Details: McCarthy & Co. PC, a firm based in Blue Bell, Pennsylvania, has acquired Frank Leonard & Associates LLC, based in Forked River, New Jersey, as well as hiring partner John Blake, formerly of Klatzkin.
"We're thrilled to welcome Frank Leonard, his team and John Blake to McCarthy," said McCarthy & Co. managing partner Marty McCarthy in a statement. "Their combined expertise will allow us to continue to provide superior accounting services to the sectors we currently serve and expand further into the transportation industry. These investments in our firm now are the foundation for continued expansion and growth in the future, both in personnel and industries."
McCarthy merged in Leonard's firm on Nov. 1. Frank Leonard & Associates has provided accounting and advisory services to transportation industry clients, with an emphasis on trucking and bus companies, for more than 40 years.
Financial terms of the deal were not disclosed. McCarthy is a $10 million firm. Marty McCarthy bought the firm from his father in 1996 when there were four employees. The firm now has a total of 67 employees, and only four months ago had 52 employees.
McCarthy's office in Blue Bell, Pennsylvania, has 48 employees, including nine partners, while the New Jersey office will have 19 employees, including five partners.
Leonard's team has three employees and he is joining as a partner at McCarthy. He has experience in tax, financial reporting, valuation and litigation services, and business consulting.
"I've worked with clients in the trucking and transportation segment for my entire career and understand the financial, risk, operational, capital and tax issues unique to transportation," Leonard said in a statement. "I'm excited to be joining the McCarthy team, where I know my clients will receive exceptional client services and where I can continue to grow my book of business."
Also joining McCarthy from Frank Leonard and Associates is another CPA, Ken Kang, who will serve as a client accounting services associate, and Jennifer Leonard, an administrative assistant.
John Blake, another CPA, joined the senior leadership team at McCarthy earlier this month as tax partner in McCarthy's New Jersey offices. He brings 18 years of tax and accounting experience.
With the recent acquisition and onboarding of new staff, construction is currently underway for McCarthy to move into a new office space in mid-December in Tinton Falls. The office will be located in McCarthy's current office building, but will be more than double the current office, with 6,600 square feet of space for their 19 staff members. With only seven New Jersey staff members in 2017, the company has nearly tripled in five years.