Grassi & Co. said Tuesday it is combining forces with The Hochman Practice Group, which was formerly part of Rosen Seymour Shapss Martin & Company LLP, expanding Grassi’s footprint to New City, N.Y.
The combined firm will operate under Grassi’s name. Four partners and approximately 30 additional staff members from the former RSSM group will be joining Grassi & Co, bringing the firm’s headcount to more than 250 and increasing the number of offices in the region to three.
The New City office will be joining Grassi’s existing offices in New York City and Jericho, N.Y. The deal closed on August 28.
The revenue for Hochman is $5 million, while Grassi’s 2013 revenue was $39.99 million. Grassi & Co. ranked 79th on Accounting Today’s 2014 list of the Top 100 Firms.
According to Grassi, the decision to join together the two teams will allow both firms to provide increased skills and technical expertise along with a wider array of services and opportunities to clients, while also expanding the firm’s geographical reach. The combination will also provide the firm’s professional staff with continued opportunities for career development and growth.
“We are very excited to incorporate The Hochman Practice Group into the Grassi & Co. family,” said managing partner and CEO Louis Grassi in a statement. “The combination of our teams not only enhances our geographical reach in the New York Metro region, but also increases the service capabilities and depth of resources we provide our clients. The Hochman Practice Group has a long and rich history of providing high quality services to its clients and we are looking forward to the new opportunities that this transaction will create for the entire firm.”
Grassi offers accounting, audit, tax, technology consulting, business advisory, forensic, litigation support and valuation services. It is part of the Moore Stephens International association of independent accounting firms.
The Hochman Practice Group has expertise servicing a variety of industries, including construction and real estate. The firm’s four partners—Michael Hochman, William Hughes, Richard McGuinness and Maryann Schugmannn—will be joining Grassi & Co. along with approximately 30 other professionals.
“Grassi & Co. shares the same values as we do,” said Hochman. “We conducted an extensive search within our region looking for an opportunity like this and Grassi & Co. exceeded our hopes as a partner. Together, we are committed to continue to provide excellent service, deep expertise, and an environment that fosters success for our clients and our professionals.”
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