November 02, 2015
Crain's Chicago Business features Marcum merger in "New York Accounting Firm Buys Local Shop."
By Claire Bushey
Frost Ruttenberg & Rothblatt, one of the 20 largest local accounting offices by headcount, has joined Marcum, a firm with 1,350 professionals and almost 20 times its 2014 revenue but no Midwestern office. Both firms have significant health care practices focusing on long-term care clients...
Frost's president, Richard Sgarlata, said the firm had been looking for a merger partner for a year and had been talking to Marcum for more than three months. ("It's not as scary as we thought it would be," he joked.) As the firm's clients expanded their operations into other states, the pressure on Frost to grow its own geographic footprint increased. Clients also began to require expertise the firm didn't have, forcing them to outsource work like accounting for public companies.