LarsonAllen strengthened its commitment to the East Coast with a Philadelphia-area merger that will see it acquire 50-year-old firm Ostroff, Fair & Co. PC.
Financial terms of the deal were not disclosed. Ostroff, Fair employees have already moved into newly renovated LarsonAllen offices in Blue Bell, Pa.
The partnership will increase the size of LarsonAllen in the Philadelphia market from 65 to 100 employees, making it the second-largest LarsonAllen office in the country.
"This partnership is key to our clients and our employees' future," said Ostroff, Fair chief executive Louis Rovner, in a statement. "We've been looking for the right firm that shares our vision for strategic growth for the next 50 years." As a result of the partnership, Rovner will become a principal of LarsonAllen.
LarsonAllen chief executive Gordy Viere said the acquisition is another step forward in providing specialized services, both within Philadelphia and nationally, to his firm's clients. Philip Hughes, principal-in-charge of the LarsonAllen Philadelphia office, officially welcomed Rovner and his associates at a ceremony on Jan. 4.Ranked No. 19 on Accounting Today's 2005 list of Top 100 Firms, LarsonAllen was founded in 1953 and has 800 employees and $115 million in annual revenues, with a handful of offices located in the upper Midwest and other locations in St. Louis, southwestern Florida and Charlotte, N.C. In 2005, LarsonAllen added trucking and transportation, hospitality, and professional organizations to its list of industry specialization groups.
