Marcum Heads West With Acquisition of Stonefield Josephson

New York-based Marcum LLP (FY09 net revenue of $233.8 million) closed a deal to acquire Los Angeles-based Stonefield Josephson (FY09 net revenue of $24.3 million).

In 2010, Marcum jumped an impressive five positions to land at the No. 15 spot on IPA’s Top 100 rankings. Stonefield ranked No. 96 in 2009 with net revenues of $32.2 million, but failed to make the 2010 Top 100 list, coming in at No. 116 (FY09 net revenue of $24.3 million) on IPA’s Beyond the Top 100 firms this year. The merger boosts Marcum to a possible take over of the No. 13 spot in 2011. Marcum has offices up and down the East Coast, but this is the first venture west for the firm. With a presence on the West Coast, Marcum is poised to become a dominant player, at the heels of Seattle-based Moss Adams.

Allan Koltin, CEO of PDI Global, Inc., brokered and consulted on the deal tells IPA, “the transformation of Marcum from a local to national firm has literally happened overnight. A big factor in their success has been the careful selection of quality minded firms who share a similar culture. I can tell you they (Stonefield) will have big success with the Marcum brand and resources. They are a great CPA firm but they also have a lot of entrepreneurism and leadership in their blood.”

Marcum MP, Jeffrey Weiner released a statement post merger. “I am pleased to share with you some exciting news for our Firm. Effective October 1, we joined forces with the highly regarded, California-based Stonefield Josephson, Inc. This is an extraordinary step in our continued expansion and gives us a strong presence on the West Coast to further solidify our position as an international leader in the field of accounting. Founded in 1975, Stonefield Josephson (which will now be known as MarcumStonefield, a division of Marcum LLP) is a full service, internationally recognized accounting firm which serves public and privately held U.S. and international clients from offices in Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and Hong Kong. Together, our team of more than 1,100 professionals, including 150 partners, will operate in 21 locations throughout the U.S. and abroad. In addition, as founding members of Leading Edge Alliance, our firm´s professionals have access to the knowledge and resources of more than more than 160 member firms in 90 countries, says Weiner.