Grant Thornton has finalized its deal to acquire the assets and practices of New England accounting and consulting firm CCR LLP, effectively acquiring the firm.
The two firms were rumored last month to be in talks (see Grant Thornton in Negotiations to Acquire CCR). The transaction, which took effect Thursday, expands Grant Thornton’s presence in New England. CCR has offices in Westborough, Mass., a suburb of Boston, along with Glastonbury, Conn., a suburb of Hartford, and Providence, R.I. The firm was formerly known as Carlin, Charron & Rosen LLP.
Besides the new office locations, the deal will also expand several industry niches in the region for GT. “It brings some additional service lines into our New England market, like insurance and municipal governmental work, where we have not had as many opportunities here,” said Grant Thornton’s New England managing partner Scott Levy. “It also tremendously enhances our credentials in the core markets we’re already in, including technology, consumer industrial products and not-for-profits.”
Serious discussions between the two firms started in September, according to Levy. A total of 140 professionals will be joining GT as a result of the deal, including 12 partners. CCR managing partner David Platt will become an assistant managing partner in New England for GT.
Grant Thornton intends to keep all of CCR’s office locations for the time being, but when GT’s lease on its Boston office expires in 18 months, the firm plans to consolidate the two firms’ office space in a new location in downtown Boston.
Grant Thornton ranked sixth on Accounting Today’s 2011 list of the Top 100 Firms, with approximately $1.1 billion in annual revenue, while CCR ranked third on Accounting Today’s regional list for the New England area, with $30 million in annual revenue.
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