Marcum LLP has combined with Stonefield Josephson, expanding the firms footprint to California and Hong Kong.
The merger, which took effect on Oct. 1, will add 150 professionals to New York-based Marcum, along with five offices: Los Angeles, San Francisco, Irvine, San Diego and Hong Kong. Those will join Marcums 16 existing offices in New York, New Jersey, Connecticut, Florida, Massachusetts, Pennsylvania and Grand Cayman. Marcum ranked 17th on Accounting Todays 2010 list of the Top 100 Firms, with $233.75 million in revenue. Terms of the deal were not disclosed.
This is an extraordinary step in our continued expansion and gives us a strong presence on the West Coast to further solidify our position as an international leader in the field of accounting, said managing partner Jeff Weiner. He noted that Stonefield offers an array of targeted services for U.S. businesses in China. Stonefield will be known as MarcumStonefield, a division of Marcum LLP. The combined firm will have 1,100 professionals, including 150 partners.
The firms began meeting about the merger in July 2009, according to PDI Global Inc. CEO Allan D. Koltin, who brokered and consulted on the deal. You could see in the very first meeting there was real chemistry between the firms, he said. They were very open and comfortable with each other, and there seemed to be a high level of trust.
He noted that both firms are part of the Leading Edge Alliance of accounting firms. However, as a result of the merger, Stonefield will be leaving the DFK International association of firms.
Koltin predicted there may be more interstate mergers to come. This is very similar to the connect-the-dots strategy we are seeing taking place in other states around the country, he added.
Marcum has gone through a series of M&A deals in recent years, expanding its footprint across the East Coast. In May of last year, it merged with Rachlin LLP in Florida. In September of last year, Marcum merged with Margolis & Co. in the Philadelphia area (see Marcum Merges in Margolis). Most recently, the firm acquired three offices in Connecticut and Massachusetts from UHY Advisors in April of this year (see Marcum to Buy UHY Offices in New England).
Stonefield Josephson has also seen some previous merger activity, having acquired Caporicci & Larson, another California-based firm, in March of this year (see Stonefield Josephson Acquires Caporicci).
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