On Thursday, CLA (CliftonLarsonAllen) announced the firm would acquire New England regional firm blumshapiro (BlumShapiro & Company), effective January 1, 2021. The addition of blumshapiro will help CLA establish a larger presence in the region, particularly Connecticut, Massachusetts, and Rhode Island.
Neither CLA nor blumshapiro are major participants in the public company market. CLA has six midwest public company clients, all of which are in the banking industry while blumshapiro does not have any public company clients. In addition to private clients, blumshapiro will bring a significant number of pension fund and non-profit clients.
Pension Fund Clients (ERISA)
In the pension fund market, blumshapiro clients will represent 9% of the combined firms total clients. CLA’s clients will increase nearly six-fold in New England.
In the non-profit market, blumshapiro clients will represent 7% of the combined firm’s total pension fund clients. CLA’s clients will increase by 150% in New England. The blumshapiro clients will account for 79 of 81 Connecticut clients and all 15 Rhode Island clients of the combined firm.
CLA is headquartered in Minnesota and has grown its practices throughout the US. Blumshapiro is headquartered in Connecticut with offices in Massachusetts, Rhode Island, and DC. The acquisition of blumshapiro strengthens the combined firm as a truly national presence.
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