Fort Smith-based Beall Barclay & Company and the Little Rock office of Thomas & Thomas are merging in a deal expected to close later this year, creating of the state’s largest privately held accounting firms. Terms of the deal were not disclosed.
Beall Barclay, founded in 1963 and in the 1990s acquired Rogers-based Barclay, has offices in Fort Smith, Rogers and Russellville. Thomas & Thomas was founded in 1953 in Texarkana, where its headquarters remains, and that office is not effected by the merger.
“Both Beall Barclay and Thomas & Thomas have rich histories rooted in Arkansas beginning over 50 years ago,” Beall Barclay Managing Member Barbara Hambrick said in the statement. “Our firms share similar cultures focused on our clients and our staff, and we anticipate this merger will strengthen our relationships with both. We share the same mission of providing quality services to our clients, and our combined resources will help both our clients and our firm grow. We are eager to join forces with Thomas & Thomas.”
The merged firm will have 16 partners, 59 certified professional accountants (CPAs) and 37 support employees. A name for the merged company is not yet determined, according to Rachael McGrew, business development director for Beall Barclay. She said the companies are working with “an agency on a complete re-brand we’ll roll out in the next few months.”
Hambrick and Randy Milligan, the managing member of Thomas & Thomas, will be co-managing members when the merger is complete, McGrew said.
“We are honored to join forces with one of Arkansas’ most well-respected firms,” Milligan said in a statement. “This combination of talent and expertise will provide all of our clients with more of what they have come to expect from both firms – ideas, insights and exceptional service. For 65 years, the team of professionals at Thomas & Thomas have been building a quality-driven practice with a focus on providing excellent client service. We are excited to merge with Beall Barclay, and we know the combination will benefit both our clients and our people.”
Both firms offer a range of accounting, wealth management and business advisory services.
“The decision to join these practices together was made with diligent planning and consideration. Both firms take pride in the quality of our teams, business advice and client service. We share common values and a unified vision. This merger is a great fit for everyone,” Hambrick and Milligan noted in a joint statement.