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November 2, 2011

Clifton Gunderson to merge with LarsonAllen

Clifton Gunderson and LarsonAllen have agreed to merge creating a top 10 firm in the US. The new entity, CliftonLarsonAllen (CLA), will generate annual revenue of $550m and is the most significant combination in the US market for some years.

CLA will employ 3,600 professionals, including more than 500 partners, across 25 states and Washington DC.

Milwaukee-based Clifton Gunderson is the 15th largest firm in the US while LarsonAllen is placed 18th. CliftonLarsonAllen would be placed ninth in this year’s International Accounting Bulletin US survey.

“This merger of peer firms changes the landscape of the accounting profession and pioneers a new trend by focusing primarily on private companies and their owners,” says Clifton Gunderson CEO Kris McMasters.

Clifton Gunderson is the largest member of HLB International, providing services in assurance, tax and consulting. Founded in 1960, the firm has more than 1,800 professionals in 47 offices.

Founded in 1953, LarsonAllen is a Nexia International member firm with 1,800 staff in 40 offices.

The combination should create a firm that has a strong presence across most of the US, specialising in serving privately held companies, not-for-profit organisations and the public sector.

CliftonLarsonAllen will have offices in Arizona, Florida, Idaho, Illinois, Massachusetts, Minnesota, Missouri, North Carolina, Pennsylvania, Texas, Washington, Washington, DC, and Wisconsin.

Partners of both firms have agreed to the combination and, pending final approval, it should be completed by 2 January 2012.

The combined entity will be structured into three firms: a professional services and accounting firm, an outsourcing of finance and business processes, and a national wealth management firm with nearly $3 billion in assets under management.

The $50 million industry-specialised outsourcing practice will provide services in financial, tax regulatory compliance and reporting responsibilities.

“This cohesive trio of industry-focused guidance is uncommon for private businesses and public sector organizations. It’s a powerful new resource for them,” explained Larson Allen chief executive Gordy Viere.

“Coming together heightens our capacity to develop that vital focus and extend it beyond our accounting and advisory services to our wealth management and outsourcing capabilities.”

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