Squar Milner LLP is merging in Loomis & Co. CPAs, expanding the Newport Beach, Calif.-based Top 100 Firm’s footprint to Silicon Valley, effective Nov. 1, 2017.

Squar Milner has 359 employees, including 31 partners, in Los Angeles, Orange County, San Diego, Encino and the Cayman Islands. Loomis & Co. is based in Campbell, Calif., and provides accounting and auditing, tax, planning and consulting services to privately held companies in Silicon Valley. Loomis has 12 employees, including one partner.

“We have wanted to be in Northern California for some time,” said Squar Milner managing partner Steve Milner in a statement. “We have a robust client base in technology who are obviously active in the Silicon Valley. We are very excited about our combination with Loomis & Co. They have a sophisticated client base and deep roots in the community. We have great synergy.”

Squar Milner's lobby
Courtesy of Squar Milner

Financial terms of the deal were not disclosed. Squar Milner ranked 58th on Accounting Today’s 2017 list of the Top 100 Firms, with $72.6 million in annual revenue. Loomis had annual revenue of $2.8 million.

Loomis & Co. specializes in providing management consulting services to Silicon Valley businesses, including profit maximizing techniques, incentive and equity compensation plans, M&A help, succession planning and long-term planning. The firm also helps clients finance their businesses and communicate with lenders.

“We are very proud of our people and the clients we serve,” said Loomis & Co. partner Howard Loomis in a statement. “The Squar Milner combination will give our people expanded opportunities to grow and provide our clients innovative and specialized resources and services.”

Last year, the firm expanded in San Diego by merging with McLean, Rotherham & Co. and its subsidiary Hosaka, Rotherham & Co., and in the Encino neighborhood of Los Angeles by adding Solomon, Winnett and Rosenfield.

“Squar Milner continues on its incredible journey of growth as one of California’s seven largest independently based firms,” said Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the merger. “They are now expanding their footprint into northern California and I would expect there to be one or two other combinations with high performing firms in the next year or two. They offer many of the resources that smaller firms are looking for and have a highly entrepreneurial culture with great leadership. Loomis & Co. is one of Silicon Valley’s top local firms and have a strong presence in the real estate and construction niches as well as high net worth individuals. They were other approached by numerous other regional and national firms but in the end felt combining with Squar Milner provided the best springboard for professional growth for their associates.”

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.