Arnett & Foster PLLC and Toothman Rice PLLC announced August 1, 2012 the merger of their firms. The merger will create one of the top 150 largest accounting firms in the United States.
“This is a merger of two well-respected and well-managed firms,” said Steve Robey, presiding member of the new firm.” It is a bold and an exciting move forward for both Arnett & Foster and Toothman Rice. Our combined expertise will make Arnett Foster Toothman well equipped to provide companies, non profits and individuals the highest level of service.”
”This is certainly a win-win opportunity for the clients and the staff of both firms.”- Tom Aman
Robey noted that Toothman Rice brings to the new partnership valuable experience in rapidly expanding segments such as oil and gas and construction, which he said complements Arnett & Foster’s strengths in disciplines such as health care, banking and tax. “We will now have more opportunity for even greater specialization,” he said, “and will be in a position to provide more diverse technical support to clients.”
“The new firm’s geographic footprint will also offer clients more accessibility to services and personnel,” added Robey. He also noted the management teams of both firms will remain intact.
Steve Robey CPA, CVA
Tom Aman CPA
“This is an exciting and monumental day for the Toothman Rice team,” noted Tom Aman, Manager Member of Toothman Rice. “We’re bringing together sixty years of experience from both firms, a distinction very few can offer.”
“This is certainly a win-win opportunity for clients and staff of both firms,” said Mr. Aman.
This merger represents Arnett & Foster’s second strategic growth initiative in the last 16 months. In March of 2011, Arnett & Foster expanded across state lines with the opening of a Columbus, Ohio office. That move “enhanced the firm’s services to the growing sector of health care – particularly hospitals, nursing homes and medium-to-large practice groups – throughout Ohio and contiguous states,” stated Robey.
”For clients, our merger presents the convenience and the flexibility of one-stop shopping.”- Steve Robey
The two firms share similar historical timelines. Arnett & Foster was founded in 1950 and has 90 employees. Toothman Rice began business in 1952 and has 50 employees. The new company will have six offices: Charleston, Bridgeport, Morgantown, Buckhannon and Lewisburg, West Virginia and Columbus, Ohio.
Each firm will, for now, retain its name, however management of both firms noted that plans for a name change are imminent. The name of the combined firm will be Arnett Foster Toothman PLLC. The owners of Arnett & Foster and the owners of ToothmanRice will own the new entity, which includes six from ToothmanRice and 17 from Arnett & Foster for a total of 23 partners.