Rea to merge in Walthall CPAs
Top 100 firm Rea & Associates plans to add Walthall CPAs, a Cleveland-based accounting firm, on Nov. 1, 2017.
After the merger, Walthall will operate as Walthall Rea. The firm dates back to 1944 and has offices in Cleveland, Mentor, Amherst and Wooster, Ohio.
The combination will add five equity principals, four executive principals and 47 other employees to Rea, which will have more than 300 professionals. The firm is headquartered in New Philadelphia, Ohio, and after the merger closes on Nov. 1, will have 13 offices across Ohio.
Financial terms of the deal were not disclosed. However, Rea had $33.9 million in annual revenue, while Walthall had $8.5 million.
“We are excited for the opportunity to bring our two firms together,” said Rea CEO Don McIntosh in a statement. “When you look at how long Walthall has been around, where the firm is situated in the state and their strong community-minded and client service-focused culture, bringing our two firms together just makes sense.”
After the merger closes, Walthall CPAs managing partner Richard Lash will become the regional president of the combined firm’s Northeast Ohio Region, which will include offices in Amherst, Cleveland, Medina and Mentor. Walthall’s Wooster office will become part of Rea’s East Central Ohio region, under the leadership of Kyle Stemple.
“Over the years, Walthall has spoken to many firms about the possibility of merging, but we decided to move forward with Rea because their culture aligned so well with ours,” Lash said in a statement. “Together, we look forward to uniting our traditions of experience, service and stewardship. Moreover, I’m confident that our decision to unite will position us to provide all of our clients with an even greater experience.”