Top 10 accounting firm CLA (CliftonLarsonAllen) said Thursday it’s acquiring Dembo Jones CPAs and Advisors, an INSIDE Public Accounting top 300 firm.
Financial terms of the deal weren’t disclosed. The move, which expands CLA’s presence in the Washington D.C. market, is part of the firm’s plan to grow by $1 billion through acquisitions over the next five years.
Unlike the current trend in accounting where firms are taking in private equity investments or conducting mergers to fuel their growth, CLA said in a media release that its partnership model “provides autonomy, creates growth opportunities, and preserves the agility necessary to quickly adapt to market changes and client needs—fostering innovation and long-term resilience.”
As Dembo Jones becomes part of the CLA partnership model, the firm’s employees will have greater access to resources and investments in technology while keeping decisions at the local level, CLA added.
“This is such a great time for us to embrace Dembo Jones into the CLA family,” Scott Engelbrecht, chief development officer for CLA, said in a statement. “At CLA, we understand that independence is key to innovation and growth. Our unique partnership model allows firms to retain local identity while accessing our global resources and our exceptional professionals across the country. This approach ensures that the firms that join us can continue to thrive in their markets while benefiting from the strength of a larger firm. Our friends at Dembo Jones talk about how their clients get all of Dembo Jones when they are working together. That is exactly how CLA operates, bringing all of CLA to our clients.”
Dembo Jones, which will transition to the CLA brand as of today, has provided businesses, government agencies, organizations, and individuals with accounting, auditing, tax, and consulting services for more than 70 years. With offices in Bethesda and Columbia, MD, Dembo Jones has more than 80 team members in roles ranging from accounting to professional services serving the Washington, D.C. area.
“Joining CLA presents an incredible opportunity for both our team at Dembo Jones and the numerous clients who depend on our specialized services,” said Brent Croghan, managing director of Dembo Jones. “Our shared values and mutual dedication to serving individuals, businesses, government entities, and nonprofit organizations make this partnership a natural fit. With access to CLA’s extensive national footprint, we are now better equipped to provide enhanced resources to our clients.”
This is CLA’s first M&A deal since last August when it acquired Axiom CPAs, a full-service accounting firm based in Albuquerque, NM.
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