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Accounting Firm Whittlesey & Hadley Expands Beyond Hartford For First Time [The Hartford Courant :: ](Hartford Courant (CT) Via Acquire Media NewsEdge) July 31--HARTFORD, Conn. -- Hartford accounting firm Whittlesey and Hadley, founded in 1961 as a solo practice on Lewis Street, will expand geographically for the first time by acquiring a competitor in western Massachusetts. Whittlesey & Hadley on Thursday is announcing the purchase of Lester Halpern & Co. of Holyoke, Mass., adding 21 accountants to the Hartford-based firm, for a total of 101 accountants. Together, the combined firms will employ 125, including other staff. In addition, the deal will strengthen Whittlesey & Hadley's client base of nonprofit organizations. Terms of the transaction were not disclosed. Drew Andrews, managing partner of Whittlesey & Hadley, said the firm's strategic planning calls for expansion into both western Massachusetts and the New Haven area. He said he expects more acquisitions soon. "This is the first of a couple that will hopefully happen in the next year or so," Andrews said. Lester Halpern's office will remain open, but it will take the Whittlesey & Hadley name. The addition of the office will help the Hartford firm gain more traction in a market where it has wanted to add more clients, particularly in the nonprofit industry, a key practice at Lester Halpern. Combined, the two firms will have more than 400 nonprofit clients. Nationally, accounting firms of all sizes have been combining in recent years to reach farther geographically, attract top-notch talent, and build client bases in key practice areas. Whittlesey & Hadley has remained independent, declining offers to be acquired by larger firms, Andrews has said. Whittlesey & Hadley clients typically have average annual revenues of between $10 million and $50 million. In addition to the nonprofit sector, the firm's niches include closely held businesses, community banks, medical practices and wealthy individuals. The firm's primary market has been Connecticut, but expansion plans call for a broader geographic market. In the late 1990s, the firm expanded into IT consulting focused on backroom support for clients that aren't large enough for, or don't want, their own IT staffs. Late last year, the company moved into the 280 Trumbull St. tower in the heart of downtown from longtime offices on Charter Oak Avenue, near the Colt complex. The downtown lease increased the firm's space by 4,000 square feet, to 25,000 square feet. ___ (c)2014 The Hartford Courant (Hartford, Conn.) Visit The Hartford Courant (Hartford, Conn.) at www.courant.com Distributed by MCT Information Services |