Crowe Horwath to acquire California firm

Crowe Horwath LLP has signed an agreement to acquire certain assets of California-based Grobstein, Horwath & Company LLP, with a planned closing date of Dec. 1, 2008. Crowe Horwath LLP is one of the largest public accounting and consulting firms in the U.S.

Founded in 1966, Grobstein has served Southern California for more than 40 years. The firm has more than 120 professionals working at its offices in Sherman Oaks and Costa Mesa. Grobstein's personnel will be joining Crowe to expand Crowe's West Coast presence, while continuing to serve numerous clients in California and The People's Republic of China.

"We are excited about bringing the Grobstein professionals on to our team as another step toward executing our vision of becoming a national firm, recognized globally," said Chuck Allen, Crowe's chief executive officer. "With this transaction, Crowe will be better able to locally serve the needs of our West Coast clients and clients with Asian operations, provide broader opportunities for the people of both Grobstein and Crowe, and better align two member firms of Horwath International as one within the international network."

Michael Grobstein, managing partner of Grobstein, said, "This transaction provides our clients and members of our firm at all levels with immediate access to and opportunities from Crowe's vast network of resources nationally and internationally."

About Crowe Horwath LLP

Crowe Horwath LLP is one of the largest public accounting and consulting firms in the United States. Crowe assists clients by providing audit, tax, risk, and consulting services. Crowe professionals provide public and private company clients in many sectors, including financial and diversified financial services, healthcare, government, private equity sponsored, inventory-based, retail, not-for-profit, higher education, and food and commodities. With more than 20 offices and more than 2,500 personnel, Crowe is recognized by many organizations as one of the country's best places to work. Crowe serves clients worldwide as a leading independent member of Horwath International.

About Grobstein, Horwath & Company LLP

Grobstein, Horwath & Company LLP is a full service tax, auditing and consulting firm with offices in Los Angeles and Orange counties. Grobstein professionals provide public and private company clients in many sectors, with special expertise in serving clients operating in The People's Republic of China and for those in the insolvency community in all capacities. As a member of Horwath International, Grobstein belongs to one of the largest international networks in the world. Grobstein was recently recognized as one of the San Fernando Valley's best places to work.

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