Seattle accounting firm Lockitch Clements & Rice PS said Tuesday it will join with Minneapolis-based LarsonAllen LLP, effective Aug. 1, 2011.
LarsonAllen first expanded to the Pacific Northwest last November by merging in century-old regional CPA firm LeMaster Daniels (see LarsonAllen Merges in LeMaster Daniels). LarsonAllen had clients in the Seattle area and solidified its presence there with the addition of LeMaster Daniels’ local office, as well as 11 others throughout Washington and Idaho.
“LCR was searching for a good partner to blend our practice into, and LeMaster Daniels had been on our radar,” said LCR shareholder Bruce Restad. “When they joined with LarsonAllen, it seemed like a great opportunity to hitch our firm’s plans onto that transaction as well. It turns out they were interested in us, too.”
Financial terms of the transaction were not disclosed.
The LarsonAllen name and reputation were familiar to and respected by both Restad and fellow shareholder Ken Clenin. They had both met principals from the firm. “There are many succession plan options available for businesses like ours, but we’ve known for some time that our best bet was an upward combination,” said Clenin. “We wanted to be certain our clients and our people are well taken care of down the line, and tying our practice into LarsonAllen’s helps secure that overarching priority.”
LCR’s practice has focused primarily on audit services for multi-employer collectively bargained benefit plans, as well as nonprofit and labor organizations. Together the firms will be able to deliver the services to clients outside LCR’s usual service area of the Pacific Northwest. LCR’s staff of 17, including nine CPAs, will also be able to pursue career opportunities in a larger firm.
LCR, which incorporated in 1973, will move its office into LarsonAllen’s current Seattle area location. LarsonAllen ranked 18th on Accounting Today’s list of the Top 100 Firms, with $227 million in annual revenue. The firm has more than 300 principals and approximately 1,800 people.
“Folding LCR into the LarsonAllen brand is a great step in growing our presence in the Pacific Northwest,” said LarsonAllen executive principal Jeff Kvilhaug. “LCR’s experience working with labor unions, in particular, is highly sought throughout this greater region, and we can both build on that sturdy foundation. Both our firms’ clients and people have a lot to gain by this deal, and we’re ready to make good on these opportunities.”
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