The Rehmann Group plans to merge with MSW Group to create Michigan's second largest wealth management and consulting firm.
The merger is expected to take effect on Jan. 1, 2009. The combined firm will retain the Rehmann Group name and have about 600 employees, including approximately 560 from Rehmann and 35 from MSW Group, according to spokesperson Joanie Rizzio. Rehmann plans to keep all of MSW's employees and its office in Farmington Hills, Mich., in addition to Rehmann's own offices in Cheboygan, Grand Rapids, Jackson, Lansing, Midland, Muskegon, Saginaw, Traverse City and Troy.
Rehmann had $54 million in revenue in 2007, with $63 million projected for this year. After the merger with MSW, Rehmann CEO Steve Kelly said he "expects comfortably over $70 million in revenue." Financial terms of the deal were not disclosed.
Kelly mainly wanted to increase the firm's local footprint in Michigan. "It comes down to an ever-increasing presence in the metro Detroit market," he said in a statement. "We are better positioned to serve both small businesses and middle-market companies."
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