Peterson Sullivan (FY12 net revenue of $15.8 million) and Clothier & Head PS (FY11 net revenue of $8 million), both located in Seattle, announced May 28 that the two firms are merging effective July 1. The combined firms will operate under the Peterson Sullivan name.
“We’ve long respected Clothier & Head as a competitor and have been in discussions with them for the past few years. We are excited to finally join forces with them at this time,” said Chris Russell, Peterson Sullivan Partner and Executive Committee member. “We are adding deep niche expertise in hospitality, professional services, and construction, along with valuations and trust and estate service areas. Our expanded resources will allow us to continue to grow with our clients and attract specialized talent.”
The combination is expected to create a firm with over 150 staff and $25 million in revenue. Peterson Sullivan, with a single office in Seattle, ranked No. 8 in the Puget Sound Business Journal’s 2013 list of top accounting firms with 104 employees. Clothier & Head, also with an office in Seattle, ranked No. 16 with 51 employees.
Chris Russell and Gerry Adams, Partner and Shareholder at Clothier & Head, will lead the integration of the two firms.
Gerry Adams has long admired Peterson Sullivan commenting, “This combination really is an incredible fit. Rarely are you able to find another firm that so deeply shares similar philosophies in terms of serving clients, valuing employees, and participating in the community through volunteer service. Our stakeholders are going to benefit tremendously from the larger platform this new firm produces.”
Allan D. Koltin, CEO of Koltin Consulting Group, who advised both firms on the transaction commented, “There were common values as well as a similar culture from Day 1 of the discussions. Both firms saw the synergy of combining their talents and skills and how they could deliver an even greater level of service to their clients. As a soon to be ‘Top 100’ firm nationally, they will continue to be a major force in the greater Seattle market, attracting exceptional talent and larger clients.”