Acquisition By National Firm To Benefit CCR
Westborough-based financial services company CCR LLP's sale to national accounting firm Grant Thornton will mean expanded service offerings for each business, officials said.
Grant Thornton, one of the largest accounting firms in the United States, hopes to double its size within the next five years, said Scott Levy, Grant Thornton's New England managing partner. The firm hopes to do that through a combination of organic growth within the firm, as well as from mergers and acquisitions.
"One of the things we looked at when purchasing CCR was how this would really help expand our presence throughout New England," Levy said.
While headquartered in Westborough, CCR - which will now be referred to as Grant Thornton - has offices in Westborough, Providence, R.I., and Glastonbury, Conn. With the move - which was finalized on Dec. 1 - the combined company employs about 360 people in New England.
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For CCR, which is expected to keep its presence in the region, the move will give its clients access to a national accounting and tax services firm, Levy said. For example, if CCR had a client with offices outside of New England, the client will be better served because Grant Thornton already has a nationwide presence, Levy said.
CCR previously had an affiliation with nationwide accounting firm BDO, Levy said, which was terminated after the acquisition by Grant Thornton.
David Platt, managing partner at CCR in Westborough, and now Grant Thornton's assistant managing partner in New England, said more consolidations across the entire industry as a whole makes it imperative for regional firms to offer services on a larger scale, both within New England and around the country.
Platt said about a dozen redundant positions between the organizations will be eliminated because of the merger, but he expects Grant Thornton to add about 10 percent to its workforce during the next two years.
The purchase also expands Grant Thornton's service offerings, Levy said.
While Grant Thornton has in the past focused on nonprofit organizations, technology companies and consumer industrial product firms, CCR has focused on the insurance, private wealth management and municipal and government clients. Levy said the purchase not only expands Grant Thornton's geographic presence, but its service offerings as well.
Both firms specialize in auditing and tax services, as well as corporate compliance, consulting and acquisition of tax credits and incentives.
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