California CPA firm Stonefield Josephson has acquired Caporicci & Larson, expanding the firm’s governmental and nonprofit auditing capabilities.

Caporicci & Larson specializes in governmental accounting, auditing and advisory services. Founded in 1989, the firm includes four partners with experience servicing government agencies, health care facilities, nonprofit organizations and privately owned businesses throughout California. Financial details of the transaction were not available.

“The merger of our two companies reflects Stonefield Josephson’s commitment to grow our financial reporting and compliance expertise in serving California's city and county governments, public and private universities and colleges, and array of state agencies,” said Stonefield Josephson managing partner David Rice in a statement. 

Caporicci & Larson co-founder Gary M. Caporicci has more than 30 years of diversified business experience, including in audit and management consulting for government organizations. Co-founder Stephen L. Larson has more than 30 years of public accounting and audit experience. CPAs Ken Pun and Ahmed Badawi will also continue their leadership roles with Caporicci & Larson. The firm has a total of 31 employees, and Stonefield Josephson plans to retain all of them.

Stonefield Josephson has annual revenue of $31.5 million, while Caporicci & Larson has annual revenue of $4.7 million. The two firms were in talks for about 12 months prior to the merger. They came together as Stonefield Josephson M&A committee chair Hugh Tama reunited with Gary Caporicci after 25 years.

The combined firm has offices in Los Angeles, Orange County, San Diego, San Francisco, San Jose, Walnut Creek and Hong Kong.

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