Global CPA and business advisory firm Grant Thornton is currently in negotiations to acquire Boston-based regional firm CCR, according to the
Terms were not disclosed. The BBJ reported that sources said employees at both organizations were briefed about the negotiations this morning.
According to Accounting Today's 2011 Top 100 Firms and Regional Firms report, CCR generated $30 million in revenue. It reported 29 partners and five offices.
Grant Thornton, which ranked number 6 on the 2011 Top 100 Firms list with revenues of roughly $1.1 billion, has a Boston-area presence of roughly 175 people. Upon completion, the union would forge the sixth-largest CPA firm in Massachusetts.
"Grant Thornton has entered into exclusive negotiations with CCR LLP, a full-service accounting and advisory firm with offices in Massachusetts, Connecticut, and Rhode Island. A resolution is expected by year-end. We have no additional comment at this time," the firm said.
M&A consultant Jay Nisberg sees advantages for both firms. "I think this is an excellent opportunity for CCR and for Grant," he said. "The partners of CCR have made a concentrated effort to enhance the attractiveness of their practice ever since the passing of their former managing partner Bruce Carlin. The firm had brought in David Platt as managing partner, and David along with his management team did an excellent job at 'righting the ship' to make them a very attractive merger or acquisition candidate. The firm had long struggled with obligations to retired partners and [the estates of] deceased partners, and this acquisition by Grant will put them in an envious poistion to be extremely profitable."
