Appleton-based accounting and consulting firm Schenck SC plans to join Minneapolis-based professional services firm CliftonLarsonAllen LLP on Jan. 1, the companies announced today. The terms of the transaction were not disclosed.
Schenck has about 600 employees at its 10 offices, all in Wisconsin. It was established in 1920 and is now a top-100 CPA firm. Daniel Young, president and shareholder of Schenck, will become chief practice officer for CLA’s Wisconsin region.
All but 17 of Schenck’s employees will join CLA. Those employees being laid off were in redundant administrative positions, said Diane Roundy, director of marketing for Schenck.
There are also some duplicative offices, including in Oshkosh and Sheboygan. Roundy said the firm will not make office decisions until this summer. And Schenck is in the process of consolidating its three Milwaukee-area offices into a new building in Wauwatosa that is slated for completion in June 2019. The hope is still to do that, she said.
CLA has more than 5,400 employees at 110 U.S. offices. It offers wealth advisory, outsourcing, audit, tax and consulting services. It will now have more than 1,000 Wisconsin employees at 18 offices in the state.
Not included in the transaction was Schenck’s ownership stake in Milwaukee-based investment banking firm Taureau Group LLC. Formerly known as Schenck M&A Solutions, Taureau Group spun off into a new company last year and Schenck retained an ownership stake.
Ann Hanna and Corey Vanderpoel, managing directors and owners at Taureau Group, will purchase Schenck’s shares of the company and take on full ownership of the firm on Jan. 1. Taureau Group and its eight employees will continue to be based at 11414 W. Park Place, Suite 200 in Milwaukee – a space shared with Schenck’s Milwaukee office.
“Schenck has been a wonderful partner who has supported significant growth over our history,” Hanna said. “The structure of Taureau Group as a fully independent firm allows for greater focus on Taureau Group’s sole focus of investment banking.”
CLA has its own M&A group internally, so the Schenck ownership in Taureau Group was divested, Roundy said.
“With our similar client service philosophies and cultures, joining CLA is a natural fit,” Young said. “For our clients, we’ll bring greater and more diversified services. In addition, we’ll create exciting growth opportunities for our team. We anticipate a seamless integration for both clients and team members, and look forward to beginning this new journey.”
“We exist to create opportunities for our clients, our people, and our communities,” says Steve DeBruyn, chief practice officer for CLA’s Eastern Midwest region. “As the world around us rapidly evolves, we continuously build our practice to lead the pace of change and innovation. Schenck has a strong reputation in Wisconsin and a solid team of well-respected professionals. Together we strengthen our ability to serve.”