DKL. “Our approach to doing business is the same, with a focus on quality, timeliness, and value. We look forward to working together as we serve our clients in the future.”
Dowell was critical of larger CPA firms that do M&A deals, stating, “The clients benefit when two firms with strong ties to the local business community can chart a mutual path forward like this. All too often, CPA firms of this size are acquired by much larger CPA firms, which then strip out the key clients, raise prices, and leave the other clients to fend for themselves.”
