Two prominent accounting firms announced on Wednesday that they are planning to merge. Kennedy and Coe, LLC will merge with Matson and Isom effective January 1, 2015, pending final approvals of negotiations.
Kennedy and Coe is a national accounting and consulting firm prominent in the food and agriculture industry. Matson and Isom, based in California, specializes in agriculture, education, government and other industries. Kennedy and Coe has a staff of 250 and had revenues last year of about $38 million. Matson and Isom has 125 professionals, with revenue of about $18 million.
Together, the firm becomes one of the nation’s largest agricultural consulting and CPA practices. With a combined 375 people and almost $60 million in revenue, it will be about 60th in size among U.S. CPA firms. Jeff Wald will preside as CEO and the firm will bear a new name which honors the legacies of the two firms.
“We do great work in our key focus areas, and as a firm that started in the Heartland, Kennedy and Coe’s deepest focus has always been in food and agriculture. We are determined to be part of the industry rather than a firm that just serves it. Over the years, we’ve added extraordinary capabilities and talent to anticipate and preempt problems for clients, and to help them seize new opportunities,” explains Jeff Wald, CEO of Kennedy and Coe. “Matson and Isom is a great firm that also happens to be the largest local CPA firm in the incredibly important California food and ag market. Most importantly, we share this unique vision to positively impact the future of farming and food production in America.”
Both firms help producers sustain and grow their businesses in wildly fluctuating conditions—weather, commodity price volatility, land values, and economic pressures—making sure their operations are strong and thriving for the next generation. Both firms work extensively with related businesses throughout the food-supply chain including input suppliers, processors, packagers, storage, and distributors to name a few.
“Neither of our firms are interested in growth for growth’s sake. What we’re interested in is helping the food and ag industry through some challenging yet exciting times. We can do that a lot better together than separately,” says Jim Holt, Matson and Isom’s managing director. “We’ve both worked alongside farmers for several generations. We know what their land and their lifestyle mean to them, and we know how to help them in the tough times and the good.”